I know this as probably been covered thousands of times but can anyone help regarding LTD companies. I will be going on agency work shortly and would like to go down the LTD company route not umbrella. Can anyone recommend a good accountant, how do I get started, is it easy to do your own bookwork. What sort of wages should I think about paying myself and how do divedends work. Any information will help. Would like to find an accountant in the Gloucester / Bristol. Thanks
Copy this " +limited +company " into the search box in the top right and hit return
Like you said, its been covered thousands of times so plenty for you to read
gov.uk/limited-company-form … ur-company
Loyd’s is easiest for business account
Thanks for that it as been interesting reading the threads LTD Companies do not seem so rosy now seeing the taxman seems to be clamping down on the meal allowances etc
I was speaking to an accountant recently and he said HMRC are tightening the rules on limited companies for agency work. It will be much more difficult to argue that you are anything other than an employee (albeit temporary), and therefore you’ll find it less easy to justify payments to a limited company.
I don’t know all the details but it sounded to me like there wasn’t much point doing it any more.
I too am interested in starting an ltd company but kinda unsure what is best at moment
company i do most of my work for directly just pay me straight into my bank account no deductions even though i have never signed anything for them to say i was self employed
wonder how this will work for the future anyone any ideas.
also if i was to set up a ltd company could i get a family member to set it up and myself just n employee and how would it affect the family member tax wise if i went that route
Correct me if i’m wrong but…as a limited company, you are providing a service…your driving skills. You choose who and when you provide those skills to, no one can compel to work on a day when you don’t want to.
The agency will contact you, offering you a job on a given date, you will agree a fee for the work and then go and do that work. Please explain how that is any different to the plumber that you phone up and ask to come and fix your leaking tap? Or the reputable tarmac company to do your drive? Or any other company that provides a service?
I am no expert by any way in this. However to answer Donuts question I feel that as you are working for the same agency/company you are working for one company unlike plumbers and electricians who work for different people.
Why the need to set up LTD companies, and umbrellas etc, why is it the agency doesnt pay what they owe, is it because they would have to employ someone to take care of tax and NI etc for each individual, just asking, as i might want to do a bit of agency, but theres no way i am setting up anything, i do a days work for lets say £100, so they owe me £100, i dont have to pay NI cos i`m retired, and the taxman tells me what i owe at the end of the year, mind you he works out what i earn, then adds the pension and taxes the lot.
Darrenb:
I am no expert by any way in this. However to answer Donuts question I feel that as you are working for the same agency/company you are working for one company unlike plumbers and electricians who work for different people.
But that’s only through CHOICE. No-one is forcing you to “work” for the same agency all the time. HMRC can’t touch you in that respect and I’d fight it in court if they said I must “work” for other companies as well or go on the books. The fact that I CHOOSE to contract primarily to one particulalr client that has the easiest work and is nearest to where I live is my choice, no-one is forcing me nor dictating to me that I do that. There’s far too much scaremongering coming out of drivers’ mouths about ltd cos and HMRC and what they’re “clamping down on” ( 
), most of it is complete BS from stuff they’ve “heard” in RDC waiting rooms.
I’m an employee of my own Ltd Co. Last week my top line was £800 and after stoppages I banked £760. Now I know that’s a tax fiddle, you know it’s a tax fiddle and HMRC know it’s a tax fiddle. My gut feeling though is that this is the pill the Govt have to swallow as the people who pull their strings are obsessed with keeping cheap labour available to them. So to this end I believe that HMRC have been told by the Govt not to target these pretty much bogus operations.
Will it last? I very much doubt it, but in the meantime I want my piece of the cake, and will continue to do so until my hand is forced one way or another.
the maoster:
I’m an employee of my own Ltd Co. Last week my top line was £800 and after stoppages I banked £760. Now I know that’s a tax fiddle, you know it’s a tax fiddle and HMRC know it’s a tax fiddle. My gut feeling though is that this is the pill the Govt have to swallow as the people who pull their strings are obsessed with keeping cheap labour available to them. So to this end I believe that HMRC have been told by the Govt not to target these pretty much bogus operations.Will it last? I very much doubt it, but in the meantime I want my piece of the cake, and will continue to do so until my hand is forced one way or another.
i def need your accountant
nedflanders:
the maoster:
I’m an employee of my own Ltd Co. Last week my top line was £800 and after stoppages I banked £760. Now I know that’s a tax fiddle, you know it’s a tax fiddle and HMRC know it’s a tax fiddle. My gut feeling though is that this is the pill the Govt have to swallow as the people who pull their strings are obsessed with keeping cheap labour available to them. So to this end I believe that HMRC have been told by the Govt not to target these pretty much bogus operations.Will it last? I very much doubt it, but in the meantime I want my piece of the cake, and will continue to do so until my hand is forced one way or another.
i def need your accountant
He probably hasn`t factored in his accountants fees yet … 
Oh believe me I have, £19 per week.
Edit to add, the accountant fees, corporation tax and negligible NI contribution are the stoppages. The fact that I “officially” earn £156 per week tells me all I need to know that it’s tax avoidance.
will they eventually not catch up and look for back pay or is that possible ?
I’d rather pay £1k in normal deductions on PAYE, and sleep at night knowing I’ve paid my taxes. 
Ltd is best for those putting in over 40 hours a week EVERY week. No holidays. I think you are still obliged to take 20 days stat leave per year though, which you’ll have to pay for yourself out of monies already “earned”.
nedflanders:
will they eventually not catch up and look for back pay or is that possible ?
Christ only knows! All I know is that at the moment it’s a legal loophole and if they do come looking for “back” money I’ll fold the company and walk away. Worst thing they could do to me is a few weeks in a room with stripey windows! At least it’ll bring my WTD average down! 
Winseerq I do see your point about paying what is fair, but we could take this thread way off track debating what is and what isn’t fair. All I’ll say is that is that I’ve never claimed a single benefit in my life, I’ve (until recently) paid my taxes fully, I’ve taken the Queens shilling, I’ve bled in Northern Ireland, The Falklands and numerous other dirty little campaigns that Maggie decided I should, I’ve seen the country I love and would’ve died defending turn into an open house cesspit where bankers and conmen are celebrated and people who hate every breath we take are welcomed with open arms.
So am I taking something back? ■■■■ right I am.
Plus 1000 for the above
Im running ltd better money although all the companys that said they would use me have signed up to national contracts with agencies. The agency i used to work through have work coming out of there nether regions so im doing my bit by taking it back of them, down side is its their rates but mostly long term so money coming in all the time. Have quoted to a few companies but never seem to get anything back from them. So like a bird of pray i take the easiest route for food. I think like the others say your doing it out of your choice not being forced into it and its up to you you can always say no to the work, or go somewhere else. I know they are struggling to fill their books now so whats it going to be like from sept on, if i could drive two trucks i would, now where did i put that other digi card hmmmm (just joking). 
the maoster:
nedflanders:
will they eventually not catch up and look for back pay or is that possible ?Christ only knows! All I know is that at the moment it’s a legal loophole and if they do come looking for “back” money I’ll fold the company and walk away. Worst thing they could do to me is a few weeks in a room with stripey windows! At least it’ll bring my WTD average down!
Winseerq I do see your point about paying what is fair, but we could take this thread way off track debating what is and what isn’t fair. All I’ll say is that is that I’ve never claimed a single benefit in my life, I’ve (until recently) paid my taxes fully, I’ve taken the Queens shilling, I’ve bled in Northern Ireland, The Falklands and numerous other dirty little campaigns that Maggie decided I should, I’ve seen the country I love and would’ve died defending turn into an open house cesspit where bankers and conmen are celebrated and people who hate every breath we take are welcomed with open arms.
So am I taking something back? ■■■■ right I am.
I don’t blame you for wanting to take something back at all. I can’t help thinking that a lot of this self-employed lark is just a way for everyone else to get out of their obligations to YOU whilst you think you gain from paying less tax. If anything, being Self-employed is the ultimate tax on jobs, because
(1) The system never bothered to provide you with a job, they just expect to take a cut from something you’ve done entirely yourself
and
(2) The overheads and things you can’t claim legally, make self-employment pay below minimum wage - and legally - because it’s all dressed up to look like you’re going to be coining it in… Well, perhaps if you were on £40k+ and avoiding the taxes on THAT… But otherwise?
the maoster:
I’m an employee of my own Ltd Co. Last week my top line was £800 and after stoppages I banked £760. Now I know that’s a tax fiddle, you know it’s a tax fiddle and HMRC know it’s a tax fiddle. My gut feeling though is that this is the pill the Govt have to swallow as the people who pull their strings are obsessed with keeping cheap labour available to them. So to this end I believe that HMRC have been told by the Govt not to target these pretty much bogus operations.Will it last? I very much doubt it, but in the meantime I want my piece of the cake, and will continue to do so until my hand is forced one way or another.
That all looks good to me except for one thing i havn’t seen mentioned. “employee liability insurance”, i thought it was compulsory to have it ?