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You will need to set up your own company or go through an umbrella if you are working as a contractor.npanglia wrote:1. Do I have register my own company or do I have to enroll with an umbrella company? or I can simply register as self employed with HMRC and I am fine.
Technically the company you will be working at will sign an agreement with your limited company or your umbrella company, and your contract will be with them.npanglia wrote:2. Continuing to Q1 in whose name will the contract be issued?
Long term having your own company is probably cheaper but in terms of time spent, hassle and legal compliance (IR35) working through an umbrella is more convenient.npanglia wrote:3. What is most effective (economically and speed) route?
Just ensure that your income after all "expenses" is above the income threshold you require for the points.npanglia wrote:4. What shall I be careful while drawing salary and paying income tax, such that my Tier 1 Visa extension is not impacted?
The website I had provided you on the previous post gives links to various umbrella companies who will give you free no obligation quotes so that will give you an exact figure.npanglia wrote:Hi,
Thanks for the info.
However could you please let me know approx. how much difference in takehome will be when engaged via umbrella company vs. self employment?
Also on a general note (apart from general gyan) how is experience of contracts... do they prefer to continue doing contracting or they think it was better to stay with or get a permanent job?
NP
Yes that shouldn't be a problem because you can always change the registered address for a fee if you decide to move.npanglia wrote:Thanks for taking time to reply.
I am looking to go with self employment, however is it possible to register the company to my residence address (considering the property is rented) or the official address need to be a commercial property?
NP