how do i go ltd apart from being paid more by agencies whats the pro’s and con’s?
Depends on your circumstances but in my experience, it’s only worth it if you are earning over 40k to be tax efficient.
You can set up a Ltd company yourself in a few minutes for less than £100
Expect to pay around £1000 per year for a basic accountant to submit your accounts,
double that for a decent one.
If you are only working for one company or agency, there is a good chance it could backfire on you if HMRC take a closer look at you for any reason.
I got investigated a while back and ended up with a £15k extra tax bill 
idrive:
Depends on your circumstances but in my experience, it’s only worth it if you are earning over 40k to be tax efficient.You can set up a Ltd company yourself in a few minutes for less than £100
Expect to pay around £1000 per year for a basic accountant to submit your accounts,
double that for a decent one.If you are only working for one company or agency, there is a good chance it could backfire on you if HMRC take a closer look at you for any reason.
I got investigated a while back and ended up with a £15k extra tax bill
You can set a company up for about 8quid.
As ltd you don’t get holiday pay… so you’re looking at earning a years pay in 46.4 weeks (52-5.6)
You’re often not getting paid more… just dodging tax and allowing agencies to mess you about.
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hornblower3:
how do i go ltd apart from being paid more by agencies?
Most of the time you’re not. You get an extra quid an hour but you don’t get holiday pay which is worth more than that quid an hour.
You need to be getting around a third more than PAYE rate to cover holiday pay pension employers ni and any other bits and bobs.
Very shaky ground to go as a driver as hmrc seem to have a big thing about false self employment especially in transport.
Going LTD is not worth it financially in my opinion. As already mentioned you need to be on around 30% more than the PAYE rates just to break even (so to speak), accounting for loss of holiday pay, sick pay, pension etc.
However, if it’s something you still want to do after doing your research and financial calculations don’t be put off by the constant scaremongering and comments on here regarding HMRC and crackdowns as it’s not going to happen.
Me personally, I’m PAYE but can see why people go down the LTD route.
Gone from Ltd to Paye. I could earn £80 to £100 week more on 50 hrs including Sat and Sun. But I now get holiday pay pension and chance of full-time work. Pay just now on 700 top line 140 tax and ni roughly. Less hassle no accountant or invoicing to do. Don’t forget holiday pay could be more than £3000 a year.
Also feeling less stressed regards hmrc dealings and other Ltd stuff. But if your happy being Ltd then that’s your choice. Same as me going Paye.
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