Limited Newbie

Darrenluke

We are going limited - But I know very little. Please send me the basics I need to know and any best tips / advice! Please! 🙏🏼 

Nearlyold

Who is we?  Why are u going Limited?

Darrenluke

Sorry bit vague. The “We” is Husband & Wife. Going limited for tax relief purposes mostly. Earning a “decent amount”

Bookworm105

Darrenluke said:

Sorry bit vague. The “We” is Husband & Wife. Going limited for tax relief purposes mostly. Earning a “decent amount”

you drip feed us vagueness, we'll drip feed you vagueness

who told you it is more tax efficient?
go and read a book and get an accountant

Amazon.co.uk : how to run a limited company book

mybestattempt

Darrenluke said:

Sorry bit vague. The “We” is Husband & Wife. Going limited for tax relief purposes mostly. Earning a “decent amount”

I've read your previous threads and you appear to have unmanageable personal debts which you are failing to service with your current income from your business.

My advice is to get sound professional advice about every aspect of your business and personal finances as "going limited" without understanding the even basics may not be the best move.

Grumpy_chap

Darrenluke said:

We are going limited - But I know very little. Please send me the basics I need to know and any best tips / advice! Please! 🙏🏼 

Darrenluke said:

Sorry bit vague. The “We” is Husband & Wife. Going limited for tax relief purposes mostly. Earning a “decent amount”

With the very limited information that you are able to share, the best advice would be to use some the "decent amount" of earnings to engage the professional services of an Accountant to advise on the most appropriate business structure for your situation.  

Darrenluke

You are all so nice 😅
My “unmanageable debts” are down to the last two big debts - but thanks.
And my “decent income” varies between 6-8k take home per month. So I do have an idea. 

uknick

Darrenluke said:

You are all so nice 😅
My “unmanageable debts” are down to the last two big debts - but thanks.
And my “decent income” varies between 6-8k take home per month. So I do have an idea. 

If you're on that level why not pay a couple of hundred to an accountant to advise you?  We couldn't do it on here as it would require you to disclose all the detailed financial information for both you and your wife.  The answer to Ltd or sole trader is not as straight forward as it used to be.

DullGreyGuy

Presumably you were self employed/partnership until now?

There are significant differences between those and a ltd, for example getting your head into thinking the company is an entity in its own right with its own possessions etc, secondly, that you can no longer use cash accounting so when you raise an invoice that counts as revenue and you have taxes to pay on it etc even if you've not yet been paid for the invoice. 

It's such a broad topic I'd suggest either getting some books from the library/amazon or speaking to an accountant. It'd be best to do some reading beforehand so you can prepare questions else the accountant will be very expensive.

jamesk9090

Where is this thread going OP? Some tip/advice write some more detailed information so people can actually help you properly. Otherwise it's just painful filling in the blanks.