Anyone ever set up a Ltd company before for contracting work?

I’m stone broke and having to face the fact that the only way I can get out of debt is to take what I know and go contracting in Londons.

I’ve heard tell that the best way to do this is to set up a company and then pay yourself a min wage, taking a dividend instead of a salary.

Anyone got any experience with this or can point me in the direction of a good (inexpensive) accountant type who could assist? Or is what I heard a load of old toot and will get me bummed by the HMRC? Ta.

Posted By: Bungle on October 17th 2018 at 20:40:39

Message Thread

Anyone ever set up a Ltd company before for contracting work? (General Chat) - Bungle, Oct 17, 20:40:39
- Since the change in IR35 we've seen many contractors/consultants walm away... (General Chat) - Worthing Yellow, Oct 17, 22:07:11
  - The change requires the hiring entity to take a view on the status - is that right? (General Chat) - Old Man, Oct 17, 22:11:33
    - The aim was to avoid any employment rights argument (General Chat) - Worthing Yellow, Oct 17, 22:37:00
      - But if they're inside IR35, why would they not get employment rights? (General Chat) - Old Man, Oct 17, 22:46:50
        
        Consultants on government frameworks aren't employees... (General Chat) - Worthing Yellow, Oct 17, 23:08:00
- It all depends on how much you think you’ll make (General Chat) - Tony Martin, Oct 17, 21:15:51
  - Exactly that^^ (n/m) (General Chat) - archroy, Oct 17, 22:09:25
  - Thanks Tony, with a bit of luck it should be good money. (n/m) (General Chat) - Bungle, Oct 17, 21:22:49
- Check out IPSE (General Chat) - Old Man, Oct 17, 21:11:19
  - Ugh, yeah it’s IT / InfoSec. Thanks OM. (n/m) (General Chat) - Bungle, Oct 17, 21:21:23
  - Crikey (General Chat) - Old Git, Oct 17, 21:13:00
    - Not quite what I said... (General Chat) - Old Man, Oct 17, 21:17:41
      - It’s an obvious fiddle (General Chat) - Old Git, Oct 17, 21:19:03
        
        it's only a fiddle if HMRC proves it (General Chat) - CWC, Oct 17, 21:25:58
        
        Definitely not Lord Templeman ... (n/m) (General Chat) - Old Git, Oct 17, 21:29:35
        
        What is? (General Chat) - Old Man, Oct 17, 21:23:41
        
        “HMRC tell people they owe tax the law simply does not say they owe“ (General Chat) - Old Git, Oct 17, 21:33:04
        
        If you go into a tax scheme you deserve everything you get (General Chat) - Old Man, Oct 17, 21:38:15
        
        Legitimately self employed (General Chat) - Old Git, Oct 17, 21:43:47
        
        The House of Lords didn't agree with you on that (General Chat) - Old Man, Oct 17, 21:51:24
        
        Well there you go (General Chat) - Old Git, Oct 17, 21:56:46
        
        Far from it (General Chat) - Old Man, Oct 17, 22:09:13
        
        Well (General Chat) - Old Git, Oct 17, 22:23:06
        
        And I don't think you can have one status for tax purposes and another for employee rights (General Chat) - Old Man, Oct 17, 22:26:19
        
        No he doesn’t (General Chat) - Old Git, Oct 17, 22:32:11
        
        My bad - thought he said he'd shared a pint with you at some point (n/m) (General Chat) - Old Man, Oct 17, 22:34:56
- Be careful (n/m) (General Chat) - Old Git, Oct 17, 20:53:41
  - Sorry premature send (General Chat) - Old Git, Oct 17, 21:05:19
  - Thanks OG (General Chat) - Bungle, Oct 17, 20:57:13
    - See above! (General Chat) - Old Git, Oct 17, 21:08:15
      - It’s that or the insolvency service! Thanks mate. (n/m) (General Chat) - Bungle, Oct 17, 21:10:58
  - fuck da HMRC (n/m) (General Chat) - Jumbo1, Oct 17, 20:57:08
- Meeky did this when he started out - not sure if he’s back from holiday but can DM him and (General Chat) - Jumbo1, Oct 17, 20:44:15
  - 👍 (n/m) (General Chat) - Bungle, Oct 17, 20:47:20
    - Too many words but may be relevant.... (General Chat) - Jumbo1, Oct 17, 20:52:34
      - I would especially pick out: (General Chat) - CWC, Oct 17, 20:59:00
        
        Employment law is very complex and there are few silver bullets (General Chat) - Old Man, Oct 17, 21:29:46
        
        yeah some interesting cases in the gig economy space at the moment (General Chat) - CWC, Oct 17, 21:36:20
        
        ...and your point on on-the-ground reality vs what the contract says is absolutely key (General Chat) - Old Man, Oct 17, 21:42:29
        
        tax and law. Best. Thread. Ever. (n/m) (General Chat) - CWC, Oct 17, 21:48:14
        
        Go on. Ask me about VAT and derogations. It's my party piece. (General Chat) - Old Man, Oct 17, 21:52:02
        
        Ha! (General Chat) - CWC, Oct 17, 21:58:10
        
        Ta CWC. (n/m) (General Chat) - Bungle, Oct 17, 21:02:42
        
        np (General Chat) - CWC, Oct 17, 21:18:17
        
        Nope that’s me... thanks much xx (n/m) (General Chat) - Bungle, Oct 17, 21:35:22

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