Limited company help..

tannis

Just after a litle bit of advice here.

I work for Arise Virtual solutions who basically outsource call centre work to individuals who have set up their own ltd comapny in order to work for them.

Therefore i am the sole director of my own ltd company and i receive a monthly payment from Arise, what i really want to do is just transfer this money from my business account to my personal account and use this money as if it were a regular wage that i would get from normal paid employment, can anyone advise the best way to do this and what kind of tax situation i'm facing.

Any advice welcome.

fengirl_2

As an employee of your company, you need to operate PAYE against all salary payments. Contact HMRC to get the necessary paperwork.

Fulham_Mark

As above, really really sort all this out before you pay yourself a penny!

I have individual bank transfers set up for: pay, dividends, VAT, expenses, NI, PAYE etc. I don't just transfer some money around.

Be totally clear how you are using the money you receive. You'll have a nightmare doing tax returns and if you were ever investigated you would find it very difficult to prove that you were running the company correctly and legally.

If all this sounds messy then consider using an umbrella company who will pay you as an employee for a small monthly fee.

BrianM1975

Well said Fulham_Mark.

I suggest the OP should speak to their accountant in order to deal with this. The contract may fall within the clutches of IR35 so it isn't straightforward.

sunshinetours

BrianM1975 wrote: »

Well said Fulham_Mark.

I suggest the OP should speak to their accountant in order to deal with this. The contract may fall within the clutches of IR35 so it isn't straightforward.

Absolutely get an accountant now not at the end of your year. Noone should set up a company without understanding the legal and tax implications behind doing so. A good accountant will save you money in the long term by setting things up correctly from the start! I hate taking on clients where they have "DIYed" badly as its such a false economy!

vnvnvn2000

Has anyone got another answer?

Cook_County

If you type "Arise Virtual solutions" into Google you will finds many complaints about this company.

The UK company has been going since 2007 but has not yet filed any accounts at Companies House. It is 100% owned by a company using an Irish mailing address.

I expect that IR35 is almost certainly in point here, is the OP making money from this venture? Is the OP insured to run a company at home?