Contracting - go for higher rate or repeated business?

[pr1]

Yes and the advice is "don't bother" for a very good reason.
I'm all for people being ambitious, but, he looks like he is setting himself up, for a serious fall, for various reasons.

Phhhht.... You are free, you know, to use your gut feel, own judgment etc. maybe you are too much of a dreamer to do so .

There is plenty on here that is good solid advice, I think that fact is missed sometimes.

Did these people use their own judgement? HMRC Scheme Enquiries

Totally agree there is good solid advice on here, but you have to do a lot of reading and filtering of bs to find it

and more than half of it is "ask your accountant" anyway

[MrMarkyMark]

but you have to do a lot of reading and filtering of bs to find it

Welcome to the internet, as an up and coming young blade, I thought you would know it .

That's exactly what I'd say to the OP. As well as - good luck, I hope it all comes together.

So, you, also, can't see any problem with the way he is currently running his affairs either
It is unlikely to "come together" due to the way he is trying to do it, that's the point.
He even admits he has done this investing, with his IT company, without thinking the consequences through.

[fool]

I think diseasex's main problem is he states what he's gonna do before looking into whether it's ideal before hand.

By all accounts and purposes I'm him. My plan B is to continue invoicing, taking up to the threshold and invest the rest in things like a vanguard lifestyle fund. I've already made the move south and at 30 years old, 10 years of doing this and paying off my SE mortgage will likely result from in me being a millionaire at 40.

I'm not sure property is a good investment right now, but if you're gonna do it as a higher rate earner, wrapping that up in a Ltd became a much better idea when they started removing the BTL tax advantages.

I'm probably just an idiot though.

[MrMarkyMark]

wrapping that up in a Ltd became a much better idea when they started removing the BTL tax advantages.

The main issue is you should use a separate LTD if you are going to do this, otherwise it can become very messy.
Obviously, if you hold multiple directorships, HMRC tend to take a much close interest in you.

[diseasex]

The main issue is you should use a separate LTD if you are going to do this, otherwise it can become very messy.
Obviously, if you hold multiple directorships, HMRC tend to take a much close interest in you.

I think you guys are raising doubts regarding investing on consultancy LTD. Anyone care explain why before I ask my accountant?
My plan was to invest on consultancy LTD until the profits reach 20% of LTD profits overall. Before I'd loose Entrepreneurs relief - based on what i've read on HMRC. I didn't ask my accountant about this though

[MrMarkyMark]

I think you guys are raising doubts regarding investing on consultancy LTD. Anyone care explain why before I ask my accountant?

Try a search, this has been discussed countless times, although, one of the main reasons was covered in this very post.

My plan was to invest on consultancy LTD until the profits reach 20% of LTD profits overall.

Earlier you weren't bothered about Entrepreneurs relief?
Property can go up massively in value, in just a few weeks, glad you feel you have so much control of all these investments and their value.

[diseasex]

Try a search, this has been discussed countless times, although, one of the main reasons was covered in this very post.

Wow

[pr1]

Totally agree there is good solid advice on here, but you have to do a lot of reading and filtering of bs to find it

Try a search, this has been discussed countless times, although, one of the main reasons was covered in this very post.

you were so close to actually providing some good solid advice

[northernladuk]

you were so close to actually providing some good solid advice

The irony is killing me......

[MrMarkyMark]

you were so close to actually providing some good solid advice

OK, the danger is that his company will cease to be an IT company, as it will start to be seen as an investment company. Different rules and regulations etc. etc. therefore mixing the two is not recommended.

Here's some stuff to get you started:-

http://forums.contractoruk.com/accou...-property.html

https://www.google.co.uk/search?q=bu...spv=1&ie=UTF-8