limited comp with agency

[sahelectrical]

i am working for an agency at the mo.i pay 23quid a week for them to do my wages,if i set up a ltd company can i be paid threw this?im no sure where i stand,any1 know?

 

[Deleted member 26818]

I take it, you are with Sterling?
Fairgate on 0121 764 4444 only charge up to £15 a payment.
If you sat up a Ltd. Co. the Agency would then pay your Ltd. Co. direct, rather than through a payment Co.
The drawbacks witha Ltd. Co. are manyfold.
You would have to have a business bank account.
You would have to pay Companies House £15 each year when you submit your accounts.
You would have to register the Ltd. Co. for PAYE
You would have to register the Ltd. Co. for CIS.
You would then have to fill out and submit a form to the CIS detailing payments made and recieved, and how much tax had been deducted each month.
Tou would have to inform and pay the PAYE people, any PAYE and CIS deductions (if any) that had been made or declare that no payments were due, every 3 months.
You would not only have to produce accounts for Companies House each year, but also for the PAYE people, the Corporation Tax people and for Self Assessment.
If any form, or submission of accounts, is late, then you will be liable for late filing fees.