My New Job Starts Next Week
It’s now only one week until I begin my new job as a Contract Design Engineer. I’m really looking forward to it, as it is going to be the start of an exciting new chapter in my life.
When the opportunity came along, trying to decide whether to make the jump seemed to be a scary proposition. A few decisions had to be made.
One of the most important of these was whether to form my own Limited Company, or to join an Umbrella Company.
After a bit of research and weighing up on the pros and cons of both options, (a good source of information can be found at Umbrella Supermarket) I decided that the best option for me was to go for the Umbrella option.
The company that I have gone with is Brookson. They were recommended by another contractor at the company that I’m going to be working for.
I am new to contracting, and I think going for the Umbrella route is the safer option at this stage. Nearly all of the paperwork is taken care of by the umbrella company, and so therefore there should be less chance of me falling foul of too much government red-tape. You don’t have to worry about paying your tax bills on time like you would with forming your own Limited Company, so there is less pressure for the first time contractor. It would also allow me the freedom to get out should I not like the lifestyle of a contractor and go back to a permanent job.
Who knows what the future holds?
Maybe in 6 months time I’ll find that I like the way that it is all working out, and want to have the greater flexibility that the Ltd Company option gives to the contractor. But with greater flexibility comes greater responsibility. Once I have made up my mind that this is how I want to work then I will make the next step and form my Ltd company.
So I’m going to take it one step at a time, and see how things go. The next update will be after a few days of the new job.
Events, Personal, Work
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Contracting, future
Themocracy
I think you are going to love it. It is quite awesome. My wife is contracting and is so much better off for it. I am going to push her to earn more by working longer hours so I can give up work, but I think she might tell me where to go. haha.
Good luck with it all though fella. Keep us posted!
[...] Gareth [...]