Cancelled assignment

[mudskipper]

SJD accountancy have told me there is no minimum contract term with them so I can potentially leave after a few months If I want to.

Of course you can, but you'll still have to sort out your final accounts. If you're with SJD (or any other accountant) for a couple of months, they're not going to throw that in for free. Make sure you understand the costs before going down that road - it's not like an umbrella; you're a company director and you have to close that company properly with all the paperwork that involves.

[kal]

Of course you can, but you'll still have to sort out your final accounts. If you're with SJD (or any other accountant) for a couple of months, they're not going to throw that in for free. Make sure you understand the costs before going down that road - it's not like an umbrella; you're a company director and you have to close that company properly with all the paperwork that involves.

+1, Forget the Ltd for now, get yourself a decent 3 month full time contract and some money in the warchest first, stick with the Umbrella, what is it that you do exactly?

[Old Greg]

What you may want to do is to give your wife a 50% stake in the company, you would then make her a director in your company.

You need to do this when you form the company, not later otherwise HMRC will treat this as a gift. Any dividends paid would then be distributed to both you and your wife on an equal basis.

Why would you make her a director?

Would HMRC necessarily treat it as a gift?

[SueEllen]

Why would you make her a director?

Would HMRC necessarily treat it as a gift?

He thinks director = shareholder.

Magpie2121 talk to your accountant about giving your wife shares and the pitfalls of making her any officer position in your company.

[TheFaQQer]

Why would you make her a director?

You wouldn't. My wife is a director without being a shareholder, though

Would HMRC necessarily treat it as a gift?

No

[northernladuk]

He thinks director = shareholder.

Magpie2121 talk to your accountant about giving your wife shares and the pitfalls of making her any officer position in your company.

With that level of understand I would say don't. It's not something you want to get in to if you don't have a clue. You give introduce her to the business and do it properly, not defacto standard just to gain a tax advantage. It's not a standard part of business set up as some people seem to think.