Limited to Composite

[Flubster]

... let's put it this way, I certainly wont be voting Labour next election!

I will. As I always have done. And I'll be waving the 'Red Flag' whilst I defecate on the Tory candidates' box.

[Rudster]

Are you, or have you ever been a 'Labour voter' ?

... let's put it this way, I certainly wont be voting Labour next election!

[Rudster]

Hi Troll

Thanks for you response, I guess I knew my post would be shot down and beleive it or not I did read a lot of the stickies hence my concern!

Basically, I was just trying to establish whether changing from Limited to Composite and then back to Limited is going to make me stand out like a sore thumb and prone to investigation!

Plus, when should I make the switch ... is it worth waiting until April next year to coincide with the tax year or should I do ASAP?

Ta again...

J

[Troll]

Hi All,

I will have been contracting for 3 years in February. Initially I setup a limited company and employed the services of a 'well-known' managment company.

However, in August last year I decided to move to a composite company with a 'lesser-known' managment company and stopped trading with the limited company. Simply because it was far easier and I knew where I was financially from month to month!

Today I have been reading this forum and other publications and realised that I may have made a poor decision! Unfortunately I have notified companies house that the company has ceased trading and my old managment company is preparing the final accounts.

1. What should I do now?
2. Should I move back to a limited company?
3. Would it be best to use an umbrella company?
4. Am I likely to be investigated?


AH PANTS, ta muchly...

J

Are you, or have you ever been a 'Labour voter' ?

[To BI or not to BI?]

Hi Rudster and welcome to the board

Firsts of all don't take it personally. We have been receiving at least 1 post a day from newbies worried about what to do with their Ltd/Umbrella and bladibladibla recently and it's frustrating to have to answer the same old questions, particularly when a good browsing through the forum (and the stickies in particular) will give you all the answers you need (and should also make it clear what the general view of the board with regards to the Umbrella/Composite v Ltd is).

As somebody who has started contracting under an "artificial" Managed Company and has just created his own Ltd, my personal advice is to go Ltd, get a good accountant (a few good ones are mentioned in the various threads) and get them to sort all the practicalities for you. It will always be cheaper than using an Umbrella, it will guarantee you better returns and, most of all, it will put you in control of your business and virtually eliminate the risk of being found guilty of tax evasion by HMRC

Good luck
BI

P.S.: don't give up and keep on posting. We can seem unfriendly sometimes, but we are nice people after all (well, most of us). Just make sure that your posts are:
a) relevant and instructive
b) amusing and entertaining
c) posted in the proper area

You'll be surprised by the constructive feedback you'll get if you stick to those simple rules

[Rudster]

very amusing everybody

[Waldorf]

I was in the same boat, I have just started a new company with Nixon Williams, very quick and easy, they just need copies of invoices etc each month.

I was with a big umbrella and have jacked it in, their days are numbered anyway.

[VectraMan]

1. What should I do now?
2. Should I move back to a limited company?
3. Would it be best to use an umbrella company?
4. Am I likely to be investigated?

1. Yes.
2. Yes.
3. Yes.
4. Geoff Capes.

[kirk]

Go Ltd.

Next...............

[Sockpuppet]

Oh FFS SEARCH!!!!! GOD DAMMIT!

THIS IS LIKE THE MILLIONTH THREAD ON THIS IN THE LAST WEEK!!!!!!!!!!!!!!!!!!!!!!!!

[Rudster]

Hi All,

I will have been contracting for 3 years in February. Initially I setup a limited company and employed the services of a 'well-known' managment company.

However, in August last year I decided to move to a composite company with a 'lesser-known' managment company and stopped trading with the limited company. Simply because it was far easier and I knew where I was financially from month to month!

Today I have been reading this forum and other publications and realised that I may have made a poor decision! Unfortunately I have notified companies house that the company has ceased trading and my old managment company is preparing the final accounts.

1. What should I do now?
2. Should I move back to a limited company?
3. Would it be best to use an umbrella company?
4. Am I likely to be investigated?


AH PANTS, ta muchly...

J