Originally posted by SueEllen
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Reply to: Cancelled assignment
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Previously on "Cancelled assignment"
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Originally posted by Old Greg View PostWhy would you make her a director?
Would HMRC necessarily treat it as a gift?
Magpie2121 talk to your accountant about giving your wife shares and the pitfalls of making her any officer position in your company.
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Originally posted by Stevie Wonder BoyWhat you may want to do is to give your wife a 50% stake in the company, you would then make her a director in your company.
You need to do this when you form the company, not later otherwise HMRC will treat this as a gift. Any dividends paid would then be distributed to both you and your wife on an equal basis.
Would HMRC necessarily treat it as a gift?
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Originally posted by mudskipper View PostOf course you can, but you'll still have to sort out your final accounts. If you're with SJD (or any other accountant) for a couple of months, they're not going to throw that in for free. Make sure you understand the costs before going down that road - it's not like an umbrella; you're a company director and you have to close that company properly with all the paperwork that involves.
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Originally posted by Magpie2121 View PostSJD accountancy have told me there is no minimum contract term with them so I can potentially leave after a few months If I want to.
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Originally posted by Magpie2121 View PostAlso, I have a wife that works part time and a 2 year old daughter that goes to a private nursery part time. Can I make my wife an employee of the limited company if I decide to set one up?
Originally posted by Magpie2121 View PostIf so, what would be the advantages of doing this?
Originally posted by Magpie2121 View PostWe are finding it hard to make ends meet.
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Originally posted by Magpie2121 View PostIs the above a decent deal bearing in mind I'm currently paying my current umbrella company £30 to process each payslip? Is there anything else I need to consider from the above email? Should I opt for the VAT registration? SHOULD I NOW FORM A LIMITED COMPANY??
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Are you doing on/off work for Dimension Data through Hays? Sounds like you're being operated like a tap. Your situation puts you in the perma-temp 0 hour contract camp.
You should be aiming for at least 3 month gigs to make this exercise more viable. Forget the ltd co route for now because you have no clue as to what the crack is. Get a 3 month gig under a brolly and research the Ltd co whilst doing the gig. At the end of the gig you should be in a better position and better informed to go ltd, remain brolly or go back to permie-land.
Opening a ltd is real easy, but closing one is a real pain in the c0ck and can be pricey too.
What's your bag in IT?
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Originally posted by Magpie2121 View PostYes I'm an IT contractor. SJD accountancy have told me there is no minimum contract term with them so I can potentially leave after a few months If I want to. My ambition is to stay as a contractor for as long as possible but I'm struggling to find any work other than through Hays.
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It might be worthwhile revisiting your CV and expanding your area of search to increase your contract opportunities. Good luck to you.
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Originally posted by mudskipper View PostIf you set up a limited company, you are committed to it for some time - if a month down the line you do get a perm job, you will still have all the expenses of the limited - to wrap it up will cost you and you will almost certainly be committed to a year's accountancy fees if you want them to do your final accounts. Don't set up a limited unless you're planning to carry on as you are for at least a year, and even then at that level of income it really seems like overkill.
What do you do? Are you an IT contractor?
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Originally posted by kingcook View PostWith an annual turnover of £5K, I'd be more concerned about getting a proper gig.
Try to find a decent paying contract first, then get an accountant immediately.
I would not be twidling my thumbs waiting for a phonecall from Hays. Get your CV up to scratch, get looking on websites for contracts and start earning some real money
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Originally posted by Magpie2121 View PostOK, that's fine. Please can somebody just explain whether or not the deal offered by SJD Accountancy is any good or of benefit to me? Thank you
What do you do? Are you an IT contractor?
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