Reply to: worth starting a ltd co.?

[kaiser78]

I think you'll find everyone has answered based on the information provided and not on assumptions (highlighted in blue).

But let's let the stats speak for themselves:

Advice to go Umbrella: 5
Advice to go Ltd: 1

That's fine - stats are stats.
I know which way I would go though.

[Clippy]

Yes thanks

I've taken a short poorly paid gig for month to get off the bench. Indicates currently on the bench so not a one off contract...read on...

It may go on longer and may not If it does go on longer then way wait to set up the Ltd co ? If it does not go on for longer, I presume you will re-join the bench and seek the next contract, unless this is a one off for the rest of your working years. Either way Ltd company imho.

Politely suggest you re-read the post...

I think you'll find everyone has answered based on the information provided and not on assumptions .

But let's let the stats speak for themselves:

Advice to go Umbrella: 5
Advice to go Ltd: 1

[kaiser78]

Have you bothered to read the original post at all??

It's a one month low paid gig.

Umbrella all the way.

Yes thanks

I've taken a short poorly paid gig for month to get off the bench. Indicates currently on the bench so not a one off contract...read on...

It may go on longer and may not If it does go on longer then way wait to set up the Ltd co ? If it does not go on for longer, I presume you will re-join the bench and seek the next contract, unless this is a one off for the rest of your working years. Either way Ltd company imho.

Politely suggest you re-read the post...

[pzz76077]

I've taken a short poorly paid gig for month to get off the bench. It may go on longer and may not. Is it worth starting up a ltd co with monthly accountancy fees? If I dont get anything else after the months out I will be throwing money at a ltd co which isn't trading. The pimp suggested I go through their 'approved' umbrella but if I do that and then start a ltd co further down the line could that be a flag for HMRC?

No point starting a Ltd for a month unless your expenses are high.

PZZ

[Clippy]

Do limited company - doesn't cost much to set up and maintain if you don't use. Will probably be cheaper than the umbrella option given the take home pay will be higher via the ltd co (if you do it right...).

Have you bothered to read the original post at all??

It's a one month low paid gig.

Umbrella all the way.

[kaiser78]

Do limited company - doesn't cost much to set up and maintain if you don't use. Will probably be cheaper than the umbrella option given the take home pay will be higher via the ltd co (if you do it right...).

[Hex]

The other option is to go self employed then you just declare it in your tax return. Or not if you want to risk it.

The agency will almost certainly refuse to deal with you as self employed.

[Pondlife]

The other option is to go self employed then you just declare it in your tax return. Or not if you want to risk it.

Assuming the agency will pay into your personal account.

Why not just ask for cash.

[saigon triumph]

The other option is to go self employed then you just declare it in your tax return. Or not if you want to risk it.

[hgllgh]

thanks guys. i did a quick search but it is a specific querstion regarding length of contract and when it is worth opening up your ltd co. most other posts about brollies focus on which one to go for. lloks like i'll go for the brolly on this one.

[LisaContractorUmbrella]

I've taken a short poorly paid gig for month to get off the bench. It may go on longer and may not. Is it worth starting up a ltd co with monthly accountancy fees? If I dont get anything else after the months out I will be throwing money at a ltd co which isn't trading. The pimp suggested I go through their 'approved' umbrella but if I do that and then start a ltd co further down the line could that be a flag for HMRC?

The HMR&C would have no interest whatsoever if you moved from an umbrella company to a limited company - they are only concerned with whether or not you are paying the correct amount of tax. I am not sure if the panel would agree but I would not recommend a limited company for a first contract of less than 6 months as there are costs and hassle attached to closing a limited company that you would not have with a brolly.

[Maslins]

Umbrella's a perfect for this sort of short term gig. No reason at all why Hector would show any interest in you setting up your own ltd later.

Agreed. Probably not worth the hassle of going Limited if it's only for 1 month, and by your own admission the pay is fairly low.

I imagine you'd have a hard time finding an accountancy provider that would happily setup the Co for you, take 1 month's fee payments, then have you disappear.

[BrowneIssue]

Why oh why do people not think about what they are about to ask and if it might have actually been asked a million times?

I'm sure this question has been asked before.

[northernladuk]

Why oh why do people not think about what they are about to ask and if it might have actually been asked a million times. If so then maybe... just maybe... a search would pull up all the answers.

[DaveB]

I've taken a short poorly paid gig for month to get off the bench. It may go on longer and may not. Is it worth starting up a ltd co with monthly accountancy fees? If I dont get anything else after the months out I will be throwing money at a ltd co which isn't trading. The pimp suggested I go through their 'approved' umbrella but if I do that and then start a ltd co further down the line could that be a flag for HMRC?

Umbrella's a perfect for this sort of short term gig. No reason at all why Hector would show any interest in you setting up your own ltd later.