Don’t bother with umbrella companies as they’re a scam and not worth it to the driver. I’ve been told if the agency pushes you with an umbrella company then ask the agency if they’re affiliated with the umbrella company and if they are then it’s possible to claim back what you’ve paid as they’re mis-selling you a product (I THINK), its better to ask somebody who knows what they’re talking about and see what they say.
The way to do ltd properly is to set up a business yourself and pay somebody yourself to do your taxes, cut the middle man out! I’m debating whether or not to go ltd but I don’t know if it’s worth it.
j1973:
Dazza1shot:
blue estate:
NELSON76:
I get these remittance note things each week m8 sayin what they took out employees national insurance employers national insurance 10 pound service bill etc…I was jus wonderin if I left maybe I wouldn’t have to pay employers national insurance only employees but agency reckon I’ll still be worse off its a puzzle :-/
As i’ve said they’re pulling your pants down and whipping your ■■■■
So do I insist on paye when I sign up for agency ? Was going to go ltd company with my Mrs as director.
You are a Ltd company… Neil. If you type Penryn logistics into the companies house website you will see you are the only director…
Effectively nova set you up as a company and they run it.
Some might be happy with that but I wouldn’t… Remember you are the company director and legally responsible for that company.
Sent from my D2403 using Tapatalk
So if nova mess up his returns he is liable ? Can he keep the company and let them go ?
HMRC are well onto these tax avoidance practices mate, that’s why they have stopped the food and fuel allowance as I have mentioned above. Next stop will be LTD companies.
A one man band who is under supervision, direction or control of an employer is in my view NOT self employed. PAYE every time people, sooner or later you WILL get a large tax demand.
austers:
Don’t bother with umbrella companies as they’re a scam and not worth it to the driver. I’ve been told if the agency pushes you with an umbrella company then ask the agency if they’re affiliated with the umbrella company and if they are then it’s possible to claim back what you’ve paid as they’re mis-selling you a product (I THINK), its better to ask somebody who knows what they’re talking about and see what they say.
The way to do ltd properly is to set up a business yourself and pay somebody yourself to do your taxes, cut the middle man out! I’m debating whether or not to go ltd but I don’t know if it’s worth it.
A few jobs I’ve looked at the agency want you on Ltd which would be good to get my foot in the door but I just don’t see the point.
Climb through the window then instead.
eagerbeaver:
HMRC are well onto these tax avoidance practices mate, that’s why they have stopped the food and fuel allowance as I have mentioned above. Next stop will be LTD companies.
A one man band who is under supervision, direction or control of an employer is in my view NOT self employed. PAYE every time people, sooner or later you WILL get a large tax demand.
I would reckon you`re right. Anyone doubting you could google “HMRC self employed drivers” or use another search term or engine. Investigations into umbrella companies ongoing. As they say “the bill is in the post”.
Sounds like I’m best gettin the truck out of there an take my chances on PAYE see what the difference in outcome will be :-S
NELSON76:
Sounds like I’m best gettin the truck out of there an take my chances on PAYE see what the difference in outcome will be :-S
Yep , I ave £400 ish take home paye for class 2
this looks odd and no one in their right mind would do this… to me any way it looks like you are paying a company money to run a ltd company IN YOUR NAME and then the profit ‘‘your rightfull wage’’ is being drawn out of the company as a salary payment and then put through PAYE… whats the point or am i missing something
what a way to do things i may as well tell my current employer to charge me for the benefit of being paid my rightful wage 
The allowences on umbrella and actually going ltd are very different the way there doing it you take all the risk if they mess up your taxes then you will be the one answering to hmrc not nova
I was paying employers NI for them with an agency at one point ( through umbrella ). They were not happy when i left them
Total rip off m8. Get away from them asap
alix776:
The allowences on umbrella and actually going ltd are very different the way there doing it you take all the risk if they mess up your taxes then you will be the one answering to hmrc not nova
So is setting up your own ltd company still worth it over paye in your opinion as most of my Mate’s who have been in the game years are telling me it’s the way to go.
