elsa Lad:
Harry Monk:
adam277:
But I’m basically looking for 1 year to make a load of money and smash out all my debt I don’t want a career out of it.Perhaps you should reflect upon the fact that if you didn’t take such a short-term view of your personal finances, then you wouldn’t be in debt in the first place?
If you in debt, the worse thing you can do is go Ltd. Trouble is you get paid the full amount each week, which you have to keep back enough to pay the tax man accountant etc but if you are short of money its easy to dip into that, then the ■■■ hit the fan if you miss the tax man payment.
If you keep your nose clean you should be ok. Most agency drivers where I work are Ltd don’t know anyone been spot checked but it is very important you use a decent accountant.
This above comment makes a lot of sense. Whilst IR35 isn’t enforced on the smaller companies get yourself a decent accountant, DO NOT use one that offers to do everything for you, ie invoice on your behalf, that registers your office as their registered office address, that has any control or involvement in your company otherwise you will land in big trouble with HMRC due to MSC legislation. HMRC are very clued up on which accountants operate this way, and when there are enough companies using the dodgy accountants, then they will land large tax/ni bills on unsuspecting ltd co owners.