[joe.b]

hey everyone dont know if you can help but i have been registered as self employed for about 4 months and ive gone limited, what do i need to do with my accounts for self employed, also what do i have to do about saying im working for the company now and any other info about what i need to do?

thanks

[cml]

Hi

Might I suggest that you contact your tax office employers help line who will give you all the information you need.

It is not clear whether you intend on being employed by your new Limited Company or remain self employed - putting you in a sub-contracting position under it.  I would strongly recommend that you speak with your tax office and get your business on the right footing.

[bob1]

i must say being a limited company for yourself can be much more complicated and expensive. You will find so much unnessesary paperwork comes your way. If you have been advised to do this because it will save you on tax talk to your accountant about all the changes you will incurr. It may put you off.

[The Great One]

Hi

Go unlimited!

Too much hassle and extra accountant costs. You may not NEED to go limited for years.

Regards

Martin

[pdl]

There are £ turnover figures to consider when you are self employed.

[shelton]

And there is the perception that being Ltd gives a more profressional image.

I have some commercial customers who say they would not deal with anyone who was not operating under a Ltd company, so there are possibly some commercial incentives to consider too.

[The Great One]

Hi

Strange perception isn't it, in reality doesn't make the slightest difference.

One way is to say ' I can be 17.5% cheaper that my limited rival'

Personally never had an issue, people do ask sometimes, then i go into my soapbox speech on the 17.5% issue and being an unpaid tax collector etc

People seem to relate?

Regards

Martin

[Art]

Persanally i wouldn't, but you really should speak to an accountant.

Sheltons point i've heard before, but in my experience it's never went against me not being Ltd.
When you start off you really should be keeping expenditure as low as possible and LTD. means more money you'll have to fork out which could be better spent on advertising or something that'll bring work in

Arthur

[joe.b]

is it possible to go unlimited? would i just ask the formation company to cancel it and refund etc?

thanks

[heritagecleaning]

Martin

Why would a limited company be 17.5% more expensive? - Limited companies do not have to be vat registered you know, not unless they exceed the threshold.

I am the director of a limited company that sells sports motorcycle acessories and we're not vat registered.

Owen

[The Great One]

Hi

My apologies, got confused. Owen you are of course quite correct.

My point I was trying to make was that with Limited you have more costs as you have to file your accounts every few months (accountant costs)

VAT registered is different and you charge 17.5% VAT onto the bill, although the client can claim that back as I understand it, as I am not either, please check with your accountant.

Regards

Martin

[shelton]

Yes, that's correct Martin.  We are a Ltd company but aren't VAT registered so can be as competitive as we want.

As for overheads . .. depends on your accountant.  We paid upfront for the company formation, etc. but since then have paid no extras.

When I had my IT consultancy a few years back I was VAT registered . ..  . never really foud it a great overhead.  Can only see it getting messy if you didn't track your income and expenditure properly.

[Fox]

Hi

We are a Ltd Company and registered the Company ourselves without an accountant, we do our own Company House returns yearly and they are a doddle!  Yes we do have an accountant but only to do the end of year.  You don't have to file your accounts every few months so I don't know where you got that from!

And there is the perception that being Ltd gives a more profressional image.

I have some commercial customers who say they would not deal with anyone who was not operating under a Ltd company, so there are possibly some commercial incentives to consider too.

Strange perception isn't it, in reality doesn't make the slightest difference.

Yes it does make a difference, your accounts are public and they can be checked by the buyer to ensure they are dealing with a legit, solid company.

Fox

[The Great One]

Hi

Fox if you are content with everybody looking into your figures and being an unpaid tx collecter, then I am happy for you.

I have never had an issue with not being VAT registered, or Unlimited.

Does that make me less professional?

In my eyes no it doesn't, if people on here on elsewhere think it does, I will not lose any sleep over it. There are enough ways for people to look into all our private affairs without giving any more ammo.

This is only my opinion of course and others are allowed their opinion.

Regards

Martin

[Fox]

Calm down Martin there's no need to throw your toys out of the pram! 

Yes we do all have our own opinion and where in my post did you read that I said you were less professional?  I think you'll find that I quoted someone else and yourself to make the point that in reality it actualy does 'make the slightest difference' whether you are Limited or not.

I don't recall mentioning anything VAT either, for the record though we have always been VAT registered and for us it works, we don't have a choice because of turnover but if we did I wouldn't change my mind.

Anything else you want me to explain?

Fox

[shelton]

Agreed.

I believe it was my post where I stated that there was a perception that a Ltd company was more professional than one that was not Ltd.

The fact that we are Ltd has, I know for a fact, been a contributory factor in us winning about 50% of our commercial contracts.

Don't shoot the messenger!