Ltd or self employed?

[Deleted member 84]

Just wondering how everybody on here runs their business?

 

[Ryan]

self employed

 

[Deleted member 84]

Main reason why? Im ltd always have been benefits for me are that all my van expenses can go through

 

[Masons]

van expenses go through?

I'm self employed and every van expense I have go through business use?

CONFUUUUUSED!!!lol

 

[Deleted member 84]

I got told self employed you have to price per mile where has a bang all fuel receicpts through and full cost of insurance I went on the tax course they also said this

 

[Paul]

Alpine, as a ltd company do you own it 100% and everything you make is it yours to spend if you wanted to?

 

[Deleted member 84]

I own it 100 % I'm a director and I get taxed on all profit once expenses are paid for and after directors dividend is accounted for. Just thinking of whats best for me for the future and not the accountant

 

[Paul]

So your the director so every penny you earn you can spend if you want to? Like if I earned £500 per week and wanted to spend that I could can you do that.

 

[Deleted member 84]

I can spend it but I get taxed for it like anybody else


The tax rate for ltd used to be lower than self employed but now the tax levels are the same hence why Im thinking of changing it over

 

[Belfastcleaning]

I can spend it but I get taxed for it like anybody else


The tax rate for ltd used to be lower than self employed but now the tax levels are the same hence why Im thinking of changing it over

Would you not lose your directors tax free Dividend? Lol

How many employees do you need to become ltd?

 

[Deleted member 84]

I think your allowed around £7000 tax free and there isn't a rule on number of employees

 

[mark m]

Self employed always have

 

[windyman]

Self employed but have thought of going Ltd, not sure how much paperwork & hassle is involved though.

You don't need any employees. And the I understood the money is the businesses and not yours, but if you wanted to, you can pay yourself as much as you like, so it becomes yours??

 

[Belfastcleaning]

Wish I'd a listened in business studies...

 

[neil_09]

Ltd company can go bust wen they like and owe thousands of pound to supplyers not pay a penny and then start a new business the next day.

Were as a selfemployeed person has to go bankrupt and get alot of ccj's and cannot start a business for 6 months.