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Ltd Co shut down now what??

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    Ltd Co shut down now what??

    Having retired I wound up my Ltd co a while ago as was not doing much business through it. Now a client of mine has engaged me for some one of project work worth c15k. Not sure I can be bothered with the hassle of opening a new Ltd co/bank account etc.

    Would it be best for me to do it as a sole trader and just declare the tax (if so what do I need to delcare) or would an umbrella company suit? It's a set amount for a project rather than a day rate.

    Thanks
    R

    #2
    If the client's happy to deal with you as a sole trader, I'd probably do that. They may be uncomfortable with that though as risk is potentially on them in case of HMRC arguing your working relationship was really one of employer/employee (unlikely if fixed fee for project).

    Maybe worth factoring in how likely there are to be other things like this offered to you that you want to take up. If so, maybe a Ltd Co is worthwhile.

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      #3
      I guess if you don't want the hassle of a limited company then you wouldn't want the hassle of a self assessment return which would arise as a result of operating as a sole trade. In which case, the hassle free way would be to provide services through an umbrella as there shouldn't be a need to file a self assessment, unless you already have a requirement to file

      Comment


        #4
        Originally posted by richcat View Post
        Having retired I wound up my Ltd co a while ago as was not doing much business through it. Now a client of mine has engaged me for some one of project work worth c15k. Not sure I can be bothered with the hassle of opening a new Ltd co/bank account etc.

        Would it be best for me to do it as a sole trader and just declare the tax (if so what do I need to delcare) or would an umbrella company suit? It's a set amount for a project rather than a day rate.
        If it is direct and not through an agency, just register as self-emploiyed. These days the income tax on dividends makes a bit more effective, tax-wise, to go self-employed than drawing dividends from a limited company, not to mention the cost of running a company.

        Comment


          #5
          Originally posted by dotcom12 View Post
          I guess if you don't want the hassle of a limited company then you wouldn't want the hassle of a self assessment return which would arise as a result of operating as a sole trade. In which case, the hassle free way would be to provide services through an umbrella as there shouldn't be a need to file a self assessment, unless you already have a requirement to file
          As a director of a limited company, you would have to file a self-assessment anyway.

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