PAYE / Umbrella / Ltd

wildheart83

I've recently decided to go back contracting and the options I have are to go PAYE through the agency, use one of their approved Umbrella companies or go Ltd company.

Ltd company makes most sense to me, but I'm highly unlikely to be able to open a business bank account due to my credit history, can I use a personal account I already have? To be honest, any money coming in will go straight to my personal current account anyway but don't want to go too far down this road if this is likely to put a stop to it.

Any advice is very much appreciated

danielley

In order to have a Limited Company you will need a business bank account


I appreciate that a Limited Company may be the ideal option from a tax point of view, but via an Umbrella Company you will still be able to benefit from tax relief on business related expenses, however you will not be able to pay dividends (as you would in a Ltd)


Good Luck!