hi all, i’ve been offered a job 12 p/h , after 8 hours 18 p/h, but i need to be ltd company, it’s for the agency, can someone tell me what that means??, what do i have to do, will i earn more?? i’ve been always paye, still am, is it worth quitting my job? i am on 12 pound an hour, but i only do 40 hours a week, no overtime, this job is 132 pounds a day or even 168 pounds (11 or 13 hours shifts, no breaks paid), i understand i wont get paid for holidays but it looks like i can earn much more as a ltd company, also what expenses can i claim■■? thanks for any replies
You need to form a Limited Company, you’ll need a tax accountant if your knowledge of running a business amounts to nought. If I were you with the current witch hunt HMRC have started on I would put any money I’m claiming as an expense in a savings account should they come knocking and hit you with a tax bill for the expenses you’ve claimed which they’re disallowing. Technically the role wouldn’t be classed as self employed by HMRC and those employed by a certain recruitment agency in Lincoln have been receiving tax demands as well as the agency itself. You would be liable for the tax even though it was the agency who were committing the bigger offence.
There’s enough threads on here but an hour with a tax accountant will point you in the right direction.
Quiting a full time job for an agency promise is risky.
mrginge:
Quiting a full time job for an agency promise is risky.
I think so too. OK guys thanks a lot. Gonna keep looking for paye jobs only I think
Speak to a legitimate Accountant, they will be able to talk you through the pros and cons. DO NOT use these Mickey Mouse “accountants” that offer to do everything for you and promise you will take home 90% of your earnings as a Ltd Co Director. Self Invoice and if you go voluntarily VAT registered (FRS Scheme) make sure YOU receive the VAT monies and not the so called “accountant”.
Read up on Think Accounting, Lincoln, on here, it will be enough to put you off the Mickey Mouse schemes.They were one of these Mickey Mouse “accountants” who did everything for the Ltd Company, invoicing, collecting of Company VAT and so on . The Drivers that used their services over a medium to long term are now finding out that Think kept all of their excess VAT monies as an “accounting fee”, this on top of the £20 plus a week they were paying for their “book keeping fee”. On top of this rip off, the Drivers are now receiving hefty NI and Income Tax bills for the period of time in which they used Thinks services due to the MSC Legislation.
Think are no longer operating but there are plenty that are.
elthamman:
mrginge:
Quiting a full time job for an agency promise is risky.I think so too. OK guys thanks a lot. Gonna keep looking for paye jobs only I think
Given that most agencies only pay Ltd £1 an hour more than PAYE drivers and they don’t pay Ltd holiday pay you’re not much worse off on a week where you have loads of work and are better off when its quiet and you’re only getting the odd day or two.
mrginge:
Quiting a full time job for an agency promise is retarded.
FTFY