If I feel IR35 would apply to my first contract should I opt for an Umbrella Company?

Your decision to operate through an umbrella company should not be made purely on the basis of IR35.

Operating through your own limited company can be more rewarding, flexible and better financially even though you need to apply IR35 to your first contract.

Remember the conditions needed for IR35 to apply are based upon a contract and not your limited company, so during your contracting life you may find that IR35 applies to some contracts and not others.