Advice please

Discussion in 'Finance, Property, Law' started by eliswrath, Jun 26, 2012.

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  1. Hi, was wondering if I could pick your collective brains!

    Short story is I am currently a 30k a year Project Manager, I am working for a local authority on PFI works and have been for a couple of years. An old friend is a HR consultant and out of the blue and after the most basic of interviews I have been offered and accepted a position as a Project Consultant.
    My issue (its certainly not a problem) is that I am going to be in receipt of £500 a day, or £10000 a month, they are also covering the cost of travel and hotel fees as it involves moving between three UK City's on a 1 year contract with a possibility to extend.
    I am elated but have no idea where to start in terms of NI contributions, tax, where best to stick savings ect can anyone advise me on any points they see relevant to such a salary jump, any pitfalls? I will be researching properly and am meeting an accountant next week but as Ive 'read' arrse for a long time a lot of good advice gets dished out.
  2. I smell a fish!

    People do not employ other people on £120k with " the most basic of interviews" unless they are looking for someone to blame when it goes tits up!

    My partners company pays a consultant £2k a day, and it is purely on the understanding that she will get the rocket *********** if it goes wrong...easier to fire a contract consultant than their own staff, so its worth the money to them (it is a 750 million contract mind)
  3. Is the old friend from Nigeria?
  4. No fish :)

    My friend is setting up and running a considerable HR operation, he has pulled in FM capability and was in need of a PM to augment, I actually met the Programme Director in a York hotel and chatted for a couple of hours, job jobbed as they say.
    Only looking for a bit of heads up on the finance side.
  5. I'd chin off getting any advice from here, its like the ****ing Russian purges with some of these 'know all '*****.

    Get an accountant, open an ISA, put aside the projected tax money they will come knocking for next year, save your receipts! ALL OF THEM, you'll be suprised whats deductable and enjoy the rise in cash.
    • Like Like x 1
  6. Getting yourself an accountant would be a good start, mine is £250 annually,

    You ideally want one who knows your specialist are of work, to advise corrcetly.

  7. Wordsmith

    Wordsmith LE Book Reviewer

    Lots of questions spring to mind.

    1) Why are they asking you to go self employed? Many people on the staff of a company are employees.

    2) Do you have this offer in writing setting out terms and conditions? Will they give you a written contract before you commence employment with yet more detail in it - including what your guaranteed (as opposed to OTE) salary is?

    3) What probationary period are you on? Most jobs have a 3 or 6 moth period where you can be terminated without a reason.

    4) What does the job involve and why do your skills fit you for it? For example, is it the same sector that you're currently working in?

    5) Generally people don't dish out £120K jobs after the 'most basic of interviews'. I don't want to be rude, but most people don't suddenly jump 4x in salary moving from one job to another.

    6) Why didn't the company go for a high powered consultant? With a salary of £120K, there would have been no shortage of applicants.

    I'm sorry, but at the moment the phrase "too good to be true" comes to mind.

  8. walkyrie

    walkyrie Old-Salt Book Reviewer

    Short answer - get an accountant.

    Long answer - If you do a lot of googling you'll find some very helpful forums and websites that explain how to do it yourself (Google IT Contracting/Engineering Contracting). You'll also find plenty of recommendations for accountants who specialise in this sort of thing and will charge you pittance to do the whole thing for you. And you'll then realise the best thing to do is to get an accountant.