Hi I'm looking for some advice regarding Self Employed versus Limited Company, if anyone is able to advise me?
Some background info:
I work offshore within the UK sector of the North Sea as a contractor.
In 15-16 tax year I recived about £12k in payment and in 16-17 I will receive about the same, £12k.
At present I haven't paid any tax or NI, as I don't know what the best way to do it is.
The work I do apparently doesn't fall under IR35,
Some people I know who do the same work, but earn a lot more than me, use limited companies, but I'm not sure this is worth while as I'm only earning around £12k from it.
I was thinking of declaring it on the self assessment as self employed income, as by the time I hired an accountant to put it though a limited company it might not be worth going that route?
If going down the limited company route was a better option, can payments received from invoices be put though a limited company, if the invoices are dated before the limited company was created?
All so confusing...
Some background info:
I work offshore within the UK sector of the North Sea as a contractor.
In 15-16 tax year I recived about £12k in payment and in 16-17 I will receive about the same, £12k.
At present I haven't paid any tax or NI, as I don't know what the best way to do it is.
The work I do apparently doesn't fall under IR35,
Some people I know who do the same work, but earn a lot more than me, use limited companies, but I'm not sure this is worth while as I'm only earning around £12k from it.
I was thinking of declaring it on the self assessment as self employed income, as by the time I hired an accountant to put it though a limited company it might not be worth going that route?
If going down the limited company route was a better option, can payments received from invoices be put though a limited company, if the invoices are dated before the limited company was created?
All so confusing...
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