Yeah he’s got a disruptive side when he’s hiding behind his computer.
Bet he’s a little b***h in person!
Reason I can’t go on PAYE is because all the agencies i work with don’t offer it or they do at a very low hourly rate. There’s still plenty of money to earn being Ltd.
rob22888:
Why not work PAYE? The limited company route has always looked like a right load of extra hassle for a couple of quid an hour extra.
Most agencies try to force paye through umbrella .That is probably why ltd is safer.
Damo_hall:
Yeah he’s got a disruptive side when he’s hiding behind his computer.Bet he’s a little b***h in person!
Reason I can’t go on PAYE is because all the agencies i work with don’t offer it or they do at a very low hourly rate. There’s still plenty of money to earn being Ltd.
Seeing as we’re supposed to give you advice, I’ll try one more time…
Unless you are sourcing your own work, on your terms, invoicing the companies who you provide your service to, on your terms, and can provide an alternative driver to do a job you can not do yourself, you do not satisfy the criteria to be self employed.
If you work for an agency, multiple agencies, any agency, who offer and arrange your work, and pay you according to their rates and terms, you are an employee.
Good luck. Make sure you save 50%of your wages. You’ll be needing it.
the nodding donkey:
Damo_hall:
Yeah he’s got a disruptive side when he’s hiding behind his computer.Bet he’s a little b***h in person!
Reason I can’t go on PAYE is because all the agencies i work with don’t offer it or they do at a very low hourly rate. There’s still plenty of money to earn being Ltd.
Seeing as we’re supposed to give you advice, I’ll try one more time…
Unless you are sourcing your own work, on your terms, invoicing the companies who you provide your service to, on your terms, and can provide an alternative driver to do a job you can not do yourself, you do not satisfy the criteria to be self employed.
If you work for an agency, multiple agencies, any agency, who offer and arrange your work, and pay you according to their rates and terms, you are an employee.Good luck. Make sure you save 50%of your wages. You’ll be needing it.
Have you ran a LTD company before? Or are you just going off what other drivers have said on here?
I’ve spoken to other drivers who actually run LTD companies and they all seem to be happy and don’t need to save 50% of their wages. I’m not trying to fiddle the system I’m happy paying 20% of my wage for tax purposes. If you have a decent accountant there’s no reason why you will pay anymore than this.
All I was asking for was some friendly advice not to get moaned at by some angry trucker who’s probably ■■■■■■■■ frustrated because his wife isn’t giving him any. It’s my decision to go LTD as it’s either that or go umbrella I don’t know of any agency that pay paye in my area I’ve asked the question but no one shares any good information on here.
Damo_hall:
There’s still plenty of money to earn being Ltd.
No there isn’t unless you ignore the holiday pay you don’t get (equivalent to 12.7% of the PAYE hourly rate), the workplace pension contributions you don’t get (equivalent to 1% but soon to be 3% of gross pay), the costs you have with setting up and running a limited company not only for the bills you pay but the cost of the “free time” you spend doing paperwork things like keeping legally required records for the WTD etc, and travelling to accountants… Another £2/hr limited over a PAYE rate of £10/hr doesn’t even come close to breaking even with the PAYE rate, £1.50 of that will be eaten up compensating you for holiday pay and workplace pension you don’t get alone and your accountant could cost anywhere from 40p to over a quid an hour depending on how many hours you do.
Conor:
Damo_hall:
There’s still plenty of money to earn being Ltd.No there isn’t unless you ignore the holiday pay you don’t get (equivalent to 12.7% of the PAYE hourly rate), the workplace pension contributions you don’t get (equivalent to 1% but soon to be 3% of gross pay), the costs you have with setting up and running a limited company not only for the bills you pay but the cost of the “free time” you spend doing paperwork things like keeping legally required records for the WTD etc, and travelling to accountants… Another £2/hr limited over a PAYE rate of £10/hr doesn’t even come close to breaking even with the PAYE rate, £1.50 of that will be eaten up compensating you for holiday pay and workplace pension you don’t get alone and your accountant could cost anywhere from 40p to over a quid an hour depending on how many hours you do.
I would prefer to be paye but this isn’t an option I eventually want to secure full time work through the agency.
But there is a lot of tax you can save running through a LTD company over Paye so it seems… I would be paying myself a basic wage then taking the rest out As dividends which is 7.5% after 5000 pound.
If i am wrong someone fill me in…
Proactive and Interaction in Warrington do PAYE if it’s any help to you mate.
