Ltd company - bunch of question?
Hi there,
I am unbelievably keen to start up Ltd company. I enjoy already gone through legal factor and everything seems to be clear and not that tought as I suppose.
I own few questions that I haven't found answer for. Any lend a hand would be appriciated.
1. When started up, can I still be employed in the company that I am working for? Does it affect my status as an hand, being a director of ltd company? What roughly the NI, PAYE and other taxes - which side pays them?
2. What happens if for some interval of time (few months) I decide to not transport any work as a company, therefore I don't generate any profits.
3. I know that the sound out is already answered in some posts. However if it's not a hassle, I'd resembling to be sure about generic fees / TAX discharge deadlines / and similar expenses genereted by running ltd company.
Thanks for your oblige.
P
Answers: Hi I am from the uk so not sure if I can help you but you nouns uk also
Your current job make no difference at all but you will have need of to pay full excise on any earnings you draw from the business as your situation will already take your allowances so if you stir into a higher bracket you will reimburse this straight away on all proceeds.
2 + 3 once you form a ltd company even if you make no profit or do nought once a year before the affairs of state deadline you will need to produce full business accounts this is a permitted requirement. the inland revenue has lots of info on this and you can do it online.
nearby are lots of grey area expenses you can claim for petrol supplies intake out if you blag it right and offset motor price depreciation and payment for also some of you rent / moirgage if you work at home and use a room for work.
a suitable accountant will help loads but remember do not use every doomed to failure trick in the book as this acquire you bad attention.
correct luck
It really depends where your company is base because if im not mistaken Jersey or one of the channel islands are exempt from paye export tax and N.I, I have come across a few false hopes companies which promise temp workers the world, but in that are loads of hidden charges etc. approaching emplyers N.I and Employees N.I which they pay, but adjectives they say is that they pay cheque something like lb15 admin charges a week. so be thoroughly carfeful who handles your money formerly you do.
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I am unbelievably keen to start up Ltd company. I enjoy already gone through legal factor and everything seems to be clear and not that tought as I suppose.
I own few questions that I haven't found answer for. Any lend a hand would be appriciated.
1. When started up, can I still be employed in the company that I am working for? Does it affect my status as an hand, being a director of ltd company? What roughly the NI, PAYE and other taxes - which side pays them?
2. What happens if for some interval of time (few months) I decide to not transport any work as a company, therefore I don't generate any profits.
3. I know that the sound out is already answered in some posts. However if it's not a hassle, I'd resembling to be sure about generic fees / TAX discharge deadlines / and similar expenses genereted by running ltd company.
Thanks for your oblige.
P
Answers: Hi I am from the uk so not sure if I can help you but you nouns uk also
Your current job make no difference at all but you will have need of to pay full excise on any earnings you draw from the business as your situation will already take your allowances so if you stir into a higher bracket you will reimburse this straight away on all proceeds.
2 + 3 once you form a ltd company even if you make no profit or do nought once a year before the affairs of state deadline you will need to produce full business accounts this is a permitted requirement. the inland revenue has lots of info on this and you can do it online.
nearby are lots of grey area expenses you can claim for petrol supplies intake out if you blag it right and offset motor price depreciation and payment for also some of you rent / moirgage if you work at home and use a room for work.
a suitable accountant will help loads but remember do not use every doomed to failure trick in the book as this acquire you bad attention.
correct luck
It really depends where your company is base because if im not mistaken Jersey or one of the channel islands are exempt from paye export tax and N.I, I have come across a few false hopes companies which promise temp workers the world, but in that are loads of hidden charges etc. approaching emplyers N.I and Employees N.I which they pay, but adjectives they say is that they pay cheque something like lb15 admin charges a week. so be thoroughly carfeful who handles your money formerly you do.