PAYE to LTD

[Too Late]

Hi,
Currently contracting and cant see myself going back to permanent employment any time soon. To get my started i went with a PAYE for my first 3 months. I am now looking at starting my LTD.

I honestly have no idea where to start with looking at starting a LTD and what is required.
Can someone be kind enough to help me out and point me in the right direction?



Thanks
N

[contractor]

don't know what the rules are for posting other forums, but you should really consult a contractor based forum such as http://www.contractoruk.com/first_timers/choosing_...

[Eric Mc]

There are dozens of threads on PH scattered around the Business/Employment and Finance Forums on this very topic.

The simple answer is, talk to an accountant.

[TJW]

Have you tried contacting an Umbrella company? They can provide you with various payment methods and essentially act as your LTD company, they do take a % or fixed fee. However, usually the pro's outweighs the con's. https://www.google.co.uk/#q=umbrella+company+uk

Or, if you have a look through this website it might give you some help. https://www.professionalpassport.com/Contractors/

TW.

[RizzoTheRat]

Loads of advice available from the Professional Contractors Group
https://www.pcg.org.uk/
I went with an accountant recommended by them and got the accountant to set up the company rather than trying to work out how to do it all myself.

Also a fair few useful guides here http://www.contractorcalculator.co.uk/

[RammyMP]

I was in the same boat as you. I opted for the umbrella company instead of my own limited and worked like that for 2 years. It was easy, but ended up paying much more national insurance. I had a limited company about 6 years ago, it was much more 'tax efficient'. Just go to a local accountant and set one up, or you can do it online.

I have been working under the CIS scheme for the past 6 months, even more of a tax fiddle! This is just for the construction industry though.

[98elise]

Eric Mc said:

There are dozens of threads on PH scattered around the Business/Employment and Finance Forums on this very topic.

The simple answer is, talk to an accountant.

I'm a contractor, and this is the right answer.

Your accountant will guide you through everything, except insurances. Insurances will be contract dependant, and can be done on line (no harder than getting car insurance).

You will probably need one or more of these:
Professional Indemnity
Public Liability
Employers Liability (on contract insisted on this even though I have no employees!)

[Mr Pointy]

98elise said:

Employers Liability (on contract insisted on this even though I have no employees!)

If you're a director of a limited company aren't you an employee, so the company needs Employers Liability in case you sue yourself?

[Eric Mc]

Directors aren't technically employees - although their salaries are (with some exceptions) taxed and NI'd in a similar way.

[craig r]

Too Late said:

Hi,
Currently contracting and cant see myself going back to permanent employment any time soon. To get my started i went with a PAYE for my first 3 months. I am now looking at starting my LTD.

I honestly have no idea where to start with looking at starting a LTD and what is required.
Can someone be kind enough to help me out and point me in the right direction?



Thanks
N

Try Danbro, they were brilliant for me when I gave up on the umbrella company thing and went Ltd.