Should I trade as a Limited Company, umbrella or composite

[NotAllThere]

Originally Posted by MPwannadecentincome

...
2) If I take a contract working from home I cannot claim for anything other than itemised phone calls. I'm sure as a Ltd company I could expense a small amount per week, used to be around £18 per week a few years ago I think...

No. You can ONLY claim expenses incurred, and get the tax deducted from corporation tax, if they are legitimate, receipted business expenses.

The advantage of ltd over brolly has been discussed many times. Go read the first timer guide.

[MPwannadecentincome]

Originally Posted by NotAllThere

No. You can ONLY claim expenses incurred, and get the tax deducted from corporation tax, if they are legitimate, receipted business expenses.

The advantage of ltd over brolly has been discussed many times. Go read the first timer guide.

The rules must have changed then, 6 years ago my wife's ltd company was allowed to expense use of home for an office for £18 per week which was standard 'accountancy practise at the time, this limit was set so as not to cause issues with capital gains tax on the home for the element of business use.

[jlay]

Originally Posted by NotAllThere

No. You can ONLY claim expenses incurred, and get the tax deducted from corporation tax, if they are legitimate, receipted business expenses.

The advantage of ltd over brolly has been discussed many times. Go read the first timer guide.

Although I am not new to contracting I am looking to close limited as have had bad advice from my accountants so am looking at all the options.
Cant believe that one of the first adverts on contractoruk.com is for payschemeplus/TRM

[breezeblocker]

Have come across this site http://www.due2pay.co.uk . It looks to be what industry has been lacking in terms of teeth to tackle late payment from Limited Companies. Put details of a company in and you can see if they are late in paying their account invoices. Neat little trick feature which I haven’t seen anywhere else is their watch list. They will email you when a company you have concerns with is listed on the site. You can email the late payer and even better, email the company which listed them. Got a free period , worth it joining up especially when a company might be going down the pan, they aren’t paying you but are looking for other suppliers.

[ProfContractor]

My opinion is the safest thing to do right now is to go for the limited company option. I can't see how the revenue can legislate against this without impacting on all small companies.

PC