Limited company

[Farmelectrics]

What's the best way and how much etc is it to set up a limited company

 

[Octopus]

You need to talk to your accountant.

Why do you want to go limited? If its just for dividend payments dear old George has changed the rules.......

 

[adsuk15]

Hi mate

It will cost more than being a sole trader in administration and costs, but does offer protection from bankruptcy etc. Any taxable profits are liable to pay corporation tax also.

The director who is also an employee will need to pay class 1 NI, from what I remember.

Good luck in whatever you choose to do

 

[Farmelectrics]

Well there beggars the question and no this has been discussed many time but ltd. sole trader. Umbrella. What do you all prefer. Or cards in. You don't always get the choice I'm soon to be back in the rat race So thinking site work again or going on my own again

 

[Farmelectrics]

Been in a nice comfy fm world last few years but contract has ended

 

[Darkwood]

What's the best way and how much etc is it to set up a limited company

Hi farmelectrics ... just letting you know I have relocated your thread to the business section, for some reason you had posted into the Jobs Unite section which is for members offering or looking for work.... carry on, as you were

 

[Farmelectrics]

Sorry and thanks dark wood

 

[Sparky2blues]

Google searching provided this as an answer.

What are the benefits of incorporating vs becoming a sole trader?

• One of the main benefits of working via a limited company is that your personal and business finances are distinct, so if a claim is made against your company, you will not be liable personally (assuming nothing illegal has taken place).

• Under the sole trader route, if a financial claim is made against your business, your own personal finances may also be included in any settlement.

• Setting up as a sole trader is a very simple process. All you need to do is inform HMRC of your intention to go self employed, you can start trading right away.

• Limited company directors, on the other hand, have to deal with more paperwork, and have various legal and statutory obligations. Limited companies are regulated by Companies House, and directors are ultimately responsible for providing accurate and timely accounts on an annual basis, even if your accountant does the actual work.

• Tax-wise, limited company directors have the potential to pay less tax, as they can pay themselves small salaries and high dividends which are free from National Insurance. whereas sole traders pay themselves a salary which is liable for NICs as well as income tax.

Copied from http://*******/1nskrFF at the time of this post. These are not my comments

 

[shanky887614]

to subby you need to be a ltd company or paid via umbrella there the two options

 

[Farmelectrics]

Ok thanks for the info chaps

 

[Testermans]

Hi Farmelectrics,

Unless your profiting more than 60k per year it is not worth going Limited, unless you have another reason behind it? Legal cover?

Before going to companies house, try and get some genuine accountant advice from accountants that are not just trying to get your money.

Your doing the right things by getting as much advice as possible, before making a higher business commitment.

 

[PSES]

As well as the above reasons you may find that some larger businesses will only deal with you if you are Ltd and wont touch you if you are a small trader. Depends on the sort of work you do and the sort of customers you have for this though

My accountant did all the paperwork and arranged me to go Ltd

 

[Risteard]

to subby you need to be a ltd company or paid via umbrella there the two options

A sole trader can be a Subcontractor.