Apologies if this isn’t in the right place but I was hoping somebody could recommend the best way to go about registering myself as a LTD driver?? And is there a decent company out there that can do the set up for you? 
About to do it myself, setting up the LTD bit is easy. Google it, it’s £15 and then you need an accountant to sort out your accounts.
Not an expert but it doesn’t seem that difficult.
Thanks mate, I’d seen the £15 set ups but for some reason I think I’ve managed to over complicate it and convinced myself that I needed something more than the standard set up■■? But now you’ve said that I’ll have another look. 
You can do it all yourself, but I would recommend an accountant to be on call for any difficult questions and for your end of year accounts.
You should also register for Flat Rate VAT.
You should also be a Director of the Company, and an employee of the Company.
I would also recommend a Business Bank Account to keep everything separate from your own money - but it’s not law to have one.
I just started this Tax year and I am much better off, but I have another income which takes up the majority of my Annual Tax Allowance, so my company also employs my wife as well as me.
I am certainly not paying anywhere near as much tax as I was before, and as I am an employer I can claim £2000 per year to pay the Employers National Insurance Contributions.
It works for me, even though the hourly rate is not massively more than the PAYE rate (It is more than £1 per hour more though !!)
Good Luck
A separate bank account is mandatory and must be in the ltd companies name. Main bit of advice is see an accountant they can also set up the ltd company for you as well as advise you. If your going to work for agencies for £1 an hr more than paye then don’t do it. As for vat is it really worth it as its only volentary. And of you have no work for a month from the agency you will have to pay the vat owing from that quarter. Are they really going to keep you that busy. . Don’t get carried away by quoted percentages work out the rate first.
As someone who has some experience of the Ltd Co setup having done all the setup myself for mine, I’d advise against going down that route, unless you are clued up about it, and as the OP is asking the simplest question…“how do I do it?” It doesn’t appear they are fully clued up, & I think the OP should reconsider the idea or get educated more before going any further
alix776:
A separate bank account is mandatory and must be in the ltd companies name. Main bit of advice is see an accountant they can also set up the ltd company for you as well as advise you. If your going to work for agencies for £1 an hr more than paye then don’t do it. As for vat is it really worth it as its only volentary. And of you have no work for a month from the agency you will have to pay the vat owing from that quarter. Are they really going to keep you that busy. . Don’t get carried away by quoted percentages work out the rate first.
If you haven’t earned any money that month, then how can you owe VAT.
Flat Rate VAT scheme is free money (almost).
steelgoon:
If you haven’t earned any money that month, then how can you owe VAT.
alix776:
you will have to pay the vat owing from that quarter.
As the man States, VAT if quarterly … Not monthly
Also you are incorrect stating that you should setup as both a director and an employee of your own company. You should not employ yourself as your company would be liable for (both employer and employee) NI contributions. I suspect you may be following the umbrella Co payroll model if you are setup as both director & employee
I think there doing it to get the employee ni allowance but this would negate the point of being a ltd as they would then be liable for paye which is the whole point of going ltd which takes you out of paye
alix776:
I think there doing it to get the employee ni allowance but this would negate the point of being a ltd as they would then be liable for paye which is the whole point of going ltd which takes you out of paye
That was my initial reaction, and also why I suspected the umbrella model is being followed, probably after him jumping ship from the MSC & recently going Ltd.
But the £2K incentive will soon disappear with 2 sets of employer & employee NI to pay out.
Exactly plus he will pay more in tax ie paye and corporation tax plus employers ni he may as well go cards in somewhere. I’d go see an accountant at least he will get proper advice
As a Director of your own Limited Company, your an employee of that company. As long as you pay yourself no more than £7500 a year, you WILL NOT be eligible for income tax or National insurance, nor will the company.
The simplest advice I can give; if you can manage your money, go for it, if your useless with money and live ‘week to week’ then it’s not a wise move.
I’ve been doing it for 7 years as ltd, and done alright from it, and I’m registered for the flat rate scheme. If done right it can just about pay your corporation tax bill at the end of the year.
Ken.
If an agency offer that £1ph extra I’ve heard spoken of - Can one charge VAT on top of anything they offer you?
It seems to me that should any rate offered “already include VAT AND the extra £1ph” then the question begs - "Is it really worth coming off PAYE for Ltd status?"
Its usually… £■■'s per hour (net £’s) + VAT = £■■'s paid (gross £’s)
I’ve never seen VAT inclusive of rate
Winseer:
If an agency offer that £1ph extra I’ve heard spoken of - Can one charge VAT on top of anything they offer you?It seems to me that should any rate offered “already include VAT AND the extra £1ph” then the question begs - "Is it really worth coming off PAYE for Ltd status?"
Yes, but an extra £1 per hour isn’t good enough over PAYE on the whole.
EG:
PAYE £10.00 per hour
Ltd £11.00 per hour
VAT is then 20% of £11.00 = £2.20.
On the Flat Rate VAT Scheme you get an extra £1.21 for you (11% for the first year of trading) and the VAT Man gets £0.99 (Per Hour), then from year 2 it goes to 10% for you and 10% for the VAT Man.
Simples
I have bean operating as a LTD company for three years now working through agency’s, but suddenly I am told that a new law is coming in that requires me to have public liability insurance. Any one else know about this?
Honda:
I am told that a new law is coming in that requires me to have public liability insurance. Any one else know about this?
Total BS… I take it the agency told you this.
If they did, tell them your rates are going up pro rata to cover the cost
Trying to compare being paid a PAYE wage to the income of a limited company is like comparing 100 miles to 100 kilometers and then telling people it’s the same distance.
If I was paid £10 per hour PAYE and £10 per hour Ltd on 55hrs per week, I would still be slightly better off and have more money in my own pocket trading as a Ltd company. This is because of the tax advantages being a director and a shareholder (and that includes accountancy fees and the assumed loss of 28 days paid holiday!)
I get all my holidays and days off paid because my Ltd company pays them out of the small profit it makes on top of my weekly wage!