Too good to miss?

[Smudge]

Afternoon gents,

not been on in a while, but would like a couple of opinions on something i have been offered...

At present, i'm working full time in a factory, Electrical supervisor, approved electrician. Its steady work, 40 hours per week although 1 week in every 3 i am on call and i also work overtime most weekends. This is almost expected of you. All in all, it's a good number, with good money, hence my hesitation on what i have been offered which is..

to become part of a squad of trades to head down south (i'm in Scotland), work 4 x 12 hour shifts and be off every fri,sat and sun. The basic wage is 30% higher than what i get now (including my call out money) travel, food and accommodation allowance given. It's almost a done deal if i set up a limited company and contract myself to this gang.
My question is what is involved in setting up a limited company? what does it actually mean regards paying tax etc? And if i were to come south of the border, this means i have to become part P registered?

The job is massive, new nuclear site.

I have a good number just now which i'm scared of throwing away, but is this too good to miss? Opinions?!?!?!

PS, i would have posted more details if i were allowed in the pub but seems my messages have been lost in the post...

 

[telectrix]

from what you say, i'd stick where i am. this new job might look the dog's bollox, but you could be laid of in a fortnight. the grass ain't always greener on the other side.

 

[Pete999]

Got a family? responsibilties ? stay where you are mate

 

[MDJ]

The grass isn't always greener on the other side, I know from experience, I was a company foreman for years on a medium sized company and earned good money and had a good Job, I got greedy and moved elsewhere to become a contracts manager and it was a nightmare and I ended up regretting my move, I stuck that job out for approx 2 years with the new company, sometimes even now after years of self employment I still think of my old job where it was good really and I wish I was there again.

 

[Marvo]

Firstly good to see you're still in the land of the living. Secondly I've just given you Pub access....and mine's a Babycham before the other thugs around here get their orders in

Finally does the new job offer come with a contract of employment for at least a year or two or is it more like agency work?

 

[cloverman]

https://www.gov.uk/business-legal-structures/limited-company

I would air a lot of caution on this one and it seems to me that they are putting a lot of onus on you by asking you set up a limited company and taking all the responsibility.

 

[markc123]

Well said that man.

 

[markc123]

If you are happy, not struggling finacially and content with your general day to day life...

...you'd be a fool to move.

If you aren't any of the above, considerate it.

About all i can say really. Although cloverman does have an extremley valid point, and i'd read the link he sent you.

 

[Gavin A]

Pretty sure they're trying to use this to get around tax, but HMRC still would view you as an employee of the company if you're only working for one company whether subbed or not, so worst of all worlds - no security, and HMRC chasing you for tax after you've been given the boot.

You'll also need to register for CIS payments, and end up with your tax taken at source etc

then annual accounts, etc

 

[MDJ]

Nothing wrong with running a Ltd company, however Most Directors of limited companies do not sub contract for other companies, a very strange situation this IMHO.

 

[Smudge]

thanks for the opinions, and thanks Marvo for the pub entry, that fake id finally worked! i'm not unhappy at my work just now, but i know i'm not going to be able to stick it out forever (same place every day, same faces etc). I've been here 5 years and as high as i can go in terms of company structure. I'm only 31 and have never chased the money, and i have worked away from my family before previously in the forces.
ll the info has come through text messages (i know, i know) but the full details of the job should be emailed to me tonight. And i got the mark up of the wages wrong...its an extra £11.70 p/h. The contract is for the full project (2025), but i fully appreciate companies losing contracts, falling out with management etc can ruin it all. Funny thing is, my dad came through to the east of scotland with me as a nipper for a nuclear build, and he has never looked back. In fact, he's just managed to retire at 57.

I'm reading everyones replies and appreciate it, my head is buzzing with thinking this over the last couple of days.

 

[Silly Sausage]

Becoming Ltd takes a few minutes in front of your computer to set up(slight exaggeration!), plus you'll need to visit your bank(much longer!)

New build Nuclear for 2 years, I'd go for it myself.
But I'm not you, I've worked away from home and it's bad for my health...alcohol consumption sky rockets!