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I must be mad
Worzey - 18/11/08 at 08:40 PM

Given the current economic climate I must be insane!

I've just formed my own IT consulting company and tonight signed a 9 month contract with my first client!

Going to be handing my notice in next week to become my own boss!

I'm going be working from home so get more time with the kids and wife and get a huge pay rise to boot

Hopefully I'll also get some more time to play with the car as well

omega0684 - 18/11/08 at 08:41 PM

congrats

sickbag - 18/11/08 at 08:43 PM

All the best for the future. I did the same thing over 15 years ago and glad I did.

It isn't always going to be easy, but if you keep to it you will always win through.

pinto - 18/11/08 at 08:54 PM

at least you cant look back and say i wished i had
good luck
ps i mean that in the best way

speedyxjs - 18/11/08 at 08:58 PM

Good luck. I hope it works for you

Hellfire - 18/11/08 at 09:10 PM

Good luck but even if it doesn't work out as you'd planned, 'It's better to regret something you have done, than something you haven't'

Phil

MikeR - 18/11/08 at 09:17 PM

I know some contractors (and have run a few).

Tips they gave me when i was thinking about this was,

Keep a pot of money for when you don't get a contract 6months min.
Keep your finger in a few pots - if something doesn't pan out your not stuffed.
If you're not working, find something to do (and hopefully sell it)
get a damned good accountant
don't screw HMRC they screw a lot harder back
get a damned good accountant
keep track of your taxes - i know one bloke who wants to give up but can't afford to due to the tax bill he'll get hit with so he has to keep going.
Make yourself an office, keep it just as that (Claim it back from the tax man)

Good luck

l0rd - 18/11/08 at 09:34 PM

GOOD luck with your company. If you have any vacancies let me know. I am starting my CCNA tomorrow.

I got upset with my manager today and thinking of quiting.

iank - 18/11/08 at 10:02 PM

quote:
Originally posted by MikeR

Make yourself an office, keep it just as that (Claim it back from the tax man)

Good luck


Be careful with that last bit these days (the tax bit) at best it can be difficult to calculate a value the taxman will accept, also do you want to be in the position of having to sell your home if you hit a problem. If you do decide to try ask your good accountant for advice AND read the mortgage small print.

Talking to the contractors at our place set expectations with your employer. Permies like me tend to work (plenty of) free overtime, as a contractor it isn't very clever to start off like that, work your hours and invoice accurately.

Understand the implications of IR35, don't try to play games in that area.

Enjoy not being part of the politics, you can watch the silly games from outside now

It's not a bad time to be getting into that game right now as companies want the flexibility, once the recession is over they'll have lost too many permies who understand the system to get rid of you quickly.

Good luck

David Jenkins - 18/11/08 at 10:13 PM

quote:
Originally posted by MikeR
I know some contractors (and have run a few).

Tips they gave me when i was thinking about this was,

Keep a pot of money for when you don't get a contract 6months min.
Keep your finger in a few pots - if something doesn't pan out your not stuffed.
If you're not working, find something to do (and hopefully sell it)
get a damned good accountant
don't screw HMRC they screw a lot harder back
get a damned good accountant
keep track of your taxes - i know one bloke who wants to give up but can't afford to due to the tax bill he'll get hit with so he has to keep going.
Make yourself an office, keep it just as that (Claim it back from the tax man)

Good luck


You forgot a few things!

get a damned good accountant
get a damned good accountant
get a damned good accountant
get a damned good accountant

Mr Whippy - 19/11/08 at 07:02 AM

leave on good terms with your boss though, just incase

Worzey - 19/11/08 at 07:34 AM

I've taken loads of advice, I tend to over research these things.

I have a very good accountant and have already been advised of the tax implications.

I'm outside IR35 as my client is US based and I'm suppling all the equipment etc. I've had the contract checked.

As for leaving on good terms with my boss, I'll try but he tends to take things very personally. I.e. If you resign you might as well have shot his dog at the same time. I won't be going back.

Mr Whippy - 19/11/08 at 08:19 AM

yeah I know it can be hard but make a fuss, be nice, buy a cake etc etc as one day you might meet again, maybe not in that job but another.

I've walked out on bad terms before and its never done me any good in the future

David Jenkins - 19/11/08 at 08:58 AM

quote:
Originally posted by Worzey
If you resign you might as well have shot his dog at the same time.


Buy him a puppy?

trogdor - 19/11/08 at 03:34 PM

yes deffo get a good accountant, we out sourced to an accountant this year and we really wish we didn't as it has caused no end of grief so we are switching back to doing it ourselves.