Sense-checking my financial/Ltd company thinking!

[LondonContracting]

Hi all!

Hugely appreciate all of the expertise on this forum. Long time reader, first time poster. Just keen to make sure I've got the below correct.

I started contracting in January 2026, and have a Limited Company setup. I have the following income streams:

• A monthly 'salary'

...

[robcrosslandville]

Good evening from sunny Staffordshire...

My name is Rob and I am an.... ex-umbrella bod . I originally founded and was CEO of a business called Parasol which became Optionis etc. Before you swear at me, I fully and completely exited in late 2016 and had zero involvement with the...

[mikeappleyard4]

Hi,

Has anyone previously been involved with loan schemes and had to pay back HMRC? Were there any penalties involved and did you pay full tax on said loans? I know these umbrella companies already take 20% of the clients wage so do HMRC take that into account?
I was using pembroke...

[ryan11]

On Friday morning whilst on a work call (I work mostly from home as an IT consultant through my ltd company), a gentleman claiming to be from HMRC knocked on my door asking for me by name. My partner answered and took a message, he left his name and number.

I tried calling the number a...

[rascal]

EDIT: Ignore this. Apparently he used a General Partnership and not a Limited Company so IR35 did not apply for that reason.

https://www.theguardian.com/football...r-49m-tax-bill



So, contract directly with the end client, and IR35 doesn't apply.

...

[k118]

Hi all

I've just joined this forum as I really need some help and advice. Back in 2016/17 I was given (very bad) advice and joined an umbrella company who a few of my colleagues were also with and the company advised everything was above board and it was just another way to get paid. ...

[VillageIdiotDan]

I wonder if anyone else has received recent contact from HMRC similar to the attached please? I interpret this to say that because the company I worked through isn't in the UK they're deciding to come at me for the tax due.

My intention is to push back on the grounds HMRC inform me the...

[Bluebird]

Ok, so after many years of O/S IR35 I've taken an Inside gig and decided to dissolve the Ltd Co I've been using.

I tried to file a final CT return but the site wouldn't let me do it as it wasn't due, so I thought I'd dissolve the company and then file the final return on the anniversary...

[mb7ct]

Hi all


After having my tax code shifted around recently and taking a large tax chunk out of take home pay I am keen to understand the most efficient use of earnings in the new tax year coming up.

My day rate with my agency is 500pd, meaning HMRC have put my expected...

[Jambrella]

Hi, new to the forum and the contracting/umbrella world so apologies if this is the wrong section.

I have recently become an employee for an umbrella company. The job that I am undertaking requires computer equipment (laptop) but I do not have one personally and currently just borrowing...

[IngloriousContractor]

I was contacted by HMRC for VAT compliance check even though I have an appointed representative who is my accountant.
They asked to see 4 years of paperwork. I directed them to my accountant. My accountant provided to them what they asked for.
I am a few weeks into this compliance check...

[hitchhikar]

Hi All
I have received a very worrisome letter from HMRC Early intervention team with headline



Context:
I used an umbrella company for the first time and on recommendation from my recruitment agency I chose UmbrellaWorx Ltd.
As I was checking my payslips...

[gizzmo]

Hi

I'm new to working through an Umbrella - I started an assignment in January of this year - the current contract is for 6 months - straddling 2 tax years.
Prior to starting this role I had taken some time out, so for the tax year 2020/21 I only had 2 monthly salary payments - in...

[ContractorGC]

Umbrella companies deduct employer NI and employee NI from a contractor’s day rate agreed with the hiring manager. Is this fair? Is the umbrella companies just a facade for double NI collection from a contractor’s day rate? Most hiring managers are not even aware that employer’s NI is being paid...

[mike78]

I was having a limited company with my Brother. I was not having voting right and holding less than 10% share.
I sold my share to my brother and resigned as director in Dec2020.
My brother liquidate the company recently and will claim ER.

If I open new limited company in UK...

