James Broonbreed Posted January 15, 2017 Report Share Posted January 15, 2017 Hola, I've just set up a ltd company due to impending redundancy from my cushy PAYE number. Does anyone have any tips, especially for the 1st year until I'm in the swing of things? It's totally foreign to me at the moment so anything would be appreciated. Quote Link to comment Share on other sites More sharing options...
Cabbage Posted January 15, 2017 Report Share Posted January 15, 2017 I've recently set up as a sole trader and currently using the business gateway materials http://www.bgateway.com/, I'm going to go to a couple of their events to see what's what. Best tip I've been given is stick to your plan! Quote Link to comment Share on other sites More sharing options...
Adam Easy Wishes Posted January 18, 2017 Report Share Posted January 18, 2017 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! Quote Link to comment Share on other sites More sharing options...
James Broonbreed Posted January 18, 2017 Author Report Share Posted January 18, 2017 I'd be working as a production technician offshore on an ad-hoc basis. Some jobs will be PAYE and some will require me to be ltd. I believe I will VAT register but it's been 12 years since I did a module on sole trading so need to swat up on what the fuck that even means. Quote Link to comment Share on other sites More sharing options...
colb Posted January 18, 2017 Report Share Posted January 18, 2017 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.... Quote Link to comment Share on other sites More sharing options...
James Broonbreed Posted January 19, 2017 Author Report Share Posted January 19, 2017 (edited) 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 January 19, 2017 by James Broonbreed Quote Link to comment Share on other sites More sharing options...
Adam Easy Wishes Posted January 19, 2017 Report Share Posted January 19, 2017 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. Quote Link to comment Share on other sites More sharing options...
James Broonbreed Posted January 19, 2017 Author Report Share Posted January 19, 2017 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. Quote Link to comment Share on other sites More sharing options...
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