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Gents, I'm pissed off to the back teeth with paying approx 38% tax/NI deductions so I'm thinking on going ltd.

Looking for advice on how to do it, should i do it all my self or get a third party to set it up for me. Any pro's /cons that i should be aware off before I start.

Thanks in advance ,

Che!
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Che wrote:
Gents, I'm pissed off to the back teeth with paying approx 38% tax/NI deductions so I'm thinking on going ltd.

Looking for advice on how to do it, should i do it all my self or get a third party to set it up for me. Any pro's /cons that i should be aware off before I start.

Thanks in advance ,

Che!

Not sure it will achieve what youre setting out to do, sole trader may help.

Get professional advice from a good accountant.

J
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As a Ltd co you need to provide your own Employers liability insurance covering you to work offshore. That can cost a bit. You'll have annual accountancy fees (not too bad for a small company)

One thing we do get from working under our Limited co is that a lot of stuff (not covered by company that is contracting you) can be claimed as expenses.... We have a company car (It's a Fiat Punto car, 2 seater, that is classified as a commercial vehicle), all IVA (VAT) is claimed back on the cost of purchase and fuel, servicing etc. All you gadgets can be run through the company also... phones, laptops, printers/scanners etc.

That way you can pay yourself a lower salary that meets the rest of your needs on a more personal level. Mortgage/rent, food, pub, clothes etc.
Therefore you personal tax will lower.

Not forgetting that you can run rail travel, flights, meals etc all through your business.. even if you travel overseas on a 'er'.. a business trip! Wink

We flew to Canada for three weeks. Flights, accommodation, car rental meals etc. all had to be paid for. The whole trip was run through our company books as we are both employees of our company.

I believe in the UK there are some tax differences between one man band Ltd co's a Ltd co that has more than one employee...as to what you can run through the books and claim. That is where an accountant should be able to advise. So, as the second poster suggested... get some accountancy advice. There is one that posts in this forum from time to time.
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Thanks for the Input/advice James..will get on it soon as I hit dry land!

Slainte,
Kenny
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I would be very happy to help.

I am confident that I can better 38% significantly !
Kind Regards
Steve White


Your Tax Office Ltd
+44 (0) 1438 940 944

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