Own LTD. Sharing 6 months of experience

[Torran]

Any other practical advice ?

yup, get a better accountant you can speak to instead of asking a bunch of guys on a forum how to run your business.

just a thought

[maxima]

yup, get a better accountant you can speak to instead of asking a bunch of guys on a forum how to run your business.

just a thought

No you dont get me... The real purpose of the thread is to check if my calculations are correct.

As a result I have got 'employers NI' improvement.

All these 'expenses' talks are from other guys not me. I just got involved as this is my thread.

Honestly I dont believe that any other accountant can save me more than another few hundreds a year but I would be twice as busy making paperwork to cover my ar#e.

Lie - the very real purpose of the thread - to disillusion my stupid childish hopes about Ltd advantages..... this is it..

Done!

Halo 3 time!!

[Bluebird]

I don't go into any "grey" areas of taxation.

I travel to and from work each day, only about 20 miles claim odds and sods fro stationary etc - no big purchases and still get to take home OVER 80% of the value I invoice.

Thats what makes it worthwhile for me.

[DaveB]

Admin, can we have a "Bang's head against wall/desk" smilie please?

[Nixon Williams]

An interesting subject but clearly if all factors are equal there is no doubt you would be better working through a limited company.

Even if you were caught by IR35 and did not claim any expenses you would be slightly better off.

You should contact your accountant who can explain your exact position and show how much better off you really are.

Alan

[SueEllen]

Wow! I already broke the law! I claim 100% of my monthly tube ticket. I dont use it for my personal purpose so I wont buy it anyway... Good lord. Need to pack my suitcase. I am so going into jail!

No you are not.

It works out cheaper to buy a monthly travelcard then to buy 5 daily tickets so you are saving your company money and giving the taxman a teeny bit more tax.

[NotAllThere]

Am I wrong or whole LTD thing is just a big con from certain accounting companies?

You are entirely, totally, thoroughly, utterly, wholly, purely, altogether, undeviatingly, outright, absolutely, unequivocally wrong, in so many different fundemental dimensions, factors and directions that it's difficult to know where to start to correct you. You clearly have no clue about how to run a ltd company or about UK taxation.

[Bluebird]

You are entirely, totally, thoroughly, utterly, wholly, purely, altogether, undeviatingly, outright, absolutely, unequivocally wrong, in so many different fundemental dimensions, factors and directions that it's difficult to know where to start to correct you. You clearly have no clue about how to run a ltd company or about UK taxation.

is that a yes or a no ?

[maxima]

I entirely, totally, thoroughly, utterly, wholly, purely, altogether, undeviatingly, outright, absolutely, unequivocally agree with you.

How does your statement change my situation?

[maxima]

I travel to and from work each day, only about 20 miles claim odds and sods fro stationary etc - no big purchases and still get to take home OVER 80% of the value I invoice.

80% makes a hude difference. Is it included your end-of-year tax return?

When I was under giant and was traveling 120 miles a day, claiming subsistence - I was getting 78% and plus tax return.

How do you do 80% on 20 miles a day? I understand it is a sensitive question.. I wouldnt mind if you wont answer.