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New here :-) advice needed

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    New here :-) advice needed

    Hi all,

    I am sure you guys see this all the time, I currently have a ltd company and need advice about the safest way to proceed. I have an accountant but everything is a mess..

    I have heard and been tempted by such companies like Darwin, Bestpay etc but lucky I have done some research before joining them as I am looking for the best way to take home as much as possible with no comeback from HMRC.

    I have also considered looking at umbrella companies but I refuse to pay £2000 a month of my wage for expenses tax etc.

    Can anyone actually advise a company that is HMRC legit that can help me save my hard earned cash from the Government Cash cows?

    #2
    A limited company is the best option, unless you want to risk getting involved in a solution that will in all likelihood come back to haunt you years after you've left it. Read the BN66 thread, or search the forums for Darwin etc.

    A well run limited company can still give you a very good take home, you just have to run it properly, pay attention to what you're doing, and expect to pay at least a bit of tax.
    ContractorUK Best Forum Adviser 2013

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      #3
      I am not sure what you're asking here - you say that you have an accountant but that 'everything is a mess' - what do you mean by that??

      If you want to stay within the law then I would avoid 'schemes' that are offering you seemingly high reward/low risk options as recent legislation has rendered them very high risk indeed.

      A limited company will net you the greatest rewards if you are outside IR35; if you are inside then you may prefer the less hassle option of an umbrella company as your net return will be very similar.

      If you are asking how you can avoid paying tax have a read here HMRC Scheme Enquiries first. If you still want to avoid paying tax then type 90% take home into Google and pick the first option that comes up
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        #4
        Limit your invoice amount to £40k a year - no need to be VAT registered at that level.

        Put that £40k into a pension plan as an employer contribution, which counts as an expense.

        Tax due for the year = £0.

        Keep that money away from the government cash cows.

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          #5
          Originally posted by Contract Test A View Post
          I am sure you guys see this all the time
          Not really - if it did, it would come up in the search results you saw when you did a search, no?
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            #6
            Originally posted by TheFaQQer View Post
            Limit your invoice amount to £40k a year - no need to be VAT registered at that level.

            Put that £40k into a pension plan as an employer contribution, which counts as an expense.

            Tax due for the year = £0.

            Keep that money away from the government cash cows.

            Are you a closet accountant TF
            Connect with me on LinkedIn

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            ContractorUK Best Forum Advisor 2015

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              #7
              Originally posted by LisaContractorUmbrella View Post
              Are you a closet accountant TF
              I did accountancy in my first year at university - it clearly shows through here

              (I dread to think what my accounts would look like if I did them rather than letting Clare have all the fun and games!)
              Best Forum Advisor 2014
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                #8
                Originally posted by TheFaQQer View Post
                I did accountancy in my first year at university - it clearly shows through here

                (I dread to think what my accounts would look like if I did them rather than letting Clare have all the fun and games!)
                The fact that you stopped after the first year is probably testament to your sanity Accountants are a very special type of geek
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                  #9
                  Originally posted by TheFaQQer View Post
                  I did accountancy in my first year at university - it clearly shows through here

                  (I dread to think what my accounts would look like if I did them rather than letting Clare have all the fun and games!)
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

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                    #10
                    Originally posted by northernladuk View Post
                    At least I answered the question first, rather than trotting out the same old tired line yet again.
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