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New To Ltd Company

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    New To Ltd Company

    I normally go through as an Umbrella, But I am think of signing up and have my own Ltd Company (I am complete new to this).

    What I want to know is if I get a Contract - Say it pays £300 per day - When I Invoice the client Do I have to put the VAT on top?

    Do I also have to pay VAT back at the end of some period?

    Is Ltd Company a better option than Umbrella?

    Thanks

    #2
    You really need to read the links to the right, particularly the First timers guides. We could tell you the answers to those questions but they are so fundamental you are going to have a million more afterwards.

    Better to do some of your own research and hopefully learn a lot more along the way.

    If you can't find an answer to an question even after reading the newbie guides then either google it or search the forums using the the google method.

    In google type in

    {keywords} site:forums.contractoruk.com

    and it will being back all the threads that keyword is used in.

    I really don't think drip feeding you answers is the way forward for you.

    Also, with the changes coming to IR35 in the private sector in April you are going to have to get up to speed very quickly. If you set up a LTD now and get deemed inside in the next 6 to 8 weeks then you've wasted your time and potentially put yourself at risk.

    No quick answer to this. You are going to have to put a bit of work in I am afraid.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      Originally posted by snk888 View Post
      I normally go through as an Umbrella, But I am think of signing up and have my own Ltd Company (I am complete new to this).

      What I want to know is if I get a Contract - Say it pays £300 per day - When I Invoice the client Do I have to put the VAT on top?

      Do I also have to pay VAT back at the end of some period?

      Is Ltd Company a better option than Umbrella?

      Thanks
      And don't forget the possibility of closing it come April 2020....
      "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
      - Voltaire/Benjamin Franklin/Anne Frank...

      Comment


        #4
        Originally posted by snk888 View Post
        I normally go through as an Umbrella, But I am think of signing up and have my own Ltd Company (I am complete new to this).

        What I want to know is if I get a Contract - Say it pays £300 per day - When I Invoice the client Do I have to put the VAT on top?

        Do I also have to pay VAT back at the end of some period?

        Is Ltd Company a better option than Umbrella?

        Thanks
        Not if it starts to rain.

        It depends, are you likely to find work outside of IR35 post April 2020?
        Make Mercia Great Again!

        Comment


          #5
          Originally posted by BlueSharp View Post
          Not if it starts to rain.

          It depends, are you likely to find work outside of IR35 post April 2020?
          Agreed

          No vat on rainy days - it’s the law


          Sent from my iPhone using Contractor UK Forum

          Comment


            #6
            Originally posted by snk888 View Post
            I normally go through as an Umbrella, But I am think of signing up and have my own Ltd Company (I am complete new to this).

            What I want to know is if I get a Contract - Say it pays £300 per day - When I Invoice the client Do I have to put the VAT on top?

            Do I also have to pay VAT back at the end of some period?

            Is Ltd Company a better option than Umbrella?

            Thanks
            You've been lurking on these forums for long enough that you should know what is going to (or not depending on the budget) happen.

            6 months ago you were settling your loan charge with HMRC. Having made that really bad mistake I would strongly recommend you do as suggested and learn a lot from over there >>>>>---------

            You don't want to get caught in another tax problem do you?

            fool me once, shame on thee; fool me twice, shame on me
            See You Next Tuesday

            Comment

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