[ladymuck]

I couldn't find my previous rant about the state of my MTD VAT Account where HMRC say that what I owe is less than the amount declared in Box 5.

Anyway, after noticing that they finally were accepting that I owed the Box 5 figure and not some far lower figure, I set up the direct debit...

[JasperL]

Hi all,

Looking for some guidance and would appreciate your thoughts.

I'm a Dutch national and have lived in the UK for 3 years now. I have a pre-settled status and no National Insurance number. I'm a freelance IT consultant and my limited company is based in the Netherlands....

[Fewzhon]

Hi All,

Hoping for some advice; On Saturday i received a letter from HMRC regarding me being potentiality involved in tax avoidance - referencing Spotlight 45: Umbrella Companies offering to increase your take home pay

The contracting world is all new to me and i followed...

[onestep70]

I am unclear whether I have any HMRC "Protected" years. I don't recall having received any letters indicating a year is under assessment or Protected.
I'm unclear on how to confirm. I checked my previous self assessment years online via the government gateway, self assessment. All...

[camps]

Hi,

I'm currently trying to Furlough myself under my limited company but the HMRC site states that I'm not eligible as there is no body listed on the payroll, I have been on the payroll for the last 8 years and this shows under the HMRC basic tools app I use to make submissions. I currently...

[sabros123]

Hi,

I am a healthcare professional that is very new to the contracting gig. My next assignment is happy for me to be paid via umbrella company, thus presumably saving me some money overall.

A colleague has advised 'Alpha Republic Limited' to help me with this and states...

[test31894]

Hi,

I have limited company and I recently lost the contract soon after buying a house. In difficult situation now. I have below questions:

1) Can I furlough myself from my company and get small job retention grant?
2) While on furlough in my own limited company can...

[Timea]

Hi

I`ve been self-employed since the end of June 2019. Unfortunately, because of the current lockdown, I`m not able to work. The gov promised to pay 80% based on at least 1-year assessment records, which I don't have yet. I was employed before starting my self-employment and paid tax...

[redordead]

Currently working as an IT contractor and trying to navigate the minefield of expenses whilst being employed via an umbrella company. My question relates to claiming the costs of certification exams and training materials (books, video subscriptions, bootcamps etc..). Since I am not a limited company,...

[BBdreamz]

evening.. I have just received a notice of assessment for a loan charge saying i have to pay by mid march. This is the first letter I have received. I never received any letters prior to this as some of the threads suggest were sent out. How can HMRC send out an assessment with calculations without...

[Clarkston]

Not sure if people have already seen this latest published HMRC manual.

ESM0117 - Employment Status Manual - HMRC internal manual - GOV.UK

Quoting from Manual:-
Where it is agreed that a worker who has previously been regarded as self-employed should now be treated as...

[utopia]

I operate through a PSC and have been on an outside-IR35 contract with a UK-based recruitment agency for a few years. The client, for the purpose of this contract, is a large consultancy. This consultancy has a number of business clients in the UK, one of them being a large insurance agency. I have...

[petafin]

Hi,

I set up a new limited company on 30 June 2018.
So I had to submit my first Corporate Tax Return (CT600) at the beginning of this year 2020.
This covered the period 30 June 2018 - 30 June 2019.

The status of the submission is "submission complete"...

[Pity the fool]

Didnt see this posted yet.

HMRC announces change to the off-payroll working rules - GOV.UK

Most of folk i know are terminated effective from 28 Feb so this is too little too late.

[messymess]

Worth one last final try?

Westminster Protest and Lobby Day - Stop The Off-Payroll Tax

[aquaerius]

Hi everyone!

I am the director of a newly created LTD based in the UK. My company provides engineering & consultancy services.
There is a possible contract to start in a couple of months for a US customer; it requires my presence to oversee the development. It is the electrical...

[cloudman]

Hello,

I've got me Limited Company going now... no more IR35 and no more sitting at desks. All remote Skype, phone, email, I have clients for SaaS programming in the UK.

I am a UK Citizen. Resident in UK. I want to offer the same cloud services to USA big companies....

