Ltd Co, umbrella, PAYE, Sole trader.... Whats the correct course?

[Worcsman]

Just curious as to what the consensus is.

I'm returning to the UK to work on a 6 month rolling contract. Reading in someones blog yesterday that after corporation tax is factored in, there isn't much difference between PAYE and ltd company, I have no idea though. With HMRC clamping down on just about every way of reducing liability to tax, just want to take the easiest, stress free route.

I am already registered with HMRC as self employed, can you register twice with 2 different income streams as self employed?

Thanks for reading

[BolshieBastard]

No IT related agency I know of, will entertain you as self employed \ sole trader. You have to be limited or umbrella (not sure about LLC).

Some brollies sail close to the wind (just say No!) with what they say you can claim but HMRC are clamping down on that. IMO Ltd is the way to go.

[Martin at NixonWilliams]

Just curious as to what the consensus is.

I'm returning to the UK to work on a 6 month rolling contract. Reading in someones blog yesterday that after corporation tax is factored in, there isn't much difference between PAYE and ltd company, I have no idea though. With HMRC clamping down on just about every way of reducing liability to tax, just want to take the easiest, stress free route.

I am already registered with HMRC as self employed, can you register twice with 2 different income streams as self employed?

Thanks for reading

There is a significant difference in the amount of income you will receive if working through a limited company compared with being a permanent employee.

If you want the easiest, stress free route then Umbrella is possibly the best option for you however you will be losing out on a lot of income. If you listen to the advice of your accountant operating a limited company can be fairly easy, too.

I hope this helps.

Martin

[LisaContractorUmbrella]

There is a significant difference in the amount of income you will receive if working through a limited company compared with being a permanent employee.

If you want the easiest, stress free route then Umbrella is possibly the best option for you however you will be losing out on a lot of income. If you listen to the advice of your accountant operating a limited company can be fairly easy, too.

I hope this helps.

Martin

Just to clarify - you will only be significantly financially better off through a Ltd Co if you are outside IR35

[jamesbrown]

There is a significant difference in the amount of income you will receive if working through a limited company compared with being a permanent employee.

Broadly speaking, yes, but it depends on the contracts being outside IR35 and on a "reasonable" turnover. IMHO it doesn't make much sense to run a company w/ a turnover less than 30-40k, especially when the stated aim is to "to take the easiest, stress free route", unless you plan on the long haul (and improved turnover in future). To the OP, you might want to call a few of the contractor accountants (and umbrella companies) around here to discuss your specific circumstances.

[northernladuk]

6 month rolling. That doesn't sound too clever.

[Worcsman]

What do you mean?

6 month rolling. That doesn't sound too clever.

Its not worded that way, just says 6 months and is worded to make sure i dont clip for IR35

[jamesbrown]

is worded to make sure i dont clip for IR35

You might want to elaborate on that point. BTW, you'll find some useful guides on the right ---->

[Worcsman]

Anyone used a ltd company with a trust bolted on?

I was going to post the details but seems pointless, anyone else using a ltd company plus trust fund?

[Worcsman]

You might want to elaborate on that point. BTW, you'll find some useful guides on the right ---->

Thanks, I will have a butchas