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[9IronMike]

Hello there

I have my foot in the door at the company where I work to clean the windows, 4 HGV's with 6 trailers and a small fleet of cars. This is more than enough work load for me...

I aim to create a company as I don't want to go self employed.

By doing so, is it possible to seperate my income at work with the income from the company I'll create? As combining the two obviously sends me into another tax bracket somewhere into oblivion.

I don't mind paying taxes and I'm not trying to avoid paying taxes.

I'm trying to keep the income seperate, I pay my income from the full time job and the cleaning company I'll create pays the taxes from it's income. Of which I expect to take dividents...

Which company should I look at creating, an LLC or a Ltd? I would prefer it to be an entity on it's own.

I have considered getting a van and starting, but, how would the company I work for then pay me? Legaly of course.

Again, I'm not trying to avoid the tax man. I just want the cleaning company be seperate from my full time job. Is that possible?

Cheers

 

[ched999uk]

Safest option is to speak to an accountant.

 

[spruce]

Hello there

I have my foot in the door at the company where I work to clean the windows, 4 HGV's with 6 trailers and a small fleet of cars. This is more than enough work load for me...

I aim to create a company as I don't want to go self employed.

By doing so, is it possible to seperate my income at work with the income from the company I'll create? As combining the two obviously sends me into another tax bracket somewhere into oblivion.

I don't mind paying taxes and I'm not trying to avoid paying taxes.

I'm trying to keep the income seperate, I pay my income from the full time job and the cleaning company I'll create pays the taxes from it's income. Of which I expect to take dividents...

Which company should I look at creating, an LLC or a Ltd? I would prefer it to be an entity on it's own.

I have considered getting a van and starting, but, how would the company I work for then pay me? Legaly of course.

Again, I'm not trying to avoid the tax man. I just want the cleaning company be seperate from my full time job. Is that possible?

Cheers

If you are working full time now, then this sounds like a lot of extra work.
Are you sure they haven't sold you "the dream" at a reduced financial cost to themselves?

My wife works for a company which the owner is continually looking for tradesmen who will charge him "residential" prices for "commercial" work.

As @ched999uk days, speak to an accountant.

A nurse we used to clean windows for registered herself as a ltd company. She messed us around with payment so she has been dropped. It was always a concern to me that, as a limited company, she can create debt, but not be responsible for it.

 

[WindyinNorfolk]

Only an accountant can advise you on the correct method and which way will "save" on your tax obligation.

However I doubt you will save anything - your PAYE wages from your full time job and your "Ltd" company will still be lumped together and taxed as an overall. - then your LTD will pay tax on profit and then you will pay tax on the divided.
you could end up worse

good luck!

 

[9IronMike]

If you are working full time now, then this sounds like a lot of extra work.
Are you sure they haven't sold you "the dream" at a reduced financial cost to themselves?

My wife works for a company which the owner is continually looking for tradesmen who will charge him "residential" prices for "commercial" work.

As @ched999uk days, speak to an accountant.

A nurse we used to clean windows for registered herself as a ltd company. She messed us around with payment so she has been dropped. It was always a concern to me that, as a limited company, she can create debt, but not be responsible for it.

Good point. Currently they are paying £40 per hgv, £40 per trailer, £20 per car and £80 for the outside windows. £120 for doing inside and outside windows. Which is what they've offered to me, every 2 weeks.
I've been with the company for 5 years, my shifts rotate early or late and I have time to schedule parts of the work load throughout the week. It is alot and I doubt I'll try to add anymore to it. But it is guaranteed work and I do trust I won't have payment issues.
I'll get in touch with an accountant to figure out if it's worth trying to do both jobs.. thanks very much for the advice

 

[Scrubsy]

@9IronMike as the others have said an accountant will be best to advise. I had a mate who had his own ltd company and took dividends and a wage. It was minimum wage then a quarterly dividend from memory. I’m sure I remember he was only fractionally better off money wise - but it was better that the company was liable for anything rather than him personally. This was a few years ago though so may have changed.

 

[Part Timer]

Your tax is based on your yearly income, no matter how many different revenue streams you have..
Assuming you are married, and your Wife isn't paying 40% tax, then a Ltd Company with yourself and Wife would allow you to take this revenue as dividends and hopefully keep your tax bill lower.
As others have said speak to an Accountant

 

[Iron Giant]

Your tax is based on your yearly income, no matter how many different revenue streams you have..
Assuming you are married, and your Wife isn't paying 40% tax, then a Ltd Company with yourself and Wife would allow you to take this revenue as dividends and hopefully keep your tax bill lower.
As others have said speak to an Accountant

I spoke to you first and you gave just as good advice as my accountant but you definitely pointed me in the direction I needed to go

 

[Bell Pallisey]

main thing is to get started . You might hate it or they might be the sort to pay you 3 months down the road .I say get started and sort out the tax as you go. Definitely put the word out for a parttimer helper too