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Author Topic: I need to set up a Limited Company  (Read 2410 times)

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Offline Nick

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Re: I need to set up a Limited Company
« Reply #15 on: January 05, 2012, 12:57:19 PM »
Quote from: Pastis on January 05, 2012, 12:55:32 PM
Turnover >£73K and you're exempt ... but they'll be watching   noooo:
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Offline Pastis

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Re: I need to set up a Limited Company
« Reply #16 on: January 05, 2012, 01:04:10 PM »
Ackchewly, being VAT registered's not that bad. If you can pick the right scheme you can make money out of it   whistle:
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Offline Snoopy

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Re: I need to set up a Limited Company
« Reply #17 on: January 05, 2012, 01:10:30 PM »
Quote from: Pastis on January 05, 2012, 01:04:10 PM
Ackchewly, being VAT registered's not that bad. If you can pick the right scheme you can make money out of it   whistle:

Indeed but from my experience trying to deregister is a bloody nightmare.

It's all the other crap that goes with being a Ltd Company that would make me consider other ways such as "Factoring" invoices etc and even turning down business before I went down that route again.
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Offline Pastis

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Re: I need to set up a Limited Company
« Reply #18 on: January 05, 2012, 01:17:25 PM »
Agreed.  I believe I have the right mix, for me.  The next challenge is trying to figure out how to get paid for not working like those wind farms you referred to elsewhere   rubschin:
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Offline Snoopy

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Re: I need to set up a Limited Company
« Reply #19 on: January 05, 2012, 01:30:32 PM »
Geo Osborne did say that he was minded to review the IR35 regs to "simplify" them and encourage start-up companies but in his last budget he said he was going to leave things as they stood until some unspecified date in the future ..... to me that translates as "I'd like to be a true Conservative but the Treasury won't let me".

As for Nick's problem I'd say he needs to speak to his accountant, consider all options (including walking away from the proffered business) and decide if it's worth the additional accountancy fees and personal involvement in his bookkeeping before he goes further. Unless he has  a written offer of the business for these two contracts, conditional only on his setting up a Ltd company, my inclination would be that it is not worth the hassle to open that can of worms just because their conditions of tender say that they will only deal with Ltd companies..... becoming a Ltd co just to be able to bid cannot be worth the effort and subsequent continuing grief.

Still I suppose it is proof that there is plenty of work out there and that he doesn't need to re-apply to B&Q to be customer adviser.
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Offline GROWLER

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Re: I need to set up a Limited Company
« Reply #20 on: January 05, 2012, 09:08:36 PM »
Short and sweet, as my thick and scouse ignorant opinions seemingly carry little credence, but I became Ltd 6 years ago on accountants recommendation.
Little bit of mither and annual expense , but nothing I've lost sleep over. Corporation tax is annual, and amounts to less than the total I was originally paying  over two instalements previously, even after the slight increase in accountancy fees.

VAT is great for me. On the cash accounting AND flat rate schemes.
Actually make a decent prodit each 1/4 (usually depending on how busy I've been obviously) which is taxable, but goes towards paying the Corp. tax bill in August.

Make you own mind up like I did.
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Offline Nick

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Re: I need to set up a Limited Company
« Reply #21 on: January 05, 2012, 09:12:17 PM »
All set up Mr Bear  :thumbsup:
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Offline Barman

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Re: I need to set up a Limited Company
« Reply #22 on: January 05, 2012, 09:12:35 PM »
I knew our resident VAT expert would be along soon to sort everything out!  cloud9:

Where's me fecking Golden Coconut????  cussing:
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Offline apc2010

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Re: I need to set up a Limited Company
« Reply #23 on: January 05, 2012, 09:22:06 PM »
Quote from: Barman on January 05, 2012, 09:12:35 PM
I knew our resident VAT expert would be along soon to sort everything out!  cloud9:

Where's me fecking Golden Coconut????  cussing:

Vodka n tonic......... rubschin:
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Offline Barman

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Re: I need to set up a Limited Company
« Reply #24 on: January 05, 2012, 09:23:50 PM »
Quote from: apc2010 on January 05, 2012, 09:22:06 PM
Quote from: Barman on January 05, 2012, 09:12:35 PM
I knew our resident VAT expert would be along soon to sort everything out!  cloud9:

Where's me fecking Golden Coconut????  cussing:

Vodka n tonic......... rubschin:

doh:
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Offline GROWLER

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Re: I need to set up a Limited Company
« Reply #25 on: January 05, 2012, 09:25:10 PM »
Quote from: Nick (GC First Class) on January 05, 2012, 09:12:17 PM
All set up Mr Bear  :thumbsup:

Which? One or the other or both? Shrugs:

Can't say i've had any bother off either dept tbqh, and obviously hope it stays that way, as  they are extremely prickly to deal with I believe, especially HM Customs & Revenue who seemingly have more power then the rozzers even.
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Offline GROWLER

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Re: I need to set up a Limited Company
« Reply #26 on: January 05, 2012, 09:27:55 PM »
Quote from: Barman on January 05, 2012, 09:12:35 PM
I knew our resident VAT expert would be along soon to sort everything out!  cloud9:

Where's me fecking Golden Coconut????  cussing:

Isn't fully grown yet.
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Offline Barman

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Re: I need to set up a Limited Company
« Reply #27 on: January 06, 2012, 07:30:01 AM »
Quote from: GROWLER on January 05, 2012, 09:27:55 PM
Quote from: Barman on January 05, 2012, 09:12:35 PM
I knew our resident VAT expert would be along soon to sort everything out!  cloud9:

Where's me fecking Golden Coconut????  cussing:

Isn't fully grown yet.

 sad32:
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Offline Miss Demeanour

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Re: I need to set up a Limited Company
« Reply #28 on: January 06, 2012, 08:14:47 AM »
You've been demoted to a little acorn  whistle:
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