self accounting

[benlittle]

hi I'm new here and kinda new to limited company

I work in construction make 15ph it about 33k/year based on the hours I do

I'm trying to understand the basics in running a limited company

so say my company get paid 1k each week do I have to set a side 20% (£200 ) then pay myself min wage £160 or what ever it is then the rest £640 I can pay my self as an dividend but I have to pay 10% on that so I actually received £576 or do I do that x 100/90 so I receive £640 plus £160 ?? of course I will do dividend every 3months

anther thing is if I have expenses can I claim that back from the 20% tax I set a side so say I have £100 expenses weekly do I set a side £100 for corporation tax


thanks any info would be greatly appreciated

ben

[cojak]

self accounting

Welcome to CUK Ben!

You'll find a lot of answers to your questions within the CUK website.

On the right you'll find CUK Navigation. >>>>>>>>>

Look down and you'll come to the First Timers section. Have a read through there.

Umbrella or Ltd? Look here: Setting up your company - Ltd or Umbrella?

Basic expenses questions answered here: Contractor Expenses - How to claim Travel and other expenses via Limited Company or Umbrella

Then pay particular attention to IR35.

And here are the rules when using company credit cards: http://www.hmrc.gov.uk/payerti/exb/a-z/c/cards.htm

If you go into the Accounting/Legal forum you'll discover the thread Basic advice when running your own contractor business.

Guide to Contracts also has some good articles.

And finally - accountant recommendations - Ta-da!

Happy reading!

[northernladuk]

There are number of threads that people in the know say there is little to no savings being limited over an umbrella at 30k and below. Just go umbrella and you don't have to worry about a thing.

Give Contractor Umbrella a ring. One of their office bods posts on here a lot so they have a good reputation.

[Snarf]

There are number of threads that people in the know say there is little to no savings being limited over an umbrella at 30k and below. Just go umbrella and you don't have to worry about a thing.

Give Contractor Umbrella a ring. One of their office bods posts on here a lot so they have a good reputation.

I tried just came on to say the same..

It's about 1k a year extra if you go Ltd... But its much more hassle.

I don't see it being worth it for any basic rate tax payers.

[Andrew@Wisteria]

If you are in construction I would have thought that the CIS scheme would apply and you'll have 20% 'tax' deducted when invoicing your contractor.