- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Starting up, need some advice
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Starting up, need some advice"
Collapse
-
Perhaps reading the guides would be a good start....? There's one on contracting over there ---->, the definitive one to Freelancing in general is at www.pcg.org.uk, most of hte big accuotnants have finacial guides on ther websites. This is not a game, learn the ropes before you get into problems, not after and you have no idea just how much you don't know.
One golden rule: you and YourCo are two different legal persons: don't ever mix them up at any point, including bank accounts.
But to answer your main question, set up costs can be claimed retrospectively from the YourCo provided the claim is for things you have to buy to operate the business. Buy it all personally, keep all the receipts then expense them when the company has some money in the bank.
Leave a comment:
-
Originally posted by azcn2503 View PostCan anybody give me some advice on the next steps? Something like: set up limited company, set up bank account, spend money. Or are there some workarounds? Can I buy now and reclaim as expenses on my company later? Please excuse my naivety and ignorance when it comes to running my own business, I've been thrown in to it, but hope I don't look back
Best regards,
Aaron
Re expenses - I opened my company, bought the laptop I'm working on for my gig before having a VAT no and a Bank account, but you need to have an invoice in the name of your company. You can pay it with your money, and if it's a tangible business expense you can reimburse your expenses from your company money - expenses are Corp Tax free.
Leave a comment:
-
Starting up, need some advice
Good morning all,
Here's my situation:
Used to be employed doing IT support for about 8 years. Decided to change jobs at the start of the year and was employed as a web developer for almost 6 months. Received an interesting offer from a Norwegian company, but due to technical issues and the speed that they wanted to get me in, suggested I start working for them on contract, set up my own limited company etc. The work will be non exclusive and I can look for other contracts while working for them, though they generally expect priority coverage between 8am and 2pm.
Currently, I have only one bank account; my own personal bank account. I have not yet set up any business account, and have not set up my limited company yet.
I am now at the point where I need to start spending some money to get the job done (I need a bit of a beastly computer for QA and testing, big compile jobs, virtual machines, etc.) but I don't want to take the hit on paying taxes when I don't really need to - it should be a company expense.
Can anybody give me some advice on the next steps? Something like: set up limited company, set up bank account, spend money. Or are there some workarounds? Can I buy now and reclaim as expenses on my company later? Please excuse my naivety and ignorance when it comes to running my own business, I've been thrown in to it, but hope I don't look back
Best regards,
AaronTags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: