Limited vs Sole Trader vs 25 characters

[LeeH]

I need to become self employed to do a 4 mounts temp contract.

What is the quickest way to do this and what are the pros/cons of s limited company?

I know nothing about being self employed...

Any advice would be appreciated!

 

[Squid]

For 4 months it won't be worth your while going Limited Co, maybe use an Umbrella company, but you'll still be stung for tax and NI keep "ALL" receipts, breakfast, lunch, travel etc.

Long term though LTD Co is worth it if you have enough money coming in.

HTH

Edit,

are you working through an agency?

 

[Octopus]

SE is the way to go for a 4 month contract.

Ltd - there are few benefits these days and higher costs than SE

 

[Octopus]

Long term though LTD Co is worth it if you have enough money coming in.

are you sure?

 

[Squid]

are you sure?

I am LTD Co for my IT work, it worked well for me, wheree else can you claim £55 for a Christmas tree for the "office" and bikes to "cycle" to the tube station as well as all the other stuff. I never ever held on to as much money that I earn't and regret not doing it 10 years earlier.

 

[LeeH]

It’s through an agency ‘scantec’ on behalf of Balfour Beatty.

I presume they will be paying unless they just get a finders fee. I will ask when he calls back.

The options he mentioned were CIS or Limited and mentions something about a ‘cash plus’ business account as it can take several weeks to get a business account approved.

I’d like to start Monday so I don’t know if it’s do able.

I’d like to be as ‘tax efficient’ as possible and I maybe could put my rental property through it too.

New ground for me and quite daunting.

 

[Squid]

You won't be able to put a property through it, all I can claim is X amount for an"office" in the house but thats as LTD Co, are Scantec able to advise the best course of action as agencies usually have their own "nominated" companies and as its only a 4 month contract you don't want too many hassles or start up costs.

 

[Martyn Fletcher]

Find a friendly accountant who will give you advice and then offer them your business based on the outcome. I would suspect they'll advise you to go SE under the circumstances.

 

[MDJ]

Avoiding VAT is the thing you need to worry about LOL, I owned a LTD company for years and it served me well, SE or LTD won't matter in your case, I would probably go for SE for the small time you intend to do this, VAT is the problem though, if you get near the threshold and the IR gets onto you your in for a lot of paperwork.