start with umbrella then switch to ltd?

You can check out this website for the first timers guide.
First Timers Guide - for IT Contractors :: Contractor UK

Some agents will let you use an umbrella first and then switch to a limited. Other agents will try to force you to use their favourite payroll company (not legal actually, as long as you comply with tax, etc that's the main thing).

You are about to enter the jungle of agents placing dummy adverts to fish for your cv and references for their business development.

They can really mess you around - eg make appointments for an initial phone interview with a client and then the client or agent never calls again.

Make sure you know what the market value is for your skill. Agents may try to push your rate down and it's worse if they know you are new to the contracting world.

You can look a payroll options from say SJD Accounting. 85 a month. They have overviews and calculators on the website and it shows you the difference between a limited and self-employed scenarios. I don't know about pentalites for switching to a limited or other solution, but some umbrellas have a notice period. It can be just a couple of days. Check out some umbrella cos and ask them.

LisaContractorUmbrella on the forum has lots of posts on umbrella related topics.

Generally, if you are not going to bring in 25K in a tax year, don't go for a limited becuase of the added accounting costs.

Timesheets can sometimes be sent once a month or once a fortnight. It depends on the umbrella. Some pay every 2 weeks (may charge more for it), some pay per month.

.. check list, what happens if your end client does not pay the umbrella co or goes bust? Insurance?
Does your umbrella have liability insurance?
Don't use umbrellas with dodgy offshore schemes. Will not be compliant and you will get tax bills.

Some accountants like quarterly account sheets - they won't ask for timesheets, but use your invoices.

Read up on IR35 but that's more relevant if you have a limited one day. Not all accountants are IR35 experts and it's not their role. There are suggestions on this forum for experts who check your contract over for IR35 friendliness or unfriendliness. All your accountant needs to know at the end of the day is does your contract fall into IR35 or is it outside it.

If you are going to contract abroad, not all countries will allow you to use a UK limited in any case. You may have to go on a local payroll there.

Good luck

Source: http://forums.contractoruk.com/accounting-legal/81659-start-umbrella-then-switch-ltd.html

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