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ltd company tips etc.


James Broonbreed
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I did this about a year ago after losing two days at work, been doing the odd bit of consultancy work to fill up my time (legal/contracts stuff).

What sort of volume of work are you intending on doing? Will you VAT register?

I have largely tried to do stuff on my own, accumulating tips and advice from accountant pals and the internet. Feel free to ask any specific questions you have and I might be able to help!

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Can't see you getting anywhere with offshore work as a sole trader, you'll have to be on a ltd company basis. 

If you're planning on doing a mix of PAYE and Ltd. co work you're probably better off just using a payroll company to do it for you - tax and NI will be a nightmare if you're doing both....

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5 hours ago, colb said:

Can't see you getting anywhere with offshore work as a sole trader, you'll have to be on a ltd company basis. 

If you're planning on doing a mix of PAYE and Ltd. co work you're probably better off just using a payroll company to do it for you - tax and NI will be a nightmare if you're doing both....

Aye, I'm registered as an ltd company. Part of an HNC I did yonks ago was a module on freelance working which covered sole trading as well as  ltd companies and VAT registration. I've forgotten most of it so need to swat up.

I am using an accountant so presumably, if I keep records they will sort out any mix of PAYE and ltd for me. Ideally I'd either do all PAYE or all Ltd jobs, but depending on who I'm working for, this probably won't be likely.

Edited by James Broonbreed
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One thing to be aware of is HMRC are tightening up rules on flat rate VAT arrangements, so there will be stricter criteria as to which business qualify for a flat rate VAT scheme and which don't. There's a good article somewhere that I can dig out if you want, but your accountant should be able to tell you the best arrangement for your circumstance.

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9 hours ago, Adam Easy Wishes said:

One thing to be aware of is HMRC are tightening up rules on flat rate VAT arrangements, so there will be stricter criteria as to which business qualify for a flat rate VAT scheme and which don't. There's a good article somewhere that I can dig out if you want, but your accountant should be able to tell you the best arrangement for your circumstance.

Aye, she did mention a VAT shake-up. My VAT registration is on hold until I actually need it.

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