Damo_hall:
But there is a lot of tax you can save running through a LTD company over Paye so it seems… I would be paying myself a basic wage then taking the rest out As dividends which is 7.5% after 5000 pound.If i am wrong someone fill me in…
That £5000 is being cut to £2000 as from April 2018, which may have a significant effect on your sums.
Don’t forget that in order to pay you a dividend, your company first has to generate a profit - which will be taxed at the 20% corporation tax rate before you get your hands on it.
Sent from my SM-G920F using Tapatalk
the nodding donkey:
Seeing as we’re supposed to give you advice, I’ll try one more time…Unless you are sourcing your own work, on your terms, invoicing the companies who you provide your service to, on your terms, and can provide an alternative driver to do a job you can not do yourself, you do not satisfy the criteria to be self employed.
If you work for an agency, multiple agencies, any agency, who offer and arrange your work, and pay you according to their rates and terms, you are an employee.Good luck. Make sure you save 50%of your wages. You’ll be needing it.
But he’s not talking about going self-employed, he’s talking about being paid via his own Limited company…
Conor:
Damo_hall:
There’s still plenty of money to earn being Ltd.No there isn’t unless you ignore the holiday pay you don’t get (equivalent to 12.7% of the PAYE hourly rate), the workplace pension contributions you don’t get (equivalent to 1% but soon to be 3% of gross pay), the costs you have with setting up and running a limited company not only for the bills you pay but the cost of the “free time” you spend doing paperwork things like keeping legally required records for the WTD etc, and travelling to accountants… Another £2/hr limited over a PAYE rate of £10/hr doesn’t even come close to breaking even with the PAYE rate, £1.50 of that will be eaten up compensating you for holiday pay and workplace pension you don’t get alone and your accountant could cost anywhere from 40p to over a quid an hour depending on how many hours you do.
Agree with this. I do agency work on a PAYE basis, when I started my own limited company was still active from my owner-driver days so I could have worked on a limited company basis for £2 an hour more but when I did the maths it just wasn’t worth it. Possibly in my case it’s slightly different in that I can claim back all of the income tax I pay when the tax year ends but I figure I’d have to work a hell of a lot of hours to make limited company worthwhile.
Conor:
the costs you have with setting up and running a limited company not only for the bills you pay but the cost of the “free time” you spend doing paperwork things like keeping legally required records for the WTD etc, and travelling to accountants…
It cost me £16 to set up a company, about £12 a month for PL insurance and I spend about 10 minutes a month doing tax returns. I also dont spend ages travelling back and forth to accountants as its done via email and phone which eats up about 10 minutes a month.
Its not all doom and gloom.
Course the biggest advantage of being ltd is that when it comes time to do the taxes, some income gets…ahem…“forgotten” and some expenditure gets suddenly remembered…
Harry Monk:
Agree with this. I do agency work on a PAYE basis, when I started my own limited company was still active from my owner-driver days so I could have worked on a limited company basis for £2 an hour more but when I did the maths it just wasn’t worth it. Possibly in my case it’s slightly different in that I can claim back all of the income tax I pay when the tax year ends but I figure I’d have to work a hell of a lot of hours to make limited company worthwhile.
I roughed out some figures, assuming 50 hours a week, every week.
Under PAYE (£10 per hour, paid over 52 weeks, as under current legislation you’d be entitled to holiday pay):
Gross pay £31,200
Tax (£3,940)
NI (£2,764)
Net pay £24,496
Running as a Ltd Co at £12 per hour, paid over 48 weeks (i.e. no holiday pay)
Company income £34,560
Salary (£11,500)
Employer NI (£445)
Accountant fees (£500)
Profit before tax £22,115
Corporation Tax @20% (£4,423)
Profit after tax £17,692
Assuming all profits paid as dividend, your total income from the company would be £17,692 + £11,500 = £29.192. There would also be a £400 employee NI deduction, so net figure of around £28,800
I’ve probably missed something along the way, but that’s pretty much the bare bones of it.
Damo_hall:
the nodding donkey:
Damo_hall:
Yeah he’s got a disruptive side when he’s hiding behind his computer.Bet he’s a little b***h in person!
Reason I can’t go on PAYE is because all the agencies i work with don’t offer it or they do at a very low hourly rate. There’s still plenty of money to earn being Ltd.
Seeing as we’re supposed to give you advice, I’ll try one more time…
Unless you are sourcing your own work, on your terms, invoicing the companies who you provide your service to, on your terms, and can provide an alternative driver to do a job you can not do yourself, you do not satisfy the criteria to be self employed.
If you work for an agency, multiple agencies, any agency, who offer and arrange your work, and pay you according to their rates and terms, you are an employee.Good luck. Make sure you save 50%of your wages. You’ll be needing it.
