Hi,
Appologies if youve seen this in 'General', I put it there by mistake.
I've been with an umbrella co. for 4 years & its been fine. I'm looking to branch out into selling products on the net but to keep contracting as a day job. A limited company seems the obvious way to go but I fall into the IR35 trap. I'm currently PAYE & paying employers NHI but can offset business expenses against tax. I'm not clear about the differences between limited co. vs umbrella co. regarding tax burden i.e. will I be any worse off ?
Is it better to setup a limited co. then transfer my contract to it or do I keep with the umbrella co. & maybe go ltd co/sole trader for the product business ? Does anyone have experience of this kind of situation ?
Thanks in advance
Dave Bryan
Appologies if youve seen this in 'General', I put it there by mistake.
I've been with an umbrella co. for 4 years & its been fine. I'm looking to branch out into selling products on the net but to keep contracting as a day job. A limited company seems the obvious way to go but I fall into the IR35 trap. I'm currently PAYE & paying employers NHI but can offset business expenses against tax. I'm not clear about the differences between limited co. vs umbrella co. regarding tax burden i.e. will I be any worse off ?
Is it better to setup a limited co. then transfer my contract to it or do I keep with the umbrella co. & maybe go ltd co/sole trader for the product business ? Does anyone have experience of this kind of situation ?
Thanks in advance
Dave Bryan
