There's not really personal implications of messing stuff up, if you contract outside IR35 as a Limited company most clients require you to have Indemnity insurance, which costs around £20 a month and gives you a couple million of cover.
Tax and accounting is easy, a good accountant for c. £100 a month will cover everything for you such as payroll, any accountancy questions and preparing your end of year company tax returns (CT600) as well as your personal self assessment each year. Honestly the most I have to do each month is send an invoice to the client which takes about 10 minutes and tag a couple of business transactions in FreeAgent every couple of weeks.
Keeping a pipeline of work is obviously the trickier part, but once you get your first couple of contracts (probably via a recruitment agent) then you quickly build up a network of other independent contractors you can reach out to as well as any other permanent members of staff you worked well with who have moved to new roles etc.
Tax and accounting is easy, a good accountant for c. £100 a month will cover everything for you such as payroll, any accountancy questions and preparing your end of year company tax returns (CT600) as well as your personal self assessment each year. Honestly the most I have to do each month is send an invoice to the client which takes about 10 minutes and tag a couple of business transactions in FreeAgent every couple of weeks.
Keeping a pipeline of work is obviously the trickier part, but once you get your first couple of contracts (probably via a recruitment agent) then you quickly build up a network of other independent contractors you can reach out to as well as any other permanent members of staff you worked well with who have moved to new roles etc.