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magic beans
Posted: 16 December 2024 10:02:15(UTC)
#21

Joined: 22/01/2012(UTC)
Posts: 110

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Get a good accountant.
There are umbrella companies that will handle all your paperwork for you whether or not they are applicable to you or indeed worth it you can decide.
Get a good accountant.
HMRC have a set of requirements such as insurance, website, advertising, own work schedule, place of work and time at that place. ( I know of places where contractors have been on site for fourteen years and that was years ago. Looking at you Weir Pumps.) HMRC also get a bit moody about travel to and from work in own car. On the other hand I used to commute by train and plane to and from Germany every week for a couple of years working in different locations yet they seemed happy with that and never queried it.
Get a good accountant.
My working year was based on forty working weeks. More was a bonus less was acceptable within bounds.
Did I say get a good accountant.
Good luck.
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Rob B on 16/12/2024(UTC)
SF100
Posted: 16 December 2024 10:29:27(UTC)
#22

Joined: 08/02/2020(UTC)
Posts: 2,259
is it actually still worth the hassle, financially?
tax free dividend allowance is now only £500 per annum
as opposed to years ago when it was much much more.

I suspect in due course that Labour will be having another go at tightening the noose further
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Hilda Ogden
Posted: 16 December 2024 11:23:53(UTC)
#24

Joined: 31/07/2023(UTC)
Posts: 887

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SF100;328721 wrote:
is it actually still worth the hassle, financially?
tax free dividend allowance is now only £500 per annum
as opposed to years ago when it was much much more.

I suspect in due course that Labour will be having another go at tightening the noose further

For a bum on seat contractor? Financially? IMO, no it isn't. That may not be a universally held view. But as far as I can see the assumption that the OP intends to work as a typical bum on seat contractor may not be the case. He or she might be starting another business entirely for all we know.
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SF100 on 16/12/2024(UTC)
John Bleke
Posted: 16 December 2024 12:19:25(UTC)
#23

Joined: 06/03/2023(UTC)
Posts: 246

Thanks: 114 times
Was thanked: 285 time(s) in 142 post(s)
SF100;328721 wrote:
is it actually still worth the hassle, financially?
tax free dividend allowance is now only £500 per annum
as opposed to years ago when it was much much more.

I suspect in due course that Labour will be having another go at tightening the noose further


Not really at all. From my perspective it's just an extra way of being flexible to meet a client's needs. Either off or on payroll. I'm not so bothered anymore with the erosion of this dividend allowance.
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SF100 on 16/12/2024(UTC)
Special Kloud
Posted: 16 December 2024 13:01:06(UTC)
#25

Joined: 01/09/2023(UTC)
Posts: 24

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Was thanked: 53 time(s) in 20 post(s)
Get a good accountant.
My only advice or something to be aware of is, if you're a new company (trading less than 2 years) you will find a lot of banks won't accept you, the same goes for investment platforms.

Certain banks are tailored to *start-ups* & keep this in mind when selecting a bank. This can limit your ability to invest/save company cash for the first 2 years as many institutions won't deal with you below that 2 year mark. It's not the biggest issue but something to always read before bothering to fill out any bank application, they will always tell you if its a requirement or not before applying.

I went with Monzo business banking & virgin business banking for my main bank needs in my LTD from day 1.
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Rob B on 16/12/2024(UTC)
John Bleke
Posted: 16 December 2024 13:08:35(UTC)
#26

Joined: 06/03/2023(UTC)
Posts: 246

Thanks: 114 times
Was thanked: 285 time(s) in 142 post(s)
Special Kloud;328733 wrote:
Get a good accountant.
My only advice or something to be aware of is, if you're a new company (trading less than 2 years) you will find a lot of banks won't accept you, the same goes for investment platforms.

Certain banks are tailored to *start-ups* & keep this in mind when selecting a bank. This can limit your ability to invest/save company cash for the first 2 years as many institutions won't deal with you below that 2 year mark. It's not the biggest issue but something to always read before bothering to fill out any bank application, they will always tell you if its a requirement or not before applying.

I went with Monzo business banking & virgin business banking for my main bank needs in my LTD from day 1.


I used to be a good Accountant!

Mostly all banks accept new companies although the overdraft facility may be somewhat limited in the early days.
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