Ltd company?

UK PROFESSIONAL DRIVERS FORUMS THE UK PROFESSIONAL DRIVERS FORUM (INTERACTIVE)
1

Is it worth registering as a ltd company? I don’t know a great deal about it but I do know that you have to register, then a set of accounts for a ltd company isn’t cheap. Then there’s the added work load, I.e keeping records and paperwork etc.

So I’m interested to know what the pros are to registering as a ltd company? Also if anyone has done it then regretted it? Also has any of you made the change from paye to ltd co and seen bennifits?

I’m currently self employed but as a sole trader and not working in transport… Have my class 1 training next week, so seriously thinking about what to do regarding, paye, ltd co etc.

Thanks in advance

2

Sorry every one I’ve double posted a topic… Could a mod please delete as appropriate

3

Is it just a rumour that HMRC are going after Ltd company drivers or have I completely lost the plot.

4

volvo2:
Is it just a rumour that HMRC are going after Ltd company drivers or have I completely lost the plot.

Saw a mate last weekend who has just had a tax demand from HMRC for a few grand. He was driving as Ltd Co for an agency in Hull using Think Accounting to do his books for less than a year.

5

What I heard was HMRC consider them as being employed by the companies they work for not self employed. I could be wrong

6

volvo2:
What I heard was HMRC consider them as being employed by the companies they work for not self employed. I could be wrong

Yep. As far as HMRC is concerned its basically to the point that if you don’t own the truck you’re not self employed as a driver.

7

Well in that case that’s most of the overnight parcel companies stuffed

8

Class 1 training next week?

I’d get a few years and a few miles under your belt before going Ltd. Most companies will only use experienced drivers for contract work. They’ll not let you loose with thousands of pounds worth of kit and load if you’re going to stuff it on the first roundabout on the industrial estate.

I was Ltd company status for 12 years, the benefits are increased rates and pay less tax. What HMRC’s position is now,I don’t know, I don’t have to know as I’m happily PAYE now. I worked for several different agencies and different companies over the financial year and never had any problems at all with the tax man.

If you do go Ltd the one piece of advice you can have is, get a good accountant. They may seem expensive but, they will save you thousands, literally thousands.

DO NOT use some Wep4yt4x4U outfit.