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Going limited

Dane

Active member
Messages
102
As it says.... I know some companies are and some haven’t. How have people found making the change. Benefits and pitfalls?

I currently do my own accounts as a sole trader.

Thanks in advance

 
I never do my own accounts, and thanks to that fact I got an £1800 rebate this year.  Sorted.

The benefits tax wise for going Ltd kick in at £30K plus.  So if you are doing £30k or more you will save money on taxes by going Ltd. 

Any more advice on the subject should be sought from a Chartered Accountant, they will all give a free 30 minute complimentary introduction.  

 
I’ve looked into becoming a registered company quite a lot recently and it all depends on where you want your business to go. If your planning on going big or into the commercial realm then your probs better off limited. If you wanna stay small and especially in domestic then it makes no odds. Both have their ups and downs but the two main reasons for becoming limited would be to get lower taxes when your turnover gets relatively high, like green said above 30k or to come across as being a more professional company. I’d say in the domestic world this makes no odds as nobody cares if your registered or not, they just want clean windows it as simple as that. Maybe if your looking to land a big commercial contract then a ltd company will have the advantage.


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I thought rebates were awarded when you overpaid on a previous year. Do you not mean that you have oversaved and your professional lowered your tax bill to a lot less than you thought it would be and therefor kind of give yourself a rebate green pro?


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What are you on about? No I dont 'over save' and get a lower bill..   And there really is a world of difference between what you think you know about the workings of HMRC Dave and what a good Chartered Accountant knows regardless of how many hours you spend on a helpline. 

What my accountant has done is simply told me when and how much to spend on larger items or a company car etc and used his extensive knowledge of incentives and benefits available from HMRC to get me a rebate.  Not some leftovers from the bottom of a piggy bank. 

When it comes to LTD registration the answer is when your doing over £30k there is no other answer.  Above £30k the tax breaks are better if you go LTD

Also you talk about staying small etc but size is perception of the individual mate. £50 - £60k is quite achievable by one man in a van an that's a small enterprise. 

Simple.  

 
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I worked in the offshore and construction trade as Self Employed while my brother (making much more dosh) went Ltd.  On a gross of about £25k I still received £2.4k as a rebate as I had paid 20% of my top line monthly to HMRC for the whole year.

Last yea My accountant put together all my claimable expenses for travel/laundry/tools and PPE then HMRC factored in my 11k-ish personal allowance leading to the final number.   When I worked it out myself I expected around £1600 max.....goes to show, get a Pro.  at £200 as a one off fee per year she was a bargain!

My bro still on the fishing boat "had to buy" a new truck for the crew out of his potential profits or kiss and extra £12k goodbye with nothing to show for it on his tax bill!

These statutes in tax law are basically there to continue owners reinvestment into their firms and keep money circulating rather than building bank accounts full of dormant cash.

 
What are you on about? No I dont 'over save' and get a lower bill..   And there really is a world of difference between what you think you know about the workings of HMRC Dave and what a good Chartered Accountant knows regardless of how many hours you spend on a helpline. 
 
What my accountant has done is simply told me when and how much to spend on larger items or a company car etc and used his extensive knowledge of incentives and benefits available from HMRC to get me a rebate.  Not some leftovers from the bottom of a piggy bank. 
 
When it comes to LTD registration the answer is when your doing over £30k there is no other answer.  Above £30k the tax breaks are better if you go LTD
 
Also you talk about staying small etc but size is perception of the individual mate. £50 - £60k is quite achievable by one man in a van an that's a small enterprise. 
Simple.  
Classic response[emoji23][emoji23]. In my experience a rebait means money back for overpayment. If your guy is so good then why have you over paid in the first place[emoji848]


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If you know what your tax band is likely to be you can pay that percentage as you earn or pay the maximum expected bill on your annual gross in january or early april.   Witchcraft happens between beancounters (they need your receipts for  that period) and once deductions are subtracted and other gubbins I don't bother myself with are sorted they then send you back a cheque or direct payment.  Iyou should be able to find an explanation video that'll make more sense on either youtube or a link from hmrc.  ?  

You could be onto recouping more than you think and a select few expenses can be claimed retroactively up to 10 years back!  (self laundering branded uniforms for example)

 
Classic response
emoji23.png
emoji23.png
. In my experience a rebait means money back for overpayment. If your guy is so good then why have you over paid in the first place
emoji848.png



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You are so clueless its not even entertaining.   

'In your experience'    is this your experience of years of training as a Chartered Accountant or the hour you spent on the phone to the help desk.?  

Well done. In all my years on here you are only the second person I have decided to block. 

 
You are so clueless its not even entertaining.   
 
'In your experience'    is this your experience of years of training as a Chartered Accountant or the hour you spent on the phone to the help desk.?  
 
Well done. In all my years on here you are only the second person I have decided to block. 
Id love to know who the other is. [emoji23][emoji23][emoji23]
If you can’t take the heat, stay out the kitchen!! Funny how you love to give it but when it comes back at you you spit your dummy out and take your ball home.


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lol I love yous twos little spats ? If theres ever a window cleaners annual coach **** up convention at yarmouth or somewhere have to be separate coaches for you  ??  :1f609:

 
yeh more than likely be all ok over a couple of beers. Is the same with phone texting, often it dont seem to convey how we mean to come across whereas in person seems  easier. i fell out with a good mate over world cup texts earlier this year, ridiculous, but we sorted it now.

 
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