Limited Company as part time income?
Discussion
Hi,
Do you think is a good idea to register a limited company knowing that I am not going to get a lot of money from it?
I don't want to leave my full time job right now but I would like to try a new thing on my own to see if it works.
How much should I expect to pay on accountancy, regardless the income? 100 pounds a year?
Thank you
Do you think is a good idea to register a limited company knowing that I am not going to get a lot of money from it?
I don't want to leave my full time job right now but I would like to try a new thing on my own to see if it works.
How much should I expect to pay on accountancy, regardless the income? 100 pounds a year?
Thank you
Homer Jay said:
Hi,
Do you think is a good idea to register a limited company knowing that I am not going to get a lot of money from it?
I don't want to leave my full time job right now but I would like to try a new thing on my own to see if it works.
How much should I expect to pay on accountancy, regardless the income? 100 pounds a year?
Thank you
Unless what you are doing is risky, I would do it as a sole trader. Do you think is a good idea to register a limited company knowing that I am not going to get a lot of money from it?
I don't want to leave my full time job right now but I would like to try a new thing on my own to see if it works.
How much should I expect to pay on accountancy, regardless the income? 100 pounds a year?
Thank you
A limited company requires compliance and, unless you know what you are doing, you will need a book keeper or accountant to help you. Even if that is only a few hundred pounds per annum, it is still a dent in your profit.
The super basic rule is; if you're making less than ~£40k a year or doing something that's not particularly risky then don't bother with an Ltd co. You can work self employed alongside your perm job and complete a tax return every year to declare any additional income.
I was paying my previous accountant in the region of £100+VAT/month and my current one is £70+VAT per month for my single employee Ltd co.
I was paying my previous accountant in the region of £100+VAT/month and my current one is £70+VAT per month for my single employee Ltd co.
My partner and I run a side business that is a registered ltd company. It's a professional services company so for reputation sake would need to "look legitimate".
I'm quite clued up on how it all works and we pay an accountant around £400 a year to file our accounts and corporation tax return.
Being a ltd company doesn't have to be expensive if you are prepared to do some of it yourself.
I'm quite clued up on how it all works and we pay an accountant around £400 a year to file our accounts and corporation tax return.
Being a ltd company doesn't have to be expensive if you are prepared to do some of it yourself.
Homer Jay said:
Hi,
Do you think is a good idea to register a limited company knowing that I am not going to get a lot of money from it?
I don't want to leave my full time job right now but I would like to try a new thing on my own to see if it works.
How much should I expect to pay on accountancy, regardless the income? 100 pounds a year?
Thank you
What are you expecting for that £100? If you do all the bookkeeping, give your accountant a trial balance along with your P60 and ask him just to file the SA return then you might get a non-qualified Accountant to do that for £100Do you think is a good idea to register a limited company knowing that I am not going to get a lot of money from it?
I don't want to leave my full time job right now but I would like to try a new thing on my own to see if it works.
How much should I expect to pay on accountancy, regardless the income? 100 pounds a year?
Thank you
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