Dazza1shot:
alix776:
The allowences on umbrella and actually going ltd are very different the way there doing it you take all the risk if they mess up your taxes then you will be the one answering to hmrc not nova
So is setting up your own ltd company still worth it over paye in your opinion as most if not Nate’s who have been in the game years are telling me it’s the way to go.
I have no expertise, but it looks as if HMRC are looking quite closely at “self employment” and all surrounding it, at the moment. What is allowed today is not necessarily going to be allowed tomorrow. Your choice of course, are any gains worth any risk? Youre asking the right questions, Id say.
Franglais:
I have no expertise, but it looks as if HMRC are looking quite closely at “self employment” and all surrounding it, at the moment. What is allowed today is not necessarily going to be allowed tomorrow. Your choice of course, are any gains worth any risk? Youre asking the right questions, Id say.
My thinking was while gaining experience doing the driving to tick to my day job for the next 18 months.
Whilst doing so I would work for a ltd company owned by the Mrs and she would pay me on PAYE and I would remain PAYE on my main job then when the time came for me to drive full time and leave the current day job she would add me as a director and eventually I would take over the company.
Thus reducing the amount of tax I would pay for the extra work in the interim 18 months.
Would this be a good way to go about it or am I over complicating things ?
Cheers
Dazza1shot:
Franglais:
I have no expertise, but it looks as if HMRC are looking quite closely at “self employment” and all surrounding it, at the moment. What is allowed today is not necessarily going to be allowed tomorrow. Your choice of course, are any gains worth any risk? Youre asking the right questions, Id say.
My thinking was while gaining experience doing the driving to tick to my day job for the next 18 months.
Whilst doing so I would work for a ltd company owned by the Mrs and she would pay me on PAYE and I would remain PAYE on my main job then when the time came for me to drive full time and leave the current day job she would add me as a director and eventually I would take over the company.
Thus reducing the amount of tax I would pay for the extra work in the interim 18 months.
Would this be a good way to go about it or am I over complicating things ?
Cheers
it sounds ridiculous
Your missus is going to pay 20% corporation tax on all profit, unless you don’t make a profit and then your going to pay another 20% through your paye. People really need to study first before going or even thinking about Ltd
Never mind all the implications Ltd company faces when actually putting people on paye causing more wasted money
Why would you not be added as a director in the first instance it’s not a job it’s an office held ! You can still work else where through paye in the mean time
as far as being paid from your ltd company this would come from dividend and not paye saving on nics and I think giving you a higher allowance before being heavily taxed
But in all fairness unless your making a pretty big wage I don’t see the point in Ltd
I’m no expert like the above are just my opinions and thoughts on how I see it
As I say mate and as you rightly said I have no clue about it really was just hoping others may have a better insight into the ltd company thing.
Main reasons I want to sort of try before I buy in this line of work and not leave the day job just yet is because got massive outgoings till next summer meaning I could not afford the drop in wage until then 
hell who am I kidding I need the money is the other reason.
Main reason i was thinking about going limited was under new csa rules coming into force for all from next year i will pay for my kids based on my gross not net earnings for the previous year and trust me I already pay a hefty sum via Csa to my ex through the current day job so anything I earn this year will hurt me next year.
Would you say that the ltd company is a pointless option for me then ?
As I say I have never been self employed in my life always PAYE so I have no idea.
Congratulations by the way we passed put test the same week. Have you booked your mod 2 and or 4 yet ?
I would seriously speak to a financial expert in your position go and see and an accountant that does deal with small ltd companies and explain your situation to them they will be able to tell you or give you a better idea of where you stand financially either way
alix776:
I would seriously speak to a financial expert in your position go and see and an accountant that does deal with small ltd companies and explain your situation to them they will be able to tell you or give you a better idea of where you stand financially either way
Cheers Alex sounds as good a place to start as any mate.