Advice needed for novice! Advice needed for novice!
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  1. #1

    Paulwbarnes

    Guest

    Default Advice needed for novice!

    I know this topic may have been covered before, but i need advice as i started up a limited company with a friend with the intension of working on the business right away. Due to lack of funds i decided that i would do some contracting work.
    All the wages get paid into the Limited company account and i would obviously want a large portion of that money for myself.

    I have to invoice the agency weekly via my limited company, and i was wondering how i can get the most money without paying huge tax bills.

    Here are my expenses :
    car milage (300 per week)
    Mobile phone (15 per week)
    Running limited company from home (???)

    I get paid roughly £750 per week

    How should i balance the expenses and weekly salary to receive most of the weekly wage.

    Thanks

    Paul Barnes

  2. #2

    fiddleabout

    Guest

    Default

    You could do what the Aussies do - transfer it all to your personal bank account and bugger of to Oz when you get enquiries from the tax man.

    Alternately you could read up on all the stuff you need to know to do this all youself or better still do what us pros do - get an accountant to sort it out for you because you'll spend forever and a day sodding about with it and still probably get it wrong whereas an accountant will do the lot from around £50 + VAT per month. The VAT is a bit of a bugger as you appear to be below the VAT threshold.

    If you decide to take the accountant route several advertise on here plus ************ (link at top of page) recommends one. Declaration of interest - I run ************ together with Rhino who also posts here - his posts are much more boring than mine though because he doesn't use the computer when he's pissed

  3. #3

    expat

    Guest

    Default

    IMHO this forum can be useful for finding the questions to ask. You need a professional to answer them.

    Would you get an accountant to build your database? If not, don't try being an accountant yourself.

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