Am I also right in thinking IR35 is not an issue full stop for sole traders ?
EDIT: Found answer in another post... IR35 dose not apply to sole traders...
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Reply to: Sole Trader vs LTD vs Umberlla
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Previously on "Sole Trader vs LTD vs Umberlla"
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Originally posted by sweetandsour View PostI would say Sole Trader is preferable if the client is OK with that. No company to create, just declare the extra earnings.
It is what most of us would do if we were able.
He just needs to keep a record of his incomings and outgoings right ? Keep his receipts etc... Right ?
Looks like a £4500 laptop is in orderLast edited by dx4100; 17 June 2009, 09:30.
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I would say Sole Trader is preferable if the client is OK with that. No company to create, just declare the extra earnings.
It is what most of us would do if we were able.
10 to 15 hours work per month for six months for website advice and search engine optimisation? Nice work if you can get it.
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Originally posted by Pondlife View PostWhy doesn't he just take the 4.5K and declare it as additional earnings on his Self Assessment?
It doesn't seem worth the overhead of brolly fees or Ltd Co accounting costs for this amount of work IMO.
Don't worry about VAT - he won't reach the threshold.
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Why doesn't he just take the 4.5K and declare it as additional earnings on his Self Assessment?
It doesn't seem worth the overhead of brolly fees or Ltd Co accounting costs for this amount of work IMO.
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Sole Trader vs LTD vs Umberlla
Hi all
Just wanted to know what other peoples thoughts was on this...
My friend is going to be doing a one off spell of consultancy for his friends firm. He will be giving some advice and ideas on how to improve his website and how to make the site more search engine friendly etc.
He has agreed a charge of £50 p/h and will be doing about 10-15 hours a month over about 6 months. So by my numbers that's only about £4500 income. He has a current job paying over £40k a year. So he will be in the 40% tax bracket etc. He is also working on the basis of not being IR35 caught. His mate isnt arsed which route he goes down as long as he invoices him properly. He also is not arsed if his invoice includes VAT or not which also opens the flat rate question.
So the question which structure would be best for him. There is a slight chance that he may continue contracting in the future but now he is aiming at just six months.
In my head the best and only realistic route would be sole trader but I wanted to check with you guys on your thoughts.Last edited by dx4100; 17 June 2009, 08:53.Tags: None
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