self employment questions

stranger12

Hi guys,

is registering a company easy ?

anything tricky with registering ones business?

once done and you have a bank account plus correct liability insurance, one can start to work as IT contractor, right ?

many thanks

Pennywise

Forming a limited company is easy. Getting it right and running it right aren't. You'll almost certainly need an accountant to do the year end accounts/tax return preparation and filings anyway. You'd be best getting an accountant from the outset and getting them to do the formation for you. Plenty of threads on MSE and other online forums from people who've done it themselves and missed out on tax saving opportunities and/or ended up with huge fines for missing a deadline or two.

You've also made mistake number 1 by classing yourself as self-employed. With a limited company, you won't be, you'll be a shareholder/director and will be regarded as an employee and will need a PAYE scheme to pay yourself wages.