slef employed v's limited co.?

[gus]

right been self employed for many many years now

doing my self assesmnet at the end of the year has always been my way

but

at the mo the is alot of talk going about saying going limited co is the better option

anyone done this (for some time) or know more about this
every question i ask i seem to get vague answers back

 

[HatterScaff]

Speak to bettertax, she'll sort you out:idea:

 

[superscaff75]

limited company helps protect you and your assetts if anything goes pete tong bud , any debts are the limited companies debts .

If self employed debts are yours therefore possible to lose house and or other assetts if things go bad.

 

[aom]

I can only agree with Superscaff's assessment, that's pretty much why we did it quite early on. I suppose it depends on how you view risk as while it affords you a certain level of protection it opens up a whole new can of worms regarding tax liabilities that you could maybe avoid staying as you are.

 

[BetterTAX]

Hi Gus,

I would have to say that I concur with the advice from superscaff75 and aom, as they succinctly and clearly make the points that are most important.:idea:

You have to decide what your personal risk level is Gus, i.e. if you potentialy might have a heavy liability like large loans or hires on capital equipment or business premises or vehicle leases, then it should be something to consider very seriously and I would certainly advise that you do.
However FWIW, when advising any tradesman client of ours who's thinking of starting up business or registering as self employed I invariably suggest that they don't go ltd as it's obvious from their set up that it would not serve them, but rather hinder (and prove more expensive as well :sad2.
HTH

 

[superscaff75]

what does FWIW and HTH mean

---------- Post added at 03:50 PM ---------- Previous post was at 03:49 PM ----------

for what its worth

 

[philliosmaximus]

hahahahha i thought t was only me that didnt know superscaff

---------- Post added at 03:51 PM ---------- Previous post was at 03:50 PM ----------

How To Hide

 

[jakdan]

thanks lads ive been racking my brains, and i didn't dare ask:bigsmile:

 

[BetterTAX]

Ahh sorry, guys. Thats Roger speak for Hope That Helps and For What It's Worth!!

HTH!!!

 

[philliosmaximus]

Whos Rodger ?

 

[BetterTAX]

Roger is our MD. Ricky and Roger answer the more technical stuff, while I get to have the fun

 

[jakdan]

Whos Rodger ?

the cabin boy:laugh:

 

[philliosmaximus]

Rodger stick the kettle on mate

 

[jakdan]

roger, ricky and rosie sitting on a tree k i s s i n g :bigsmile:

god i'm bored

 

[philliosmaximus]

you not out smashing up a lump then mate :amazed:

 

[jakdan]

no mate handed me notice in on friday, starting new job on wednesday so ive got to sit about for a couple of days, going to play golf the morrow just couldn't be arsed to do anything today.
thought i would be a keyboard warrior and build up the posts so i can catch Allan

 

[kvnsmth]

Whos Rodger ?

hes the scaff thats in the ace cafe 24/7

 

[brandy]

Jolly Roger.