Self Employed to Ltd Company

Bamber19

or do it completely yourself from companies house for, if i remember correctly £20

c-m

Are there any guides and template (examples) for the DIY method?

Charles68_2

My advice, after having a limited company as an IT contractor for over 5 years, is to use an umbrella company. You will still earn more money than a regular employee as your hourly rates will be higher, however you have none of the bureaucracy, Tax returns, VAT returns, P11D returns etc etc. Whether your in the IT or not it doesn't matter as many agencies will either recommend or know of, umbrella companies that can offer this service.

Hope this helps
Charles

Sugarloaf

Thanks Charles.

However my job is purely commission based, if I don't sell, I don't earn any money! The company have now offered PAYE together with commission, but they have made it so low that everyone will reject it.

Do you think it still worthwhile to use an umbrella company?

Iffy_Wallet

Sugarloaf - you make care to stroll across to a few of these websites to consider the complexities of IR35 and other nasties:

http://www.shout99.com/contractors/
including the Ask An Expert section

http://www.pcg.org.uk

http://www.contractoruk.com/

http://www.fsb.org.uk/forums/

and so on...

rio

Also remember that you will have to open a new bank account in the Limited Company name, and that the bank has to carry out independent searchs of Company House records which can take a couple of weeks before they will issue cheque/paying in books etc.

BexTech

Bamber19 wrote: »

or do it completely yourself from companies house for, if i remember correctly £20

Yes, but I think when I looked into it you had to get a solicitor to sign some paperwork, so found it quicker and easier to use the website I did, done within a few hours.

BAILIFFCHASER

right the benfits. At the moment like being slfe employed you are paying yourself. Anything you start off you are personally liable for. Ie if you get a computer on credit then you are personally liable for it. however if you go ltd then your are not liable for anything. Any credit etc will be youre companie problem. If the business fails thenthey will come after the company. Lots of advantages.