Ltd company food takeaway

SugarSpices

calcotti said:

Regardless of whether you structure your business as a sole trader or a limited company, for the purposes of UC you are treated as self employed. However how you structure your business will make a difference to your legal responsibilities and taxation arrangements so it is essential for you to obtain a clear understanding of the implications of your choice if you are thinking of starting a business. The subject is far too broad to deal with in a chat forum.

Hi

I do understand that if it's sole trader or ltd company profit is seen as a income. But people director can become employed pay salary....that allowed right? I am starting up a food takeway so in the beginning might need help from UC but i didn't apply any benefits before...takeaway has not even started yet...

Also what is dividend i am not sure if you can help with that...

Thanks so sorry for all the questions 

KatrinaWaves

Bluntly your current level of understanding is so low that you need to get an accountant or someone to talk you through the basics of business. 

 What I mean by that is you need to pay somebody for their expertise (my partner had a business and his accountant saves him far more money than the £75 he pays him each month)

The breadth of info you need is not appropriate for a forum. You need someone to handhold you through the whole process. There is a lot to learn so you either need a business mentor, or accountant, or both! But it won’t be free. 

tomtom256

Whether you deem yourself to be an employee or a director has no bearing on UC. You will always be treated as being self-employed  for UC purposes.

There is a guide to becoming self-employed on gov.uk that explains the tax side etc, that you may find usefull, as other have said you may want to get some specialist advice, as you appear to be out of your depth/lacking in knowledge around setting up a businss.

Grumpy_chap

SugarSpices said:

So sorry grump chap...i do understand i have been searching it but purpose of all these questions is to confirm my understanding...i am sorry...

Please do not apologise or be sorry.  I did not mean to come across all grumpy-like.

You need some advice and have come to a forum, which is reasonable enough.  Unfortunately, from the questions you have posted, the breadth of information you need is outwith the level that can sensibly be provided in a forum such as this.  Indeed, if people give advice her, you may suffer from "a little knowledge being dangerous".  That is why people are suggesting you engage an Accountant to provide professional advice.  

In general, public internet forums are better at providing support when there is a specific, focused, narrow question to be answered.

Good luck in your venture

garmeg

Grumpy_chap said:

SugarSpices said:

So sorry grump chap...i do understand i have been searching it but purpose of all these questions is to confirm my understanding...i am sorry...

Please do not apologise or be sorry.  I did not mean to come across all grumpy-like.

You need some advice and have come to a forum, which is reasonable enough.  Unfortunately, from the questions you have posted, the breadth of information you need is outwith the level that can sensibly be provided in a forum such as this.  Indeed, if people give advice her, you may suffer from "a little knowledge being dangerous".  That is why people are suggesting you engage an Accountant to provide professional advice.  

In general, public internet forums are better at providing support when there is a specific, focused, narrow question to be answered.

Good luck in your venture

I think the OP was referring to your name, not your demeanour.

huckster

There is plenty of information available online
https://www.gov.uk/business-support-helpline

Grumpy_chap

garmeg said:

Grumpy_chap said:

I think the OP was referring to your name, not your demeanour.

Thanks - it is just reading my late night post again, I did seem to have come across all a bit sour.  We are all here to help and be helped as a friendly community and support each other with a happy disposition where we can - I did not want to fall off the standard

garmeg

Grumpy_chap said:

garmeg said:

Grumpy_chap said:

I think the OP was referring to your name, not your demeanour.

Thanks - it is just reading my late night post again, I did seem to have come across all a bit sour.  We are all here to help and be helped as a friendly community and support each other with a happy disposition where we can - I did not want to fall off the standard

Can't say that I noticed that you had.