I'm thinking of starting as a 'Limited Company' in 2023... 19 April 2022 at 4:11PM in Employment, jobseeking & training 2 replies 192 views

Forgetitagain

I've always worked FOR various companies on their payroll.

I'm an accountant by trade, mainly covering Financial and Management Accounts.

My current role involves dealing contractors based around an event.  This role is likely to end in December.

After digesting the number of contractors I have seen through my current role - I am considering setting myself up as an Limited Company in the new year - possibly ensuring this is set up before my next role.

I have no issues around the administration of a LTD and dealing with setting this up or the ongoing admin as I deal with this type of detail regularly through my role.  I already personally file tax returns due to owning a rental property (although I know I won't put this through the LTD).

Is there threshold where this becomes worth it, not worth it?  Are the risks of finding work or having holiday pay, tax etc sorted worth the admin?

There is so much information out there, but I don't have a huge amount of people I can approach for advice at the moment whilst in my current positon.

Cheers 

Grumpy_chap

What type of work would you do once you have your Ltd Co operational?

Does your current role become redundant in December?  If so, you have little to lose by giving it ago after that.

What is your motivation to start your own business rather than regular employment?

Forgetitagain said:

I've always worked FOR various companies on their payroll.

I'm an accountant by trade, mainly covering Financial and Management Accounts.

My current role involves dealing contractors based around an event.  This role is likely to end in December.

After digesting the number of contractors I have seen through my current role - I am considering setting myself up as an Limited Company in the new year - possibly ensuring this is set up before my next role.

I have no issues around the administration of a LTD and dealing with setting this up or the ongoing admin as I deal with this type of detail regularly through my role.  I already personally file tax returns due to owning a rental property (although I know I won't put this through the LTD).

Is there threshold where this becomes worth it, not worth it?  Are the risks of finding work or having holiday pay, tax etc sorted worth the admin?

There is so much information out there, but I don't have a huge amount of people I can approach for advice at the moment whilst in my current positon.

Cheers 

Marcon

Forgetitagain said:

I've always worked FOR various companies on their payroll.

I'm an accountant by trade, mainly covering Financial and Management Accounts.

My current role involves dealing contractors based around an event.  This role is likely to end in December.

After digesting the number of contractors I have seen through my current role - I am considering setting myself up as an Limited Company in the new year - possibly ensuring this is set up before my next role.

I have no issues around the administration of a LTD and dealing with setting this up or the ongoing admin as I deal with this type of detail regularly through my role.  I already personally file tax returns due to owning a rental property (although I know I won't put this through the LTD).

Is there threshold where this becomes worth it, not worth it?  Are the risks of finding work or having holiday pay, tax etc sorted worth the admin?

There is so much information out there, but I don't have a huge amount of people I can approach for advice at the moment whilst in my current positon.

Cheers 

I'm not sure what advice you're after: working for yourself v working as an employee, or the merits of working for yourself using your own limited company v being self employed? Are you expecting to take up roles within IR35 or outside it?