Retiring

I'd say use an umbrella company at first as a PAYE employee until you get established. If you are going to be a contractor or consultant for the long term then go Ltd company.

When I was unemployed years ago I managed to get a temporary contracting job and I used an umbrella company for a few months. I was in the process of switching to Ltd but then I was offered another permanent job so I resigned from the temporary contract / umbrella job and the Ltd company never started.
 
A slight tangent for the retirement thread but I wanted to get a little advice. I retired from my job as an automotive account manager at the start of the first lockdown and I've been happy since, returning to golf, regular cycle rides and generally being free to do whatever I like with SWMBO. I was approached by my former customer earlier this year as they wanted me to consider joining their team, using the skills I developed while managing their EMEA account for my last employer... That opportunity hasn't totally materalised yet because they are working on internal re-structuring and currently there is no way they can accommodate me into the team... The approach was heart-warming and I felt like I could do another year or two if the money was right and then hang my boots up for good... It would have been working because I wanted to and not because I had to....

Fast forward to the end of last month and another old acquaintance calls me. The company he is working with to grown their automotive network in EMEA want somebody with a good working knowledge of automotive equipment and installations, the exact area I was involved with before I retired.... Long story short, I signed an NDA and I've since seen their equipment list / requirements and it's very similar to the equipment list for my last customer. I'm very confident that I could build a list of vendors or even partner with my last employer to deliver what this new company wants as it's the exact same field (but for a different manufacturer) as my last account.

The new company want me to deliver consultancy to them and have asked for a "fixed price quote" for this. I assume that this means I will offer consultancy but any essential travel etc. will come out of my hourly / day rate. I've got zero experience of consultancy so that's where I need guidance. How easy is it to set up as a self-employed consultant or is this unnecessary... I know I can help this company with my experience but I'm not sure I can be bothered with the whole setup company / self-employment scenario if that's what is needed....
Two things to consider.
If you are self employed the tax man states you have to have at least 3 different clients/customers. If you are registered as a company you don't.
As others have said it is very easy to set yourself up as a company.
You say one customer seems to be offering payment for services but not for hotels etc. The answer to that is fine, as long as you are happy with what they are offering. But it is no good being paid £200 per day if you are spending £100 on hotels etc.
Decide what you feel is correct renumeration for your skills, do not do it on the cheap. If they won't pay stay retired. Don't approach your old lot, do it yourself, you know what to do, have the confidence.
I did 7 years self employed consultant and then 4 doing the same but as a company.
 
My company match pension contribution and I currently only pay in 4%. They will match up to 10% so I was going to up it to 7%.
This makes sense to do doesn't it? I'm not just better off investing the money myself?
 
HMRC were clamping down on IR35 before Covid appeared, they're losing a lot of revenue in tax and National Insurance.
IR35 changes were done in two stages. Public sector a few years ago and private sector in April. Wasn't "clamping down", just setting up an easier system.
 
My company match pension contribution and I currently only pay in 4%. They will match up to 10% so I was going to up it to 7%.
This makes sense to do doesn't it? I'm not just better off investing the money myself?
Almost certainly you should pay upto what your employer will pay. I'd go 10% if you can afford it because most seem to pay less, so if you move on you've lost the chance.
 
I'm never going to have the liquidity some on here have but I'll be able to fully retire in 18 months, play golf, have a couple of holidays and a couple of nights out per week plus going to City of course.

Reminds me of the old story about the business consultant & fisherman!
 
My company match pension contribution and I currently only pay in 4%. They will match up to 10% so I was going to up it to 7%.
This makes sense to do doesn't it? I'm not just better off investing the money myself?
Free money…not sure how many people I know who like to give up that, but to each their own.

If you can afford to make it 10%, that’d be 20% of your cheque going into your investable future.

More is better in this case.
 
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