Tax burden of Contractor as Ltd Co.

chunky79

Thanks again, will show OH later this evening, he is on his way home from the Isle Of Man, thats where is contract is. Certainly an interesting read. You ramble all you like some things now with thanks to your post are alot more clear.:T

Smiley82

Not a worry, glad to have been of help

Fulham_Mark

Don't forget about an insurance policy for claims against you now you are supplying a service. For aviation this could be high. I think I pay 200 a year for IT.

Smiley82

Good Point - I have both Professional Indemnity Insurance and Public Liability Insurance - It was about £180 for both from memory - but a neccesity for me to secure my current contract. Make sure you check the limits/terms etc (as of course you always would with any policy) and that you are happy that you are covered enough for anything that might arise.

tyllwyd

Smiley82 wrote: »

Good Point - I have both Professional Indemnity Insurance and Public Liability Insurance - It was about £180 for both from memory - but a neccesity for me to secure my current contract. Make sure you check the limits/terms etc (as of course you always would with any policy) and that you are happy that you are covered enough for anything that might arise.

Sorry to go off topic a bit - but I was thinking maybe I should have PII. Is it allowable as an expense against tax?

Smiley82

Yes, it's a cost of running your business, therefore is allowable as a deduction against your Limited Company.

chunky79

Fulham_Mark wrote: »

Don't forget about an insurance policy for claims against you now you are supplying a service. For aviation this could be high. I think I pay 200 a year for IT.

I have had some ludicrous quotes, can you recommend a company for insurance please :A

Smiley82

Hi Chunky79

Try Caunce O'Hara http://www.caunceohara.co.uk/

or

QDOS Consulting http://www.qdosconsulting.com/

They are both recommended on Contractor UK Boards. I'm with Caunce O'Hara - easy to get a quote online and go from there.

How is everything else going? Got your head around things yet?

chunky79

Smiley82 wrote: »

Hi Chunky79

Try Caunce O'Hara http://www.caunceohara.co.uk/

or

QDOS Consulting http://www.qdosconsulting.com/

They are both recommended on Contractor UK Boards. I'm with Caunce O'Hara - easy to get a quote online and go from there.

How is everything else going? Got your head around things yet?

Hi smiley,

well things are certainly more clear, as for insurance i am on with sorting this out this week.

So again thanks for the links.

sclancy1

Any alternative Insurers as Caunce O'Hara doesn't cover depression for Personal Accident, Sickness & Travel Policy. Also my quote was for 555.00 initially then when I continued on the site to buy the cover it went up to over 700.00