DDT1391:
HeloThis is my first post since signing up to these forums.
Have tried to do as much free research as possible on either going LTD or PAYE. But in all honesty im still a little confused as the best option to take in the future.
To give a little background in the next few months its my intention to get through my class 2 and class 1 tests and every thing that goes with this. Ive worked in retail for 20 years and have always wanted to drive. im now in a position where i can financially afford to put myself through my test.
I want to make the best decision when i start out so any advice would be much appreciated.
Also as a side note sheould i go PAYE as i get some experience through agency and then switch or should i go straight into LTD?
Thanks
What I did was set up a ltd company, put some money from my personal account into the company as a loan.
Paid for all my cost for the licences through the ltd company bank account…so approx in total £4k…thats theory, medical, test and cpc. When I started working and invoicing I pulled that money back out so saving at least 20% on tax.
I claim for all mileage to the different sites I go to and there are various allowances that are accepted which the accountant should be savvy to. I have heard typical accountant costs to be between £50 to £100 a month. I am quite lucky as mine is a nephew of a close friend and pay him £450 for the whole year (I originally registered for VAT but was a waste of time as very little VAT expenses)