SB: Limited Company & Low Income

sidcom

Hi Guys

I am currently employed and earning £19500 a year + bonus.

I also have my own LTD company providing IT Solutions.

Currently i work like a slave for my current employer. I support a family of 4 on my current wage. Id like to concentrate on my own business but the work load i recieve from my current employer is so high that my spare is taken up doing the excess work.

I keep thinking about leaving where i am and starting to develop my own business full time. My only issue is that I still need to be earning the amount i do now to keep my 2 kids and my wife happy. Id love to ask for a wage rise where i am, but everyone who has asked for a wage rise latley no longer works with us .

Currently my business do's small amounts of work now and then approx £2000-£3000 a year. I know this could be much more if a: it had some full time staff e.g me and b: it had some marketing/advertising as most work at the moment is passed to me by word of mouth.

What i would like to know is whilst i cant pay my current wage from my limited company is there any way i can round this figure up to my current wage. Id like to find out what the minimum amount i would have to make a month is to tick over untill i can drum up some more business.

Im probabley living in a dream world and will more than likely have to endure my horendous job in my windowless prison.

Hope some one can put me on the right path

richt71

Not sure what you're asking here appart from you'd like your own company to replace your present job and income but don't have the time! If you don't have the time then you'll need to work it round your present job or find an employee to take it forward but you'd obviously need to pay them.
You can of course recieve grants or loans for your business against any equipment you need.

motorguy

When you say 'providing IT solutions' what do you mean?

As an intermediate step, why not simply look for another job, with more money and better hours? It could give you more time to focus on your business?

Also, why is it a limited company? Surely the high accountancy fees of prepared LTD co accounts would eat into your current relatively small profits?