happyhugenoet
Well-known member
CAN ANYONE ADVISE HOW Easy and what are the pros and cons and what is the process can anyone do it
Ltd company pros and cons
- Thread starter happyhugenoet
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bigfish
Moderator
Yes anyone who's not banned from being a director,your accountant will buy one for you if your not happy to do it yourself,a ltd company is a must to protect any assets you may own and means your only limited to a £100 of the companys debt,as for the pro's and cons financialy you'd need to speak to your account who'll tell you what benefits are particular to your own situation,a ltd co. is a trading vehicle and as such the company is liable and not you personally
Limited companies are registered with 'Companies House' they will need to register the directors and importantly the 'company secretary' These will be registered on a form no 288 (unless it has changed). The company secretary will be the person responsible for the correct payment of all taxes and arranging the public accounts - a legal requirement. As Bigfish has said previously you would be an employee of the company and not personally responsible for any debts should things go bad.
happyhugenoet
Well-known member
cheers guys what is reasonable to claim against for your tax returns ?
bigfish
Moderator
If it's a cost associated with the business then normally that would be classed as an exspense that can be offset against your tax bill,the list is endless but I cant think of anything that doesn't qualify if it's a genuine business cost,maybe others can?
Yorkshire Lee
Well-known member
Owning your own company is the easy part,getting the work is where you may struggle,as others have pointed out,make sure you get an accountant,they are expensive but worth every penny,also,you can claim the costs of your accountant back on your tax returns,good luck mate.
I am not sure where the benefit would be for you Happy. Ltd is fine if you think there is a risk of something going wrong but to be honest, getting at your cash would become difficult and then there is the corporation tax. I reckon your accounting fees would rise quite dramatically along with nearly everything else.
BetterTAX
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Hi Happyhugeneot,
As everyone says, always going to be pros and cons.
Setting up is easy as explained by others.
When it comes to claiming tax back, you can only claim back and offset genuine business expenses, as Bigfish said.
If you're a Ltd company then you will definitely need an accountant to do your end of year figures and submit them so they will know what to do - it won't be your worry!
Good luck!
As everyone says, always going to be pros and cons.
Setting up is easy as explained by others.
When it comes to claiming tax back, you can only claim back and offset genuine business expenses, as Bigfish said.
If you're a Ltd company then you will definitely need an accountant to do your end of year figures and submit them so they will know what to do - it won't be your worry!
Good luck!