Worzey
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 posted on 18/11/08 at 08:40 PM |
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I must be mad
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
Caterham R400
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omega0684
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| posted on 18/11/08 at 08:41 PM |
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congrats
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sickbag
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| posted on 18/11/08 at 08:43 PM |
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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.
Finally back on the job!
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pinto
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| posted on 18/11/08 at 08:54 PM |
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at least you cant look back and say i wished i had
good luck 
ps i mean that in the best way
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speedyxjs
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| posted on 18/11/08 at 08:58 PM |
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Good luck. I hope it works for you
How long can i resist the temptation to drop a V8 in?
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Hellfire
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| posted on 18/11/08 at 09:10 PM |
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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
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MikeR
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| posted on 18/11/08 at 09:17 PM |
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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
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l0rd
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| posted on 18/11/08 at 09:34 PM |
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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.
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iank
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| posted on 18/11/08 at 10:02 PM |
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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 
--
Never argue with an idiot. They drag you down to their level, then beat you with experience.
Anonymous
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David Jenkins
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| posted on 18/11/08 at 10:13 PM |
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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
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Mr Whippy
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| posted on 19/11/08 at 07:02 AM |
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leave on good terms with your boss though, just incase
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Worzey
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| posted on 19/11/08 at 07:34 AM |
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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.
Caterham R400
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Mr Whippy
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| posted on 19/11/08 at 08:19 AM |
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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
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David Jenkins
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| posted on 19/11/08 at 08:58 AM |
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quote:
Originally posted by Worzey
If you resign you might as well have shot his dog at the same time.
Buy him a puppy?
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trogdor
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| posted on 19/11/08 at 03:34 PM |
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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.
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