Sponsoring myself through my LTD company?

[brashquido]

Hi All,

My girlfrined and I are coming to the end of our working visas in a few months and the companies we are contracting to are wanting to extend the contracts to at least August at this stage. As far as I can see our options at this stage to continue working are HSMP or sponsoring ourselves using our UK based Limited company. I've only looked briefly at the HSMP, but at this stage it is not my preferred option as we would have to greatly increase the salary we pay ourselves to accumilate enough points which would blow away most of the tax savings gained from running a limited company in the first place.

As far as I can see our best option is to look into using our limited company to sponsor our jobs here in the UK, however I have no idea even where to start with this. Just wondering if anyone else has successfully taken this route, and if so could you provide any advice on how to do this?

Thanks!

[beaker]

Hi All,

My girlfrined and I are coming to the end of our working visas in a few months and the companies we are contracting to are wanting to extend the contracts to at least August at this stage. As far as I can see our options at this stage to continue working are HSMP or sponsoring ourselves using our UK based Limited company. I've only looked briefly at the HSMP, but at this stage it is not my preferred option as we would have to greatly increase the salary we pay ourselves to accumilate enough points which would blow away most of the tax savings gained from running a limited company in the first place.

As far as I can see our best option is to look into using our limited company to sponsor our jobs here in the UK, however I have no idea even where to start with this. Just wondering if anyone else has successfully taken this route, and if so could you provide any advice on how to do this?

Thanks!

Read through the HSMP documentation and forms in detail. I think you will find there is provision for those who run their own companies to have their incomes assessed by their company accounts.

[vhadiant]

Read through the HSMP documentation and forms in detail. I think you will find there is provision for those who run their own companies to have their incomes assessed by their company accounts.

Only if you withdraw it as dividend I believe. Read the docs, I know a lot of friends on HSMP and running their own Ltd. Co. I'm in it too, but my extension is not until a while.

[TheFaQQer]

I would think that you need to be looking more closely at HMSP - if it was as simple as being able to set up a company and sponsoring yourself, then everyone would do it.

[brashquido]

Thank you all! I'll take a closer look at the HSMP. Cheers !