I am a sole trader and my accountant is pushing me to go limited company , can anybody tell the benefits of going limited company. Will it save me any money apart from having more options with my money
sampy32:
I am a sole trader and my accountant is pushing me to go limited company , can anybody tell the benefits of going limited company. Will it save me any money apart from having more options with my money
Too many “pro” reasons, but saving money is the main one 
And if your an operator, have a look at the GV72 / Schedule 4 form, this will save you cash and hassle if your changing nothing apart from your trading status.
If your a driver, make sure you are on the Flat Rate VAT scheme, money for old rope [IMO] 
Stanley Mitchell:
And if your an operator, have a look at the GV72 / Schedule 4 form, this will save you cash and hassle if your changing nothing apart from your trading status.
Am i right in thinking that the above could save you advertising?
chaversdad:
Stanley Mitchell:
And if your an operator, have a look at the GV72 / Schedule 4 form, this will save you cash and hassle if your changing nothing apart from your trading status.Am i right in thinking that the above could save you advertising?
Yes mate, a very nice way of saving a few bob, and you keep everything quite private
Thanks , yes I am owner driver with my own truck etc . Accountant put me on low rate VAT when I set up , I never went limited company at the start cause the operators licence was already set up in sole trader from a few years ago . If I go limited company do I need to apply for new O/Licence
sampy32:
Thanks , yes I am owner driver with my own truck etc . Accountant put me on low rate VAT when I set up , I never went limited company at the start cause the operators licence was already set up in sole trader from a few years ago . If I go limited company do I need to apply for new O/Licence
Yes, as its a completely new ball game…
Have a look @ GV72, you can download it from the gov.uk website, you just have to show nothing is changing whatsoever apart from “LTD” appearing on your cheque book, Invoices ect., keep your margin the same and your R&M agreements the same.
As for flat rate VAT, make sure your accountant is doing a comparison every quarter, soon as its relevant, swop over to “normal” VAT, its dead easy.
Good Luck
Thanks mate , guess it’s the forward , especially if it’s going to save me money . I am also thinking of the future if I get another truck
sampy32:
Thanks mate , guess it’s the forward , especially if it’s going to save me money . I am also thinking of the future if I get another truck
Good Luck either way you
sampy32:
I am a sole trader and my accountant is pushing me to go limited company , can anybody tell the benefits of going limited company. Will it save me any money apart from having more options with my money
Main advantage is separation of your business finances from personal finances. Suppose an incident occurs, load gets stolen and insurance refuses to pay out for example, and somebody is looking to you for £150,000. As a sole trader they would be able to have your house off of you, as a limited company all they can get is whatever cash and assets are in the company name, and obviously you’d clear the lot out and fold the company if the above scenario happened.
There are also tax advantages, and I was told on my OCPC that a limited company is taken more seriously than a sole trader, dunno if that’s true.
Disadvantages are that your company finances are publicly viewable, which might be an issue if you are doing very well or very badly.
In the first instance your accountancy fees will go up, and that will increase as the year goes by as they will have to do a regular pay roll for you too. So speak to him about his prospective charges. In the longer term you should benefit from paying less tax, which lets face it, is the main reason people do it.
As a sole trader you are taxed on all your income, but as a director you can take a small salary and then the balance of your wage as dividends, on which the tax rate is lower. So look at your turnover, profits and accountancy fees and make a decision. Extra kudos from trading as a limited company is minimal.
Janos:
In the first instance your accountancy fees will go up, and that will increase as the year goes by as they will have to do a regular pay roll for you too. So speak to him about his prospective charges. In the longer term you should benefit from paying less tax, which lets face it, is the main reason people do it.
As a sole trader you are taxed on all your income, but as a director you can take a small salary and then the balance of your wage as dividends, on which the tax rate is lower. So look at your turnover, profits and accountancy fees and make a decision. Extra kudos from trading as a limited company is minimal.
Fair comment regarding the accountancy fees, these leeches will ■■■■ your last drop if you don`t keep an eye on them 
I personally use a local lady to do my book keeping and wages, her monthly fee is very competitive and she is far cheaper within that fee doing the payroll, she also presents the “books” in a professional way which in theory keeps the leeches fees lower.
The leeches will try to bend you over, you just need to stand up to them…
Just use the leeches for end of year signing off ect…
It suits me, it might not suit everybody
Hi
Has anyone had any dealings with Pml accounting…? Really need help.
batchelor1976:
Hi
Has anyone had any dealings with Pml accounting…? Really need help.
Just had a look at their website 
Anyone using 0845 numbers remind me of ■■■■■ Block Pavers, and they have a “Polish Version” of their brochure, doesn’t sound appetising does it ?
What have they said/done/taken ?
Hi, I’m a Hgv driver and they set me up as a ltd company late 2013 they dealt with everything, my agency payed them every week, they did my payroll I got payslips and payed every week without fail till earlie this week when my agency called and said they emailed Pml requesting a invoice for this weeks payment but had still not received it so I called and nothing…
Managed to trace them to Stockton to a company with the same director Paul hazell company name hazell- Minnelli accountants.
I rang Hmrc yesterday to ask q’s and they known nothing about it.
batchelor1976:
Hi, I’m a Hgv driver and they set me up as a ltd company late 2013 they dealt with everything, my agency payed them every week, they did my payroll I got payslips and payed every week without fail till earlie this week when my agency called and said they emailed Pml requesting a invoice for this weeks payment but had still not received it so I called and nothing…
Managed to trace them to Stockton to a company with the same director Paul hazell company name hazell- Minnelli accountants.
I rang Hmrc yesterday to ask q’s and they known nothing about it.
expect a big tax bill arriving shortly from HMRC, You and only you as director of ltd company are responsible for paying all monies due to them
Stanley Mitchell:
sampy32:
Thanks , yes I am owner driver with my own truck etc . Accountant put me on low rate VAT when I set up , I never went limited company at the start cause the operators licence was already set up in sole trader from a few years ago . If I go limited company do I need to apply for new O/LicenceYes, as its a completely new ball game…
Have a look @ GV72, you can download it from the gov.uk website, you just have to show nothing is changing whatsoever apart from “LTD” appearing on your cheque book, Invoices ect., keep your margin the same and your R&M agreements the same.
As for flat rate VAT, make sure your accountant is doing a comparison every quarter, soon as its relevant, swop over to “normal” VAT, its dead easy.
Good Luck
The only other thing you need to remember when applying for a new ‘O’ Licence in the name of the limited Company, is that you must have the required available finance for the licence in the limited company name. The Traffic Commissioner will not accept the funding you have in your sole trader account, even if you explain that these funds will transfer to the limited company once the new licence is granted and the sole trader one surrendered.