Should I trade as a Limited Company, umbrella or composite

[MPwannadecentincome]

No. You can ONLY claim expenses incurred, and get the tax deducted from corporation tax, if they are legitimate, receipted business expenses.

The advantage of ltd over brolly has been discussed many times. Go read the first timer guide.

The rules must have changed then, 6 years ago my wife's ltd company was allowed to expense use of home for an office for £18 per week which was standard 'accountancy practise at the time, this limit was set so as not to cause issues with capital gains tax on the home for the element of business use.

[jlay]

Link to first timers guide

No. You can ONLY claim expenses incurred, and get the tax deducted from corporation tax, if they are legitimate, receipted business expenses.

The advantage of ltd over brolly has been discussed many times. Go read the first timer guide.

Although I am not new to contracting I am looking to close limited as have had bad advice from my accountants so am looking at all the options.
Cant believe that one of the first adverts on contractoruk.com is for payschemeplus/TRM

[breezeblocker]

Late Payment of Invoices

Have come across this site http://www.due2pay.co.uk . It looks to be what industry has been lacking in terms of teeth to tackle late payment from Limited Companies. Put details of a company in and you can see if they are late in paying their account invoices. Neat little trick feature which I haven’t seen anywhere else is their watch list. They will email you when a company you have concerns with is listed on the site. You can email the late payer and even better, email the company which listed them. Got a free period , worth it joining up especially when a company might be going down the pan, they aren’t paying you but are looking for other suppliers.

[ProfContractor]

My opinion is the safest thing to do right now is to go for the limited company option. I can't see how the revenue can legislate against this without impacting on all small companies.

PC

[daedalus]

Overseas (Luxembourg) < 6 months

Sorry for bringing up this topic again.
I'm planing to work in Luxembourg for 5 months, flying home every weekend.
My agency is based in the UK.
Is it legal to use my own Ltd. (UK-based) for billing in this case, if the work is limited to less than 6 months?

I got a bit confused by the abundance of information here.
Thanks for any comments!

[dave20]

It is legal for you and your company, you're just invoicing your agency in the UK, They are then subcontracting you to luxemburg.

The rule regarding six months is normally, if your there for 185 days or more, you have to pay tax there as a tax resident. this is different for each country so double check the tax residency rules for luxemburg. (this is for you individually, your company will always be in the UK)

[thugusher]

hi! im just about to start my 1st contract job and from what i have been reading in various forums i am more interested in going the ltd route. i need advise on a reasonable about to store away for taxes i.e company, personal income tax e.t.c. is 25% ok. im not too keen on umbrella route. i'll be on £200/ day. advice will be appreciated.

[nakvis]

Company Start-Up Questions.

Hi,

I am planning to start my own LTD company. I am planning to start the company as "Private Company Limited by shares". I am working as a contractor for an agency.

I have few questions in this regard:

Can my wife be director or just an employee of the company?

I am paid Per-Diem allownace (say £20.00 per day) by my agency if I work out of my base. Now this income goes to the company I am starting. As an employee, can I claim any Fixed Per-Diem alloanwance (say £25.00 per day) which can be tax free income?

Is there any benifit of having my wife is only the director of the company and myself just as an Employee?

Can anyone please advise good / reliable accounting firm?

Thanks!

[cojak]

Hi,

Is there any benifit of having my wife is only the director of the company and myself just as an Employee?

Can anyone please advise good / reliable accounting firm?

Thanks!

How strong is your marriage? Are you confident that you won't divorce while you're in business? I have heard of horror stories of marriage breakdowns and bank accounts being cleaned out before the dust settles...

As for accountants - SJD Accountancy, also THE PUMA has also been recommended to me but I don't know his real-life company.

[nakvis]

Hi Cojak,

Thanks for your response.

Marriage is not a problem for me at all....so nothing to worry about....

Thanks for your advise for the accountancy names....

Is there any advise on type of the company (Private company with limited shares.....public limited ....etc) and having my wife only as a director???

Thanks