Working for an Exam Board but want to paid to PLC

PeteBignell

I am a full time teacher but I also do a lot of work for an exam board throughout the year Circa £10K & this get taxed at source (PAYE) but Ive started doing some other freelance work eg guest speaker, inset provider etc so have looked into setting up at PLC and getting all this additional work paid into the PLC as is in essence on top of my main job and completed as & when I feel the need arises.

Can I add the exam board pay my PLC or can they only do PAYE?

molerat

You need to ask them.

pjread

molerat gave the right answer - but I'll add that you might want to get some advice especially if you really are setting up a PLC (public limited company)

Grumpy_chap

PeteBignell said:

I am a full time teacher but I also do a lot of work for an exam board throughout the year Circa £10K & this get taxed at source (PAYE) but Ive started doing some other freelance work eg guest speaker, inset provider etc so have looked into setting up at PLC and getting all this additional work paid into the PLC as is in essence on top of my main job and completed as & when I feel the need arises.

Can I add the exam board pay my PLC or can they only do PAYE?

Are you settling up a PLC or Ltd Co?  Big difference.
The advice of an Accountant would be beneficial.

As for the exam board, it is their decision as to whether they agree to change your employment status.  The exam board may need to do an IR35 assessment.

prowla

PLC: A company which has shares that can be purchased by the public and which has allotted share capital with a nominal value of at least £50,000.

[Deleted User]

prowla said:

PLC: A company which has shares that can be purchased by the public and which has allotted share capital with a nominal value of at least £50,000.

It could simply be the case that some believe PLC to stand for Private Limited Company.

unforeseen

From my experience, they will still deduct the tax at BR & NI before paying your company the rest. In other words, your company will get paid probably less than you get now because the company hasn't got a tax code so use BR against your tax account

Possible  bonus is that you might get a nice refund at the end of the tax year when you do your self assessment