Top right of webpage is a search box. This question gets asked every day of the week that has “day” in its name and has done for the last several years.
Yorkshire Bounder:
I have heard a few guys mention that they themselves, are a Limited Company.
Frome what i can gather it seems a great idea, but im not sure how it works.
I know you form the company and it has tax advantaqge’s.Yes it can, specially with a good accountant
WHat I want to know is how can you possibly do this when all you supply is labour?Quite easily, to be self employed/ltd you dont have to sell things, your labour is also a service, a service that needs paying for
Do you have to have insurance of any kind? are you liable id you have a accident? I have public liability, specially for “one man bands”. What type of accident? I am not liable for damages to said truck
The guys who are doing is are happy, so why doesn’t everyone do it? Self employed/ltd is not for everyone. Some people need/want the security of getting payed everymonth as they have things to pay for, children/mortgage etc etc etc
Would I kneed an accountant? are they expensive?No you wouldn’t need one, but going from your questions i’d get one. There normally worth getting, specially if hmrc come sniffing around. Plus its an “expense” of your business so its ofset with your tax.
I’m not entirely sure but I believe there are tax changes afoot to take away the loopholes that have made being Ltd so worthwhile in recent years. It has been a great money spinner for many years now and it has to come to an end sometime, may be you have missed the boat so you will need to speak to an accountant that specialises in tax to see if it is worth the bother.
If you do decide to go Ltd then I would suggest you need an accountant, tax laws are becoming increasingly complex and being a Ltd company is many times more serious than being self employed with much bigger penalties if you stray or fail to meet filing deadlines.
Because there’s a box in the top right hand corner for doing searches. You’re going to be a bit of a crap lorry driver if you can’t do stuff for yourself.
Bluey Circles:
I’m not entirely sure but I believe there are tax changes afoot to take away the loopholes that have made being Ltd so worthwhile in recent years.
They already happened when the corporation tax and dividend tax was adjusted to make it the same as paying PAYE. The rules on fake self employment with agencies is already in tax legislation and listed in tax guidance documentation.
hothow:
im on the ltd co mr bounder send me a pm if u like and i will tell u what we do at the moment
As Conor has stated the subject has been done to infinitum, with possibly several hundred posts on the subject. With those who usually would reply are beginning to get bored with having to give elaborate answers over and over. However many of those asking the same questions aren’t prepared to deal with the admin work needed, especially after they’ve done a long day at work, which is why they end up with an …
Well, if you cant be bothered after a long day at work, or youve heard it all before, why not keep your neb out and let those that canbe bothered do the helping out.
You may think your clever guys, but smarty ar*sed comments only make you look daft. Surprised your not running the country.
I imagine that you’ll struggle to get a proper answer on anything you post now mate. You’ve had some good replies, you’ve also had replies explaining to you that this particular question gets asked an average of once or twice a week and the guys that post the longest and most concise answers (Conor and Peirre usually) are merely pointing out that the search feature would aid you in getting all the information you require. A simple “cheers I’ll check that out” will probably stand you in better stead tbh.
The reply I usually get (9 times out of 10) after going to great lengths to explain the details of how to do this and that, and more importantly explain how to do it RIGHT is …
That’s too complicated for me, I’ll never be able to do that, I can’t be aris’ed etc etc
I’ll pay someone to do it for me …
It then seems to those on here who try to advise, that they are wasting their time and it becomes annoying that their efforts are thrown back at them
But if the basic, if not simple idea of searching the forum prior to asking your OP is too much, (forum etiquette) and the info is out their) then maybe TNUK isn’t for you
Bluey Circles:
I’m not entirely sure but I believe there are tax changes afoot to take away the loopholes that have made being Ltd so worthwhile in recent years.
They already happened when the corporation tax and dividend tax was adjusted to make it the same as paying PAYE. The rules on fake self employment with agencies is already in tax legislation and listed in tax guidance documentation.
There will ALWAYS be loopholes for Limited Companies as they were set up by politicians for politicians in order to get paid for their private work (public speeches etc). As one loophole closes, another 2 appear.
