Can somebody please explain how being limited works with driving is it like being self employed where you have to pay your own tax at the end of the year? cheers guys
Can somebody please explain how searching the forum works with SE/Limited/PAYE questions? is it like not posting the questions that have been answered thousands of times before? cheers guys
Just type in LIMITED and Conor,all will be revealed 
If your asking that question go see an accountant and do some serious googling
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Limited in what way??
Intelligence ■■
Inability to use the search function??
Wikipedia defines Limited as
Limited may refer to:
Limited company, a company in which the liability of its members is limited to what they have invested in the company
Limited liability company, a limited company that blends elements of partnership and corporate structures - primarily in the United States
Private company limited by shares, a limited company whose shares are not public - primarily in Commonwealth countries
Private company limited by guarantee, primarily for non-profit organisations - in Britain and Ireland
Public limited company, a limited company whose shares are sold to the public - primarily in Commonwealth countries
Limited partnership, a partially limited company where liability is limited for limited partners, but not general partners
Limited liability partnership, generally a limited company where liability is limited for all partners
Limited liability limited partnership, a limited company where liability is limited for all partners - United States
Limited Brands, an American company - owners of Victoria’s Secret, Bath & Body Works and others
The Limited, an American apparel company
Buick Limited, a car produced between 1936 and 1942 and during 1958
Limited express, a type of train service
Limited Inc, a 1988 book by Jacques Derrida
See also
Limit (disambiguation)
Limitless (disambiguation)
Unlimited (disambiguation)
Limited Edition (disambiguation)
The basic idea is that instead of being “employed” either directly or through an agency, and paying income tax and NI on that basis, you hire yourself out through your own limited company. Your limited company pays corporation tax on its profits at 20%, but you save a little on NI and tax by only paying yourself a minimum wage (to keep up your NI contribution history). The rest of your income is in the form of a company dividend (on which no NI is payable).
Roymondo:
The basic idea is that instead of being “employed” either directly or through an agency, and paying income tax and NI on that basis, you hire yourself out through your own limited company. Your limited company pays corporation tax on its profits at 20%, but you save a little on NI and tax by only paying yourself a minimum wage (to keep up your NI contribution history). The rest of your income is in the form of a company dividend (on which no NI is payable).
Yes, this is pretty much on the money, there can be significant tax advantages in trading as a limited company although you will need a clued-up accountant to take full advantage of them, and clued-up accountants aren’t cheap.
brenthardacre:
Can somebody please explain how being limited works with driving is it like being self employed where you have to pay your own tax at the end of the year? cheers guys
No, it is more involved than that. The Limited company becomes a separate entity to yourself, and accounts for that company need to be prepared and submitted annually in addition to your own personal taxation.
If you are already self employed with your own business and own work, then as mentioned above, there can be some very worthwhile advantages to becoming Ltd. Your current accountant would be the best person to advise as they will already know your business.
As for becoming “Limited” and just basically working as a driver for other people! Be very careful, it may not turn out quite as advantageous as you hope. I have heard of people doing OK with this set up, but then I have also heard some horror stories. From the little I have read it is not as good as having full time employment from a good company that pays holiday pay, sick pay and provides a pension.
It can be very good but on the flip side it can also be bad if you’ve only one client and they don’t pay or change payment dates without notifying you
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I suspect there are more people now getting out of the “Limited Co driver” idea, than there are those getting into it.
Depends on what agency they use
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