I love
Well this is a side issue for me. I've seen the sites you can set up for £18.99. Our accountant wants £125 + to do it for us. With it being a straight forward two man show theres nothing extra he can "sort" during the process is there?
there a couple of local plasterers that are ltd. co.
i can look at their accounts all night if i want to on the internet. they are not very impressed when i tell them that i have had a good scour round their balance sheets.
Cash is king, like Nisus always says
A bit strong that.Malc forgive me for sounding a bit short here pal but you seem like a bit of a cock. I'm not sure if you struggle with general chit chat or your just not very socialy skilled but 3 times you've posted on this thread and not once have i found your post funny, informative or even slightly entertaining.
Economies of scale I guess.
If your reaching a certain level of turnover going ltd is a no brainer.
You pay less tax as you take your income as a dividend, your liability is also limited. Your subbies tax is offset against your own tax. Get a good accountant regardless of the cost, put it down as a factor in running a business, they will save you money over time.
A bit strong that.
What about just a payroll mate without going Limited?
If I remember rightly I thought exactly the same as OP would I get stopped then Get stopped again an not be able to claim it back till the end of the year..
But my accountant told me as long as the payroll Marrys up each month then it's not an issue its just a case of stopping the 20% from the subby and that shaking through your accounts and providing said subby with monthly receiptof stoppages??..
Make ur self a limited company then every month you put it through hmrc tools as a recoverable about which then covers the tax on the subys then u don't have to send there tax againjust a quick one i hope, in the coming weeks we're going to have a couple if gangs working through/for us on a job. We wont be making a fortune on them and it'll only be for 3 months max that they'll be working for us on this job with another hopefully following on closely. The game plan is to build things slowly and eventually have a couple of gangs going full time but while we're finding our feet i want to keep things as simple as possible.
My point/question is are there any ways to legally get around being taxed on the gross and then having to pay out on the subbies invoices again effectively wiping out what we'd make on them.
I know we'd claim it back at year end but i don't want a savings fund from it, our accountant said straight away to go ltd but that we wouldn't get gross payment status for min 12 months? Anyone else know if this really is the case or do we need to switch accountants? There must be a simpler way instead of incurring the hassle and expense of running a ltd company especially as its only really a trial run i guess?
Make ur self a limited company then every month you put it through hmrc tools as a recoverable about which then covers the tax on the subys then u don't have to send there tax again
Go ltd.......buy jeeps/quads/golfing holidays/land for future offices etc....then sell the lot for cash in 3 years.
You need it for your company to expand.
keep spending the tax ......they know its being taxed again.