Limited company

marra watson

marra watson

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alright lads ay of ya working as a limited company as a sole trader type of crack. how does it work am nder the understanding you get paid in full and have to deduct your own tax and ni. what is the best wya of doing this etc and any 1 know of the best company to go threw. cheers in advanced lads
 
When you start up you'll not have gross status, so the tax will be deducted by the company paying you, which they'll find out when the input your UTR number
 
copperknackers said:
When you start up you'll not have gross status, so the tax will be deducted by the company paying you, which they'll find out when the input your UTR number
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If you have a limited company they pay you your top line regardless.

Marra if your talking about working through an agency they will pay your your complete gross and won't do any deductions. You will require and accountant tho as I believe there's a lot more paperwork than cis.

Don't quote me on the following but I believe when you submit your earnings in April you will pay less tax than cis ( 20% ) as your classed as the MD of your company ( not sure how they word it marra but worth looking into )
 
marra watson said:
alright lads ay of ya working as a limited company as a sole trader type of crack. how does it work am nder the understanding you get paid in full and have to deduct your own tax and ni. what is the best wya of doing this etc and any 1 know of the best company to go threw. cheers in advanced lads
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Apparently all about to change from next year.. They are introducing a 7% tax on dividend payments I believe to close the "limited company" loophole.. I could be misinformed though so check with your accountant..
 
no not starting up on me own. av got a start with a company on an M.O.D. site which dont have a scafoflding firm just employ the scaffolders and supply there own materials. a lad i know works there he says you get paid all the money around 1200 for the 4 days he says he puts that in to 1 account and takes 4- 500 a week as a wage. i presume his leaving it to quartly or yearly return and anything left his gets back and says it will pay for his holiday etc. dont know what a utr number is or cis is this somethoign i need to apply for off the tax man i just dont want to get a year down the line and the tax man say here marra ya ow us 15,000 lol from what i gather its like working threw an agencey but you dont have an umbrella company
 
marra watson said:
no not starting up on me own. av got a start with a company on an M.O.D. site which dont have a scafoflding firm just employ the scaffolders and supply there own materials. a lad i know works there he says you get paid all the money around 1200 for the 4 days he says he puts that in to 1 account and takes 4- 500 a week as a wage. i presume his leaving it to quartly or yearly return and anything left his gets back and says it will pay for his holiday etc. dont know what a utr number is or cis is this somethoign i need to apply for off the tax man i just dont want to get a year down the line and the tax man say here marra ya ow us 15,000 lol from what i gather its like working threw an agencey but you dont have an umbrella company
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Yes f u c k umbrella I've had to do it this week but back to 20% from next thank god!!!

Unique tax reference ( Utr ) is what's given to you from the hmrc for being registered as self employed marra. It's 20% tax that's stopped by a firm but you get a nice rebate in April.
 
This is obviously a self employed status position so reguardless you need to inform hmrc as your changing your role from paye to S/E & they will issue you with a unique tax reference number (UTR)- if the company are paying top line to you without deducting tax( happens all the time) then you still av to declare it to hmrc through your self assessment form or commission an accountant to deal with it for you.
 
Get yourself vat registered Callum and get yourself on the flat rate scheme.
You charge 20% vat and give the vat man 9% and keep the other 11% for your trouble.
 
Marra me old mucka ,
2 questions ,
1. Why do you need a LTD company if your After a wage every week without the hassle of actually owning one ?
2.YOU don't have to be LTD to own and run a completely legigamat company ,
In fact sole traders are accountable for all their company dealings more so ,
So why are you being asked to be a LTD company ?

Me thinks you pal is maybe not as wise as you pals here ;)

Anything you need to know call me mate
 
southernpoofter said:
This is obviously a self employed status position so reguardless you need to inform hmrc as your changing your role from paye to S/E & they will issue you with a unique tax reference number (UTR)- if the company are paying top line to you without deducting tax( happens all the time) then you still av to declare it to hmrc through your self assessment form or commission an accountant to deal with it for you.
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SWIFTY said:
Get yourself vat registered Callum and get yourself on the flat rate scheme.
You charge 20% vat and give the vat man 9% and keep the other 11% for your trouble.
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philliosmaximus said:
Marra me old mucka ,
2 questions ,
1. Why do you need a LTD company if your After a wage every week without the hassle of actually owning one ?
2.YOU don't have to be LTD to own and run a completely legigamat company ,
In fact sole traders are accountable for all their company dealings more so ,
So why are you being asked to be a LTD company ?

