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Contract working

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Steve M
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Contract working

Post by Steve M »

I am currently unemployed and my money is running out.
I have the possibility of a 6 month contract but I have never done contractor work before, is there anything I need to do to be able to start working contracts.

Do I need Insurance?
Would it be best to set up a limited company?
Do I need to put cash aside for NI and tax?

What is an acceptable Day rate? £200?

Any further information really appreciated
Thank you
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Alexis
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Re: Contract working

Post by Alexis »

Bump.

Thank you in advance to anyone being able to offer assistance.
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Waterbaby
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Re: Contract working

Post by Waterbaby »

Bump ./thumbsup..

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Re: Contract working

Post by ddlh »

Hello Steve - I have never contracted but know people who do. They are employed at a day rate that they negotiate with the company and they will get that rate if they are in the office or offshore. They need to pay for their insurance, medicals, BOSIET etc etc.

I was an employee and got my training, BOSIET medicals etc all paid for. I had my salary - plus allowance for going offshore - overnight away was circa £100 on top of the day salary . Plus hours over 7.5 office hours - ( at least a 12 hr shift - report writing etc may make that 14hrs - paid as overtime so quite good pay.)

Ask your agents and they will advise on the ways to go. Or sign up to Linked in and ask on there the bet way to go. I would be looking at a much higher day rate.

Please PM m with your skills and trade and I will reply with what my day rate was.

Dave
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Re: Contract working

Post by Andyblue »

Quick thoughts. By now you should know if the contract to work is firstly in UK or not, is it mon-fri, 14on/14 off or other permutations, is it local or do you pay for accommodation etc; they will advise what insurance and the level (is professional indemnity £500k or £10 million or more),
In any event, ignoring those Qs, if you were looking at, for example, to take £200 a day then add (put the at thingy in here) 1/3 for tax / Nat ins as a starter
Steve M
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Re: Contract working

Post by Steve M »

Thank you for your advice and bumps.
The job I was going for was a 3 to 6 month contract nearby in Bristol.
I was wondering if contracting was the way to go.
Not sure how much contract work is out there.

I just need a job and some income before my depression takes over me again
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