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PSC Limited Company advice.

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    #11
    Originally posted by internetpseudonym View Post
    You guys are a world of charity.
    We are in business for ourselves. Mostly, we are in competition with one another. We are not a charity. You are wanting to become charity and refuse to pay a professional to give you infomation and want it from us for free. Telephone some plumