Hi guys me n my girlfriend are trying to start up so I can become a owner driver. Looking at the o licence forms I need to register what type of business I have. Do I go as self employed, limited, private limited or what■■? I don’t want to lose everything should it all go ■■■■ up like my house n car.
Do I set up n pay myself a set wage every week n pay the tax on that and be like I’m employed then at the end of the year pay tax on any profits the company makes?? Or self employed where I pay tax at the end of the year at a lower rate?? What do you owner drivers do?? Can you start as one then turn to the other??
Thanks
That’s entirely your choice really, some choose to go Limited Company, some prefer sole trader. However, if you start off as one, then decide to go to the other, then you’ll have to go through the whole O licence application again.
Go “LTD”, and watch out for the sharks / pimps / chancers who pretend to be bank employees 
£50k will be the required moolah to keep you afloat for the first 12 months, be very careful regarding your first customer~~, make sure the money coming in, is paid on time or quicker AND trust nobody 
~~
Its dog eat dog out there, and, if you are the slightest bit “green”, the piranhas will sniff meat :frowning:~~ ~~And, for what its worth, Id just step back from the idea for a while, and let the dust settle regarding the EU referendum
Harry Monk:
That’s entirely your choice really, some choose to go Limited Company, some prefer sole trader. However, if you start off as one, then decide to go to the other, then you’ll have to go through the whole O licence application again.
Harry as a o/d what do you do?? It won’t be until next year at least as my girlfriend isn’t taking her manager cpc until September. I’m also opening up a business bank account and leaving 15k in in to prove to traffic commissioner I have some money
Being Ltd sometimes does not offer the security from personal losses that it once did, you may find that if you are borrowing money that you will have to put up personal guarantees. If you are a home owner and ever need to borrow money the bank is very likely to insist you put your home up as security.
But saying that I was Ltd, and although a pain in the ■■■■ it was very tax efficient in that we didn’t pay NI. But I am not sure if the last budget has changed all that.
good luck.
Bluey Circles:
Being Ltd sometimes does not offer the security from personal losses that it once did, you may find that if you are borrowing money that you will have to put up personal guarantees. If you are a home owner and ever need to borrow money the bank is very likely to insist you put your home up as security.
But saying that I was Ltd, and although a pain in the ■■■■ it was very tax efficient in that we didn’t pay NI. But I am not sure if the last budget has changed all that.
good luck.
PGs go with the territory nowadays I`m afraid
Being in business isn’t meant to be easy, just be careful and be very very wary of anybody offering anything too good to be true…because it will be
Harry Monk:
That’s entirely your choice really, some choose to go Limited Company, some prefer sole trader. However, if you start off as one, then decide to go to the other, then you’ll have to go through the whole O licence application again.
Harry’s last sentence is very important. There are plenty of truck and coach operators that have come unstuck with the TC when their office finds out that the firm changed from a partnership to Limited (or whatever) two years ago and continued running on the same licence.