Consultant work - First time self employed, please help

richiebkerry

Hi, I'm looking to change jobs. Currently I'm on PAYE, however, the new role (at a different company) has the opportunity to invoice initially on a contractor basis which I understand can be tax efficient?

I know that this is the best place to ask as a wealth of members deal with this all the time.

Any advice, rules or recommendations would be hugely appreciated.

Thanks in advance.

Richard

phoenixd

Congratulations! Nothing IMO beats the freedom of self-employment - working your own hours, deciding salary/dividends levels if using a Ltd company, deducting all word-related expenses, etc. The only danger, in your case, is getting snagged by IR35. Ensure your contract is tight. Here's a good link: https://www.gov.uk/guidance/ir35-find-out-if-it-applies

KernowAccountant

mrme89 said:

IR35 is only relevant if you operate through a company.

...or partnership (s.52) ;-)

richiebkerry

Thanks for all of your answers, really helped me.

Claireee

I was going to post a similar question. Are there actually any benefits to a "consultant" registering as a Limited Company these days or should they stick with self-employment?