What company is best to set up a ltd?

goldbyron

Hi

I am thinking of setting up a Ltd as a self employed social worker. I am a bit confused regarding all this so bear with me if I sound like I don't have a clue!

I work FT as a social worker for the local government and also undertake private work in this field (assessments etc). I need to complete my own tax etc in this regard for the additional income that I receive. However I thought it may be useful if I set up a Ltd as then I could undertake any further indepedant work.

I see that there are various online companies that offer to undertake this for you for quite a low fee (around £20) and this can be done instantly. Are these firms kosher and if so are there any particular recommendations?

Thanks

Premier_2

Are you really sure a limited company is the best way forward?

If not, (because you haven't given any good reasons for setting up as a limited company) I suggest you talk things over with a good accountant who will be able to advise. He may even be in a position to provide you with a limited company if he thinks that's the best solution ... but why not just be self employed?

Most of the agencies offer a good service and it's quite easily done. You could even do it yourself, but the agencies often work out cheaper in the long run as they do it many times a day and are profficient in it.

Pennywise

Buying your limited company is the easy bit. But do you realise what you're letting yourself in for in terms of having to prepare & submit limited company accounts in the statutory format, submission of corporation tax returns, possible registration and filing implications as an employer (if you want to pay yourself), consideration of how to pay yourself (i.e. wages and/or dividends), filing of accounts and annual return at companies house, different rules for claiming expenses compared with being a sole trader, potential benefit in kind tax traps, - need I go on. It's not something to go into without properly researching your liabilities and obligations. There are regularly threads on these and other fora from people who've paid their £25 for a limited company without realising what they're letting themselves in for - don't be the next one.