contractor realities

can someone share their knowledge regarding the contract jobs and the selection of option (What to choose? Ltd/umbrella/PAYE?) for an IT specialist.


1) I found many websites convey Ltd (self employed) is no more interesting option after IR35 effect. (Yes/NO)

2) If the Umbrella company is the best option.
which is the best
Prosperity4,
Parasol,
quay account
are these real umbrella company or they are Agency (Yes/No)

3) heard most of these companies take some % in the gross billing? (Yes/NO)
what % gross billing they take? is it 10% - 20% - 30% or more any comments from the users of the above agencies

Any advice is appreciated.

thanks

I'm also thinking of becoming a contractor once i get my FLR.
I have been sneaking around on net about contrating, i have following conclusions it may help you:

1) Help yourself, no one is going to give you a free advice on this subject apart from me . It's England nothing is free here.

2) Contracting thru your own Ltd company is best option, if can take the pain of paper work. How much paper work it is going to be i dunno but this is the view which everyone convey.

3) I see good review of Parasol and also i see some of contractors in my company use it. But sometimes they give pain too.

4) Yes they take % that depened on the situation you may check their website.

5) Being inside or outside of IR35 is the most complex question, and no one can answer it, at least everyone says it. You may need to pay to professionals to know whether you are in or out.

6) Being self employed (Ltd.) and out of IR35 is the best.
Many umbrella cos. can put you outside of IR35.

7) out of Ltd/umbrella/PAYE Ltd is the best option.

That's all buddy if i come across more info i'll publish it.
And yes don't forget that in this process you need to go thru company registration process.