Bye Bye to Brolly??

[DocP]

Just been extended till Oct. Thinking about setting up LTD. Any thoughts?

[Shimano105]

Don't bother. I had one for 8 years. Been brolly since returning back t'dark side.

Ltd is a right-royal pain the arse in comparison for little gain.

[malvolio]

Don't bother. I had one for 8 years. Been brolly since returning back t'dark side.

Ltd is a right-royal pain the arse in comparison for little gain.

Yeah, I mean it takes minutes every month to do all the paperwork and keep things up together, doesn't it? And all for a measly 15% increase in net take home, deciding your own expenses policy and immunity from the AWD.

No, brolly's are clearly a no brainer... ummm....

[scooby]

Yeah, I mean it takes minutes every month to do all the paperwork and keep things up together, doesn't it? And all for a measly 15% increase in net take home, deciding your own expenses policy and immunity from the AWD.

No, brolly's are clearly a no brainer... ummm....

having done both for 18mths, would agree with Mal!

[Shimano105]

Yeah, I mean it takes minutes every month to do all the paperwork and keep things up together, doesn't it? And all for a measly 15% increase in net take home, deciding your own expenses policy and immunity from the AWD.

No, brolly's are clearly a no brainer... ummm....

But that just isn't true - you spout it all the time yet everyone comes on here not knowing the foggiest about whether they are in IR35, out of IR35 what is an acceptable expense what isn't etc.

It's like you're part of the 'inner-circle' with all this priviledged information that we've all got to work out for ourselves.

And still people don't really know if they are in IR35 or out (cos the revenue change their mind every court hearing).

Last time I was running a Ltd I was still clearing up old CT tax bills and such for a year after I had closed it.

So if you want a life of never knowing how much money you really have in the account and always sleeping with one eye open then be my guest and get suckered into having a Ltd round your neck.

And don't forget to fork out £300 per contract to see if it is IR35 compliant (which the agency will refuse to alter for you and even then you still won't know for sure....)

[NotAllThere]

Fair enough - there's always going to be a few who can't handle even the easiest of tasks.

[Shimano105]

Or blindly follow the herd

[malvolio]

But that just isn't true - you spout it all the time yet everyone comes on here not knowing the foggiest about whether they are in IR35, out of IR35 what is an acceptable expense what isn't etc.

It's like you're part of the 'inner-circle' with all this priviledged information that we've all got to work out for ourselves.

And still people don't really know if they are in IR35 or out (cos the revenue change their mind every court hearing).

Last time I was running a Ltd I was still clearing up old CT tax bills and such for a year after I had closed it.

So if you want a life of never knowing how much money you really have in the account and always sleeping with one eye open then be my guest and get suckered into having a Ltd round your neck.

And don't forget to fork out £300 per contract to see if it is IR35 compliant (which the agency will refuse to alter for you and even then you still won't know for sure....)

Three basic points:

1. Get a decent accountant. There's no excuse for being out of date on your payments

2. Learn how IR35 works and what the pointers are, then you can make your own assessment. Get PEI insurance so if you get investigated, you get professionals looking after the case. Most (if not all?) of the losses we know about have been self-represented

3. If your tax numbers are routinely wrong or late, you will get investigated, and that might turn into an IR35 investigation.

Basically if you can't hack it, then fine, but that's no reason to dissuade others. Paying out up to 20% of your gross unnecessarily because you're scared of the bid bad IR35 man is franklly pathetic. LtdCo, under the current regime, is the best way to go.

[Shimano105]

'Can't hack it' and 'pathetic'. Are you my old form teacher?

[moony1234]

Ltd all the way!

Get a good accountant who will do most of the work for you, get your contract checked by a specialist and off you go!