sole trader vs ltd

appreciate replys cheers. i will be speaking to acountant just wanted to hear from anyone whos been in same boat.

so some said ltd could be better for tax reasons? i work on site with 20% automaticly deducted from my wage via cis. would this change been ltd or still work the same way? thanks
 
spread2015 said:
appreciate replys cheers. i will be speaking to acountant just wanted to hear from anyone whos been in same boat.

so some said ltd could be better for tax reasons? i work on site with 20% automaticly deducted from my wage via cis. would this change been ltd or still work the same way? thanks
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It will work the same.get 20% deducted from main contractor then you claim all that back at end of tax year then you'll pay corp tax if that makes sense
 
spread2015 said:
appreciate replys cheers. i will be speaking to acountant just wanted to hear from anyone whos been in same boat.

so some said ltd could be better for tax reasons? i work on site with 20% automaticly deducted from my wage via cis. would this change been ltd or still work the same way? thanks
Click to expand...
To be honest if you're not turning over enough to be getting gross payment I'd be surprised if going ltd would be advantageous.
 
spread2015 said:
appreciate replys cheers. i will be speaking to acountant just wanted to hear from anyone whos been in same boat.

so some said ltd could be better for tax reasons? i work on site with 20% automaticly deducted from my wage via cis. would this change been ltd or still work the same way? thanks
Click to expand...
Are you just a 1 man band sole trader and sub contract all time
 
andy you might be right pal. how much do you need to be earning to get gross payment status do you know?
kinky boy- yeah i see cheers. sub contract all the time mate but i have a small gang
 
Correct me if I’m wrong if you’re a ltd company you get paid a very basic salary and get a dividend at the end of the year,so it’s hard to get a mortgage,
 
spread2015 said:
andy you might be right pal. how much do you need to be earning to get gross payment status do you know?
kinky boy- yeah i see cheers. sub contract all the time mate but i have a small gang
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Surely ur going over vat threshold with a small gang aswell as urself?
 
hollybank said:
Correct me if I’m wrong if you’re a ltd company you get paid a very basic salary and get a dividend at the end of the year,so it’s hard to get a mortgage,
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Nah alot of mortgages look at your buisness accounts gross profit etc instead of personal so sometimes easier aslong as you aint alot of liabilities against your buisness
 
spread2015 said:
andy you might be right pal. how much do you need to be earning to get gross payment status do you know?
kinky boy- yeah i see cheers. sub contract all the time mate but i have a small gang
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No idea nowadays. Back we I got it (a long, long time ago) it was 21k per quarter, excluding materials if I remember correctly.
 
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