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Contracting

  • 02-03-2005 6:00pm
    #1
    comanche
    Closed Accounts Posts: 248 ✭✭


    Hi,
    I am considering going contract. Has anyone had any experience of this. What I am looking to know is how are the any guides on how much one needs to earn gross to make x amount net.

    Also has anyone set up their own limited company. How long does this take and how complicated is it?

    Thanks.


Comments

  • #2
    Merrion
    Registered Users, Registered Users 2 Posts: 1,423 ✭✭✭Merrion


    Go in and see Giant and have them show you their spreadsheet worked examples.

    (Edit : online version here)

    They can get you an off the shelf company for about €150 and it can be done in days - including VAT registration as applicable.


  • #3
    cravian
    Closed Accounts Posts: 37 ✭cravian


    As a rule of thumb take your hourly rate, say 40/hour, double it and add three zeros, then that's your approximately yearly 'salary'.

    Make sure to take advantage of all of the perks of being a contractor when it comes to expenses. A good accountant will give you some advice there.

    Find a good agency - remember that you're paying their wages in effect and they should be working for you and not the other way round!

    Also, get a good accountant that you pay per hour and NOT on a monthly basis - once you're up and running you can do 95% of all of the paperwork yourself (VAT, PRSI, etc.) and will only need an accountant to check things out and/or auditing.

    Sorry to say this, but I've dealt with Giant and wouldn't recommend them.


  • #4
    Evil Phil
    Registered Users, Registered Users 2 Posts: 7,468 ✭✭✭Evil Phil


    A good accountant or business services company should be able to give you a company off the shelf as well. I personally haven't heard of Giant so can't comment on them. Oh, and I've been contracting for 2 years now.


  • #5
    comanche
    Closed Accounts Posts: 248 ✭✭comanche


    Evil Phil wrote:
    A good accountant or business services company should be able to give you a company off the shelf as well. I personally haven't heard of Giant so can't comment on them. Oh, and I've been contracting for 2 years now.


    How do you find contracting? I've been a java developer for over 4 years now and what I am afriad of is gaps inbetween work if I do go contracting. Am also wondering which is the best option to start as a sole trader or as a limited company or if starting off to go under an umbrella company!

    think i should just jump and see where I land! :)


  • #6
    QC
    Closed Accounts Posts: 26 ✭QC


    Hi,
    I'm in the same situation, I've been a java developer for 4+ years, and am thinking of going contract. It's the fear of the unkonown that's keeping me back. I'd be interested to hear from anyone who has made the jump, and how they did it. It's actualy quite hard to get good information about contracting and how to get into it.


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