Holsee's Blog

A few weeks ago I started my company “Holdsworth & Co Consultants”.

I thought this name to be a tad cheesy but it best describes the business, as the majority of the work which is undertaken involved consultancy and the “& Co” refers to the fact in some cases I would subcontract designers and/or other developers in order to effectively complete the tasks at hand.

I found umbrella companies too restricting for my needs, but great for short term contracting, as my business needs include capital expenditure and management which the umbrella company would not allow for under its form of expenses.

So I ran through the business start-up routine of getting up to speed with the small business laws, taxation and recommended practises, then registered with the powers that be.  I have studied Business Studies for 4 years and Economics for 2 so I was well prepared for what was required and process went smoothly.

As a contractor I knew I would have to beware of IR35.  This legislation was brought in to stop people working as contractors when they were doing the job of an “Employee”.  By employee they mean working 9 to 5 so to speak as a part of a particular business, not really as a independent but in the guise of one in order to achieve the subsequent benefits.

A great resource for getting up to speed with IR35, how to avoid it and its implications is can be found here.

The next step for me is to get a business account set up to separate all my business concerns from my personal ones.

It is nice being my own boss, who knows if I’ll keep up the contracting, maybe one of my projects will come into fruition in the near future and I can ride one of those ponies.

I’m gaining a broad spectrum of skills working as a contractor.. and it only enhances my portfolio as a hired gun.. but that is a post for another day.