Hi all, I have accepted my first contract and handed in my notice. My first job is inside IR35 for the public sector in London and I'm a little bit (probably more than a little) confused about how I actually get paid.
I have my own LTD company set up with a business bank account on it's way soon to be followed by company insurance. I know the tax implications of working outside/inside IR35 as a limited company/umbrella company but decided on the LTD route.
The agency that have lined me up the job asked me to fill out a form. Please see below with obvious details blurred out.
For outside IR35 I know you just invoice the client the amount and they pay your company + VAT and then you just pay yourself out of that however you see fit on PAYE.
I assumed (because of the umbrella.co.uk bit) this form would mean I am being paid directly. NOT to my company. But yet it asks for my business bank account details and LTD company details.
If they take my tax and NI at source then how does my company then pay me through my PAYE? Or have I got all of this completely wrong?
Be nice. I'm new!
I have my own LTD company set up with a business bank account on it's way soon to be followed by company insurance. I know the tax implications of working outside/inside IR35 as a limited company/umbrella company but decided on the LTD route.
The agency that have lined me up the job asked me to fill out a form. Please see below with obvious details blurred out.
For outside IR35 I know you just invoice the client the amount and they pay your company + VAT and then you just pay yourself out of that however you see fit on PAYE.
I assumed (because of the umbrella.co.uk bit) this form would mean I am being paid directly. NOT to my company. But yet it asks for my business bank account details and LTD company details.
If they take my tax and NI at source then how does my company then pay me through my PAYE? Or have I got all of this completely wrong?
Be nice. I'm new!
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