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Reply to: Job site VAT
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Previously on "Job site VAT"
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Starting out in contracting? Go umbrella first, then go Ltd. IMO. Cba to explain why, but it's just my thoughts. I went brolly for first three months (didn't claim expenses, etc), then went Ltd. Best decision I ever made as it gave me time to concentrate on my deliverables and new non-permie mentality for the first few months, and gave me time to really learn about my responsibilities as a Limited Company Director.
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Originally posted by captainham View PostYou're right, but you potentially underestimate OP's ability to figure that one out...
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Originally posted by speling bee View PostThe OP should get 3 from 2.
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Originally posted by captainham View PostYou also missed:
3. If you go Ltd, get an accountant; don't attempt to go it alone, you'll be lost at sea (OP specifically). But umbrellas are far easier, you may find it suits you much better...
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Originally posted by speling bee View PostAt this point I would suggest you:
1. Don't worry too much about northernladuk. as he's having a little dig at you cos you don't appear to be very well informed, so an umbrella is a safer option - but it does suck from a taxation point of view.
2. Read some beginners guides from this site, Nixon Williams, SJD Accountancy, and get back with specific questions.
A Ltd company is a serious undertaking and you need to acquire some knowledge fast.
3. If you go Ltd, get an accountant; don't attempt to go it alone, you'll be lost at sea (OP specifically). But umbrellas are far easier, you may find it suits you much better...
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Originally posted by speling bee View PostAt this point I would suggest you:
1. Don't worry too much about northernladuk. as he's having a little dig at you cos you don't appear to be very well informed, so an umbrella is a safer option - but it does suck from a taxation point of view.
2. Read some beginners guides from this site, Nixon Williams, SJD Accountancy, and get back with specific questions.
A Ltd company is a serious undertaking and you need to acquire some knowledge fast.
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Originally posted by gabox01 View PostBut let's say on a 400 daily rate, i have to register for VAT right?
Why should i go umbrella? I've heard it sucks from the taxation point of view.
1. Don't worry too much about northernladuk. as he's having a little dig at you cos you don't appear to be very well informed, so an umbrella is a safer option - but it does suck from a taxation point of view.
2. Read some beginners guides from this site, Nixon Williams, SJD Accountancy, and get back with specific questions.
A Ltd company is a serious undertaking and you need to acquire some knowledge fast.
Leave a comment:
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Originally posted by northernladuk View PostIt seriously isn't. Charging VAT also depends on whether your LTD is VAT registered as well..
Just a note, they don't pay it to you either. They pay it to your LTD (or brolly)
Go umbrella please....
Why should i go umbrella? I've heard it sucks from the taxation point of view.
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Originally posted by eek View PostI did say 99% of the the explicitly because of such areas. Academy chains of schools have nightmares when it comes to vat
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Originally posted by speling bee View PostNot quite true, as the rules for certain public sector bodies reclaiming VAT are complex. No relevant to OP though.
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Originally posted by eek View PostBusiness to Business transactions are usually priced excluding VAT as 99% of the time VAT is irrelevant to them....
So the rate should be ex (or +) VAT
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Originally posted by gabox01 View PostAnd you mean this is not site specific, but rather a convention in UK?
I seriously thought, that VAT is included in the daily rates shown around job sites.
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Originally posted by gabox01 View PostAnd you mean this is not site specific, but rather a convention in UK?
I seriously thought, that VAT is included in the daily rates shown around job sites.
Just a note, they don't pay it to you either. They pay it to your LTD (or brolly)
Go umbrella please....
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Originally posted by gabox01 View PostI'm a bit confused now, so let's take a concrete example:
Job: Development Team Lead / Architect (Java/JEE) - Technojobs
Does that mean, that they pay 500 + VAT to me, or they pay 500, and i have to pay the VAT from that 500?
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