Registering a limited company

hardworker2010

Hi people

I am a qualified nurse and looking to start doing some agency work. I understand that you can register a limited and become self employed. Can someone please talk me through the process i.e. what sort of company do i need to register? What the pros and cons of doing it this way.

Kindly advise

podperson

You don't need to start a limited company you can just register as self-employed. Can't really see any pros to doing a limited company if it's just you working as a nurse, it will cost money to set up and creates a lot more paperwork. If you want more information on being self-employed the tax office are usually quite helpful.

easyhost

podperson wrote: »

Can't really see any pros to doing a limited company

their is a major pro of setting up a limited company

if you are self employed you as a person are liable for any debts, but if you set up a limited company you are only liable for the cost of the share you have, so if you have 1 share at £1 this is your liability.

the con of being a limited company is that you will need to file accounts with companies house every year which will made available to anyone who pays to look at these.

podperson

What debts would they have working as a nurse though? Wouldn't need any major suppliers, no premises needed so therefore no utilities either, no stock needed. Not saying there aren't pros to a limited company in general - just can't really see them in this specific situation

telboyo

If you set yourself up as a LTD company you can get away with paying very little tax and NI. I used to go through an agency who maximised my income at a cost to me of £25 per week. I invoiced £30 k p.a and paid tax and Ni on £12000, by claiming subsistence and traveling expenses. The agency also dealt with VAT and filings for companies house.