Hi,
Looking for general information regarding working for a agency as a ltd company
Just wandering if any one can provide info
Cheers
have you heard of the “Search” feature? This subject has been done to death already 
I have as it goes…it brings up lots of irrelevant posts
a qualified accountant will provide all the info you require.
or you could ask a truck driver his opinion.
I work as a ltd for agencies, ad hoc basis. What is the question?
Priest:
I work as a ltd for agencies, ad hoc basis. What is the question?
How does it work I understand that I invoice the agency they pay me, should I pay myself a salary? What % should I save for tax? What expenses can I. Claim for?"really a idiots guide
Cheers for reply
mercbart:
Priest:
I work as a ltd for agencies, ad hoc basis. What is the question?How does it work I understand that I invoice the agency they pay me, should I pay myself a salary? What % should I save for tax? What expenses can I. Claim for?"really a idiots guide
Cheers for reply
You are best sitting down with an accountant.
Your corporation tax is 20% of your PROFIT (After expenses, expenditure and allowances have been deducted)
NI is pennies
Also, look up the Flat Rate Scheme for VAT, you charge 20% VAT on all sales and you pay HMRC 10% of all your invoices - meaning you get about 8% profit which depending on how you work your expenses, may even pay your CT bill at the end of the year.
Example -
£1000 before VAT
£200 VAT
£1200 Total
£120 payable to HMRC for VAT
As above
To add to that the agencies i am with work off a timesheet, they dont really need your invoice. But you should have one for your paperwork and i normally email my invoice after they have sent the payment to my bank account.
I pay myself a salary so that i stay within the allowance and the rest goes as dividends. However this topic is best discussed with an accountant. If you dont want to have one be prepared to spend hours / days understanding what the options are and how the tax is calculated.
hi merc,im doing the ltd co thing at the moment .pm me mate if u want all the info
Thanks for the reply’s appreciated
hi ,i contacted a local accountant, he came to my house gave my 2 hours free advice ,he also advised me to go a sole trader ,because of my circumstances ,he said its cheaper than ltd company ,but i suppose it all depends on your position , good luck
robf1234:
hi ,i contacted a local accountant, he came to my house gave my 2 hours free advice ,he also advised me to go a sole trader ,because of my circumstances ,he said its cheaper than ltd company ,but i suppose it all depends on your position , good luck
The accountant may have advised you to tell you go sole trader but I can say with 99% certainty that you won’t find an agency who will take you as a sole trader. If you approach companies direct then yes maybe but seeing as the thread is titled " working for agencies as a ltd co." I will assume this is the route you wish to take.
robf1234:
hi ,i contacted a local accountant, he came to my house gave my 2 hours free advice ,he also advised me to go a sole trader ,because of my circumstances ,he said its cheaper than ltd company ,but i suppose it all depends on your position , good luck
Work PAYE and take note of what advice he gave you working Ltd company is silly to me