[wapperer]

Hello,



I run a small tech advisory business and was using a co-working subscription that was £400 per month. I recently decided to end this contract as it was far to high for my uses. I decided to join a private members club who encourages its daytime use for business...

[Xcontract]

Hi All

Sorry for the new thread but not sure i could get answers from the other threads as you all seem to be involved for a while in the LC discussions, and i am a relative noob.

My position is that i worked briefly as a contractor in 2011-12 and used winchester contracts...

[LittleRedBaron]

I operate as an IT Project Manager - almost exclusively in the Finance sector. I have done some work in IT Security over recent years and want to move more into that specialism and market my company as a Cyber Security Project Management specialist.

I started a Cyber Security MSc in...

[RobScott]

HMRC paid the evasion callers a total of £343,500, with individual payments historically depending on the ‘value of the tip-off and the quality of the result.’

Has any one earned money through this business?

[ClareGunne]

Hi. I’m new here and seeking advice so please be gentle.

I’ve tried to read as much as possible about the loan charge. I can’t afford the tax advice.

Last week, I had the letter from HMRC about possible disguised remuneration and I contacted them. They...

[abu1]

Hi I am thinking of changing my accountant as he is not doing much or anything at all. Also currently he is abroad and I am unable to get hold of him since last 4 weeks.

what do I have to do for handover to a new accountant? Do I need to make HMRC aware?

Also any recommendations...

[Jasmin]

Is anyone employed by Winchester Contractors who have been affected by the HMRC settlement schemes, taking legal action against Winchester?

[Dundeegalaxy]

I am some what if a Parliament Petition geek (clearly lack a decent social life) and would be interested in starting one on this matter.

There currently is no running petition so would not have the issue of duplication. While petitions are often worthless, if 100,000 signatures can be...

[lhgleicester]

Hello

BBC Radio 4 is looking into the impact of the IR35 rule change for the public sector, and interested to speak to individuals who have been affected.

We would be keen to hear from anybody who has seen significant change in the area they work in, or has seen their circumstances...

[Jonathan9528]

Hi,

My wife and I currently live in New York but will be relocating to the UK shortly. She wishes to continue working for her advertising agency remotely so has set up a UK Ltd Company to undertake contracting work. Work will only be undertaken remotely from the UK.

If...

[londongirl7]

I am having an absolute nightmare and need some help! I've been contracting since August 2016 and at the time I was rushed into choosing an umbrella company to use, a friend of mine recommended me Payerise and I blindly just went with them as she told me she had used them years without issue.
...

[rob s]

Is it available yet?

[likewise]

My agency has just informed me that on 6th of April im likely going to have to use an umbrella company for the public sector contract ive just started. In a nutshell, I like this contract because its a good rate and local. Ive been looking into it and out of a weekly earning of £1100, various umbrella...

[Kurimizumi]

Hi all,

I live in the UK, and I've been offered a contract for a company in Canada and I will be paid by wire transfer. I'm currently waiting for a formal written contract before I agree to anything, but I'm trying to do as much research as possible in regards to tax.

I...

[ibzmiller]

Is anyone thinking of raising their contract rates to lessen the impact of the new dividend tax setup?

[HenryG22]

Hi,

I am in a bit of an accounting quandry brought on through burying my head in the sand. I have saved the tax money due by the limited company, so procrastination is to blame, not intention (however probably not a defence). I am a freelancer earning around 30k - so we are talking relatively...

[ajheywood]

Hi all,

I'm looking for some advice, I've been on a self-billing contract for a while and not been keeping a close eye on my company turnover and I think now that I have gone over the VAT threshold sometime in Jan/Feb 2016. I'm looking at the HMRC website to register for VAT and it is...

[CupidAlaska]

Hi all,

I have just started running a limited company and I am the director and sole shareholder of this company- The nature of the business is forex day trading.
Last month, I lent the company £10k to be able to start trading and will take back out £10k before year's end so...