How to be paid? PAYE, Self Emp, Ltd Co?
Discussion
Started work in October for a company that do events. Loved the look of the job and needed to get my teeth into something, not sorted out how I'll get paid yet. Boss and I clicked on first meeting, so not too worried at the moment, plus I know I add value to the company.
On paper it's full-time permanent (although hours are insane), so guess 'has' to be PAYE. Not a huge amount of money.
I have another regular income (circa £2k a month) - re-selling something after it's initial use. This used to be hard work/lots of hours finding buyers, but now everything goes to the same company (overseas) with just an email or 2, so ludicrously easy (long may it continue). Possibly may require more hours in the future. Plus I have a small investment income from a previous life. I also have a major project in the pipeline which is haemorrhaging money at the moment. Not had a 'proper' job since 1997. Fill in tax returns every year (not paid tax for several though).
Major project if successful gives me an upside of some land with planning permission (while making the land-owner filthy rich) - circa £1mil an acre round here (no intention to sell, this has been years in the making). No cash upside, but 3-5 years of work (if I want it) while the land generates income (inert landfill). Then plan to build my own house on this land (paid for myself). Land would also give me an income for a fixed period (maybe forever) thereafter.
Events boss would prefer me on PAYE, I'd prefer to be on retainer/similar if possible. I can invoice him as myself, or as a company and I work for *that* company. Also considerable expenses which get paid separately, but while I'm not on the books as such, this is proving a challenge.
I have costs to offset (rent my own offices which currently aren't charged to anyone) plus happy to push the boundaries while remaining legal. Don't want anything to come and bite my boss on the backside, but self interests and all that.
Any suggestions to remain legal, but avoid PAYE. Maybe PAYE while self-employed (especially while not paying tax) isn't too bad. Been out of the loop of the real world too long!
On paper it's full-time permanent (although hours are insane), so guess 'has' to be PAYE. Not a huge amount of money.
I have another regular income (circa £2k a month) - re-selling something after it's initial use. This used to be hard work/lots of hours finding buyers, but now everything goes to the same company (overseas) with just an email or 2, so ludicrously easy (long may it continue). Possibly may require more hours in the future. Plus I have a small investment income from a previous life. I also have a major project in the pipeline which is haemorrhaging money at the moment. Not had a 'proper' job since 1997. Fill in tax returns every year (not paid tax for several though).
Major project if successful gives me an upside of some land with planning permission (while making the land-owner filthy rich) - circa £1mil an acre round here (no intention to sell, this has been years in the making). No cash upside, but 3-5 years of work (if I want it) while the land generates income (inert landfill). Then plan to build my own house on this land (paid for myself). Land would also give me an income for a fixed period (maybe forever) thereafter.
Events boss would prefer me on PAYE, I'd prefer to be on retainer/similar if possible. I can invoice him as myself, or as a company and I work for *that* company. Also considerable expenses which get paid separately, but while I'm not on the books as such, this is proving a challenge.
I have costs to offset (rent my own offices which currently aren't charged to anyone) plus happy to push the boundaries while remaining legal. Don't want anything to come and bite my boss on the backside, but self interests and all that.
Any suggestions to remain legal, but avoid PAYE. Maybe PAYE while self-employed (especially while not paying tax) isn't too bad. Been out of the loop of the real world too long!
I *think* I'm marginally cheaper as a total cost if self-employed as no employer's NI contribution. If it's legal then invoicing him for a monthly figure is much easier for me. Could be a retainer, could be for 'services', or whatever as long as legal. I think the rules are over x-hours with one company you 'have' to be PAYE, but not sure how that works when not primary income plus another income source potentially could require considerable more hours in the future. Happy to invoice as a company if is allowed, then sort out any pay internally.
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