Requirements of Limited Companies

[themistry]

Hi guys, appologies if some of this is answered elsewhere, I couldnt find everything I was looking for.

My question is basically, when you register a limited company, what are the things that need to be done to work efficently for contracting purposes.

I.e.

How do you work out your take home pay each month.
How and when do dividends come into this.
How does one go about billing clients (i.e. calculating hours worked, expenses etc).

Can one still take a minimum wage and then take the rest as bonuses? Are there any limits or thresholds to be aware of. Where does VAT come into play? Can items like laptops etc or any equipment be expensed (if they were needed soley for the contract)

Any useful resources or links would be appreciated.

Thanks all,
TM

[themistry]

and the one thing I totally forgot to ask, do I need to get the appropriate insurance cover?

TM

[DaveB]

Look to your right, see the CUK Navigation panel? See the link marked "First Timers"? Good. Now go read it and come back when you have some questions that arn't answered there.

[themistry]

Look to your right, see the CUK Navigation panel? See the link marked "First Timers"? Good. Now go read it and come back when you have some questions that arn't answered there.

Thanks Dave,

will this info be upto date with the new requirements given out in the lastest Budget?

TM

[DaveB]

Thanks Dave,

will this info be upto date with the new requirements given out in the lastest Budget?

TM

Ok, three down from the First Timers one, see the one that says Managed Servicies Companies. Try reading that one. Have a guess what it's about.

If you don't have the gumption to read whats in front of you and do a bit of research off your own back you might want to reconsider being a contractor.

[monkeygeorge]

TM,

You'll notice there are a lot of idiots here with plenty of attidude who can't wait to pounce on someone with less knowledge than them. Makes them feel superior I guess.

Don't let that put you off, there are some really helpful contributers here.

Good luck with whatever you decide.

[DaveB]

TM,

You'll notice there are a lot of idiots here with plenty of attidude who can't wait to pounce on someone with less knowledge than them. Makes them feel superior I guess.

Don't let that put you off, there are some really helpful contributers here.

Good luck with whatever you decide.

And what exactly is the point in us regurgitating the same information time and again to people who can't be arsed to look for it for themselves? We get two or three posts like this every week and will get more following the PBR. The information is all available with little effort on this site. Or should we appoint you to the task of typing it all out again everytime someone asks?

[monkeygeorge]

I agree, but I was referring to the condescending (and slightly aggressive) tone that you used.

[themistry]

And what exactly is the point in us regurgitating the same information time and again to people who can't be arsed to look for it for themselves? We get two or three posts like this every week and will get more following the PBR. The information is all available with little effort on this site. Or should we appoint you to the task of typing it all out again everytime someone asks?

I think thats a valid point, however im not a contractor and just looking into a few items should a potential contract open up to me.

Further, as much as I appreciate your help, I came to this site as I found it to be an excellent resource on a complex matter. What is the point of a forum of communication if one must simply use google etc?

I understand you dont want to say the same old crap day in day out, so dont, but as far as I could tell, there are no stickys pointing to this very relevant information. Im sorry if I dont have all week to find some information which im certain others who may be slightly more educated in the matter could provide (should they get over there egos) within a matter of minutes.

Many thanks for your wonderful help and gleeful attitude, and, thanks to monkeygeorge for trying to be a normal person.

Wow if this is what contracting turns you into, looks like its not worth the hastle hey.

Kind regards
TM

[expat]

...
I understand you dont want to say the same old crap day in day out, so dont, but as far as I could tell, there are no stickys pointing to this very relevant information....

Yes there are, there are 3 at the top of this section.

They were put there because so many people came on here asking Frequently Asked Questions without first even looking for the FAQ'n First Timers Guide that was on the front page.

It's not rocket science, it's not just going off and Googling; and I say again, you will get better advice from the guides than from one quick question. The people who wrote the guide put some thought into it; and you may find the answers you need to questions you didn't even know you needed to ask.

Why is it, I ask myself, that people who come on asking newbie questions that are well answered in the guides and stickys get sooooo angry when they're told to go and read them?