Umbrella to PSC timing - now or next financial year?

[VectraMan]

Don't know about the expenses, but if you're an upper rate tax payer (or about to be) then you're going to be better off going Ltd. now and make whopping pension contributions for the next 2 months.

[DallasDad]

Yes point taken PR1 and I am.
The reference to advice is I think, a bit of an in-house joke here unless I have misunderstood.
I have noticed NLUK tends to pick up on people that use 'advise' instead of 'advice'.

I am a member of several car forums and many posters don't seem to know the difference between 'brakes' and 'breaks'.

[northernladuk]

Yes point taken PR1 and I am.
The reference to advice is I think, a bit of an in-house joke here unless I have misunderstood.
I have noticed NLUK tends to pick up on people that use 'advise' instead of 'advice'.

I am a member of several car forums and many posters don't seem to know the difference between 'brakes' and 'breaks'.

Nope you are right. We do have in house jokes about stuff like this. We've got the their there they're brigade on here as well We had a thread on these annoying mistakes people make ages ago and Mary Poppins had a good one. When people say being kicked in the crutch rather than crotch. Always makes me laugh when I hear that.

[pr1]

Nope you are right. We do have in house jokes about stuff like this. We've got the their there they're brigade on here as well We had a thread on these annoying mistakes people make ages ago and Mary Poppins had a good one. When people say being kicked in the crutch rather than crotch. Always makes me laugh when I hear that.

i bet they say kicked in the clutch on the car forums

[Contreras]

I assume that if I do it now then in a few weeks time that would generate the need for my chosen contractor accountant to do some form of year end? and I also assume if I do it now I could find quite a lot of related paperwork to do myself so I assume I would have a fairly rapid learning curve over the next few weeks?

Wrong assumptions.

The tax year (April 6th - April 5th) and your company year (Annual Reference Date, based on date of incorporation) are not the same.

In the context of your question, the "rapid learning" would be understanding how best to arrange affairs up to the respective year ends. You/your accountant then have ~9 months to submit.

If you incorporate now, that would make your company's ARD to be end of Feb (first year's final accounts due 30/11/18). You can postpone registering the company as an employer until after April, which should simplify this year's personal SAR (due 31/1/17) if you have to do one at all (it's at the whim of HMRC).

Btw, salary doesn't need to be monthly - RTI returns can also be quarterly or annual - meaning it would be possible even to wait until early 2017 before registering the company as an employer. Make sure you get a P60 and a P45 from the umbrella and keep hold of these.

Fwiw, based on what you have said, I see no reason to wait. At the least, sound out a few accountants now.

[DallasDad]

Thanks very much for that enlightening post Contreras, it just shows how green I am re all this.