Me thinks you pal is maybe not as wise as you pals here ;)

Anything you need to know call me mate
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how i understand it is the company use a recruitment service to recruit the scaffolders. the company then pay the scaffolder think its any were between 25 n 27 ph this rate includes accomadation (not sure of the split but think its somethin like 17ph hour wage 10-12ph accomadation) expences. ) the company pay you direct in to your bank your top line.the rota is 4 days on 4 days off. if you work over time you are not paid your expences (havent found out if its at an advanced rate if you work over time , bt was told we try not to work the lads over the 48 hours ) heres what i need to know

what tax status do i need to be ltd s/e etc. s/e seem what it will be ?

swifty how do you charge vate when there is no invoice? how do you register for vat and include this in to the wage ?

do i need to separate the accomadation from the wage and only the wage gets taxed on the wage (and if able to be vat registered in clued vat in the rate if i can do that with the company)

heads pickled with it.
cheers

---------- Post added at 09:19 AM ---------- Previous post was at 09:07 AM ----------
steve198622 said:
What's happened to the offshore work Callum??
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there was about 90 -100 of us started on a project all told 18 months work guarenteed

second trip ,pulled in to the cinema big wigs told we were getting put on some sort of 45 day consultation period. then if the company couldnt transfer us (wouldnt let any man transfer until after the 45 day period) it would be lay offs the manager/foreman said they ill; do there best to get all the ;lads back in to work but thst thsi game is contracting and anything could happen.. consultation is finishing on the 9th of november so after the 9th you would ither be transfered or down manned to 12 scaffolders until march then back up to around 90-100. after the meeting i told our manager/foreman that i wont be waiting till the 9th of november to find out what the score is chances are i wont be back next trip. i was waiting for this start looks like its going to be in next 2 weeks and i was due off last week . its more money and equal time off 4 days on 4 days off. come jan 80% of the north sea looks like it could be 3 on 3 off. the time off dosent intrest me at the min it was more the money side. but up there on this perticular project wasnt the money it had cracked up to be. was less than the southern sector by about 35 quid a day. there was suposte to be bonus on the job when it was planned but because the oil price had dropped they knocked them all on the head
. so 4 days on 4 days off will do me 3 nights away from home every 8 win win
 
ive just started my own ltd company hiring myself as a labour only service and have been told by a few agency's that for me to invoice them for the full amount of money earned and not to go through a umbrella company i will need public liability cover as well.not sure if this normally done or they are just putting problems in the way you avoid direct payment.
 
Marra you won't need to pay VAT until you reach somewhere around £60k in a tax year , it may be more these days
 
Marra sorry to hear your offshore career didnt take off the way you thought it would.Im presuming it was the claire ridge but it doesnt matter what job MEN are being laid off and many would have jacked to go there on the pretence of long term work.
the state of the offshore sector is why i havent bothered this year,although i am pissed off and looking for ventures new
 
happyhugenoet said:
Marra sorry to hear your offshore career didnt take off the way you thought it would.Im presuming it was the claire ridge but it doesnt matter what job MEN are being laid off and many would have jacked to go there on the pretence of long term work.
the state of the offshore sector is why i havent bothered this year,although i am pissed off and looking for ventures new
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Yeah it was the claire ridge there was a couple of lads jacked jobs in for it. There wasn't a man on there had out good to say about the job. I didn't mind the southern flying out of Humber side. Got my vantage card out of that 1 and was going to go back on the shut downs after that but got the call for the claire and was told by a few it was going to be a cracking job. Few said the Andrew was a good earner buy 2200 a month is dog **** marra a few were getting the rebate I wasn't. Give it a go next year hopefully price of.oil goes up and the bonus come back hahahaah
 
really do feel for all the lads on Clair ridge who were promised 18 months + i know more than a few left good jobs to work on it...that's the 3rd time in 18 months we have been put on the 45 day notice..we have been truly stitched up with the money going to OCA rates but only for the lads turning the work out..anyone above a charge hand stayed on the BP rate....im due back on there weds and already not looking forward to it.
hope you get sorted on the work front marra ..
 
offshorescaff said:
really do feel for all the lads on Clair ridge who were promised 18 months + i know more than a few left good jobs to work on it...that's the 3rd time in 18 months we have been put on the 45 day notice..we have been truly stitched up with the money going to OCA rates but only for the lads turning the work out..anyone above a charge hand stayed on the BP rate....im due back on there weds and already not looking forward to it.
hope you get sorted on the work front marra ..
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Am sorted luckly av allways got some were yo fall.back on. But some of the lads won't I would of only been on there another trip any how got this start should.be Monday.Yeah when they drop down to about 12 the supervision. Is still remaining the same. Yeah few lads been shafted on there and a few been transfered already
 
philliosmaximus said:
Marra you won't need to pay VAT until you reach somewhere around £60k in a tax year , it may be more these days
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We all gotta pay vat Phil. Dont you mean, you dont have to be vat registered till your company turns over 60k per annum.
thats turnover,not earnings.
 
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