Caught by IR35

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Mr Maginka replied

19 November 2007, 18:14
Well there you go decision made... Ltd route!
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Bright Spark replied

19 November 2007, 17:33
Originally posted by To BI or not to BI? View Post

And you can also apply for Flat VAT Rate, potentially saving a few bobs

This few bobs, actually covers my accountancy and insurance expenses.
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Robot replied

19 November 2007, 17:07
and you will keep all the bank interest received, umbrella companies must a make a fortune out of this!
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To BI or not to BI? replied

19 November 2007, 16:59
Originally posted by TheFaQQer View Post

No - 5% of the invoice value can be offset against expenses, so you can still save over doing it through an umbrella.

And you can also apply for Flat VAT Rate, potentially saving a few bobs
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TheFaQQer replied

19 November 2007, 16:58
Originally posted by Mr Maginka View Post

If your contract means your caught be IR35 am I correct in thinking that creating your own Ltd company would be a false economy?

I base this on Accountant fees, Insurances, Company set-up fees etc. Whereas you just pay your brolley x amount and there is no savings as you would be paying PAYE in either set-up.

The only reason is if in the furture you get a new contract and are not caught but why not just wait till then?

Cheers
M

No - 5% of the invoice value can be offset against expenses, so you can still save over doing it through an umbrella.
Leave a comment:
Mr Maginka started a topic Caught by IR35

19 November 2007, 16:08
Caught by IR35

If your contract means your caught be IR35 am I correct in thinking that creating your own Ltd company would be a false economy?

I base this on Accountant fees, Insurances, Company set-up fees etc. Whereas you just pay your brolley x amount and there is no savings as you would be paying PAYE in either set-up.

The only reason is if in the furture you get a new contract and are not caught but why not just wait till then?

Cheers
M
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