Have you ran a LTD company before? Or are you just going off what other drivers have said on here?
I’ve spoken to other drivers who actually run LTD companies and they all seem to be happy and don’t need to save 50% of their wages. I’m not trying to fiddle the system I’m happy paying 20% of my wage for tax purposes. If you have a decent accountant there’s no reason why you will pay anymore than this.
All I was asking for was some friendly advice not to get moaned at by some angry trucker who’s probably ■■■■■■■■ frustrated because his wife isn’t giving him any. It’s my decision to go LTD as it’s either that or go umbrella I don’t know of any agency that pay paye in my area I’ve asked the question but no one shares any good information on here.
They always out themselves in the end.
Well, all I can say, is ‘good luck’. But with your attitude, and if you can’t find an agency that won’t pay PAYE, or a full time job, you might struggle.
Keep reading on here, weekly about going ltd or umbrella, then also how bad these are, then how bad the agency’s are that force you to do this, and you should only go paye,
So my take on this would be, if nobody worked for agency self employed, and only went to those offering paye, the scam artists, shoosters would disappear . Or is that to easy, and not a perfect world…
biggriffin:
Keep reading on here, weekly about going ltd or umbrella, then also how bad these are, then how bad the agency’s are that force you to do this, and you should only go paye,
So my take on this would be, if nobody worked for agency self employed, and only went to those offering paye, the scam artists, shoosters would disappear . Or is that to easy, and not a perfect world…
Some people have limited options when it comes to finding employment. Whilst those agencies (or cowboy companies) who are dodgy, will take anybody, regardless of their abilities, attitude, or state of licence…
At least 3 agencies (and perhaps more) around here only offer ‘umbrella’ crooks or going LTD if you want to work for a particular firm
It’s not ideal but if you do some work yourself with the figures you can save some of the costs and having your own company is a bonus if you do other work as well as driving.
It won’t suit everyone but you make the best choice to fit your requirements
the nodding donkey:
Damo_hall:
the nodding donkey:
Damo_hall:
Yeah he’s got a disruptive side when he’s hiding behind his computer.Bet he’s a little b***h in person!
Reason I can’t go on PAYE is because all the agencies i work with don’t offer it or they do at a very low hourly rate. There’s still plenty of money to earn being Ltd.
Seeing as we’re supposed to give you advice, I’ll try one more time…
A
Unless you are sourcing your own work, on your terms, invoicing the companies who you provide your service to, on your terms, and can provide an alternative driver to do a job you can not do yourself, you do not satisfy the criteria to be self employed.
If you work for an agency, multiple agencies, any agency, who offer and arrange your work, and pay you according to their rates and terms, you are an employee.Good luck. Make sure you save 50%of your wages. You’ll be needing it.
Have you ran a LTD company before? Or are you just going off what other drivers have said on here?
I’ve spoken to other drivers who actually run LTD companies and they all seem to be happy and don’t need to save 50% of their wages. I’m not trying to fiddle the system I’m happy paying 20% of my wage for tax purposes. If you have a decent accountant there’s no reason why you will pay anymore than this.
All I was asking for was some friendly advice not to get moaned at by some angry trucker who’s probably ■■■■■■■■ frustrated because his wife isn’t giving him any. It’s my decision to go LTD as it’s either that or go umbrella I don’t know of any agency that pay paye in my area I’ve asked the question but no one shares any good information on here.
They always out themselves in the end.
Well, all I can say, is ‘good luck’. But with your attitude, and if you can’t find an agency that won’t pay PAYE, or a full time job, you might struggle.
My attitude? LMAO
What a hypocrite!
I’ve been in full time work but I get bored! I like the fact that I get sent to different places doing different kinds of work!
good_friend:
At least 3 agencies (and perhaps more) around here only offer ‘umbrella’ crooks or going LTD if you want to work for a particular firm
This on its own is deeply suspicious. PAYE is not difficult to set up, why would any legitimate agency refuse to employ a driver on PAYE?
Harry Monk:
good_friend:
At least 3 agencies (and perhaps more) around here only offer ‘umbrella’ crooks or going LTD if you want to work for a particular firmThis on its own is deeply suspicious. PAYE is not difficult to set up, why would any legitimate agency refuse to employ a driver on PAYE?
Can’t agree more but they word it as ‘we don’t run PAYE so we recommend the following…’ etc etc
TBH the agency I work for ARE a bunch of crooks but they aren’t the first and won’t be the last I am sure. Sometimes it really is a case of ‘Better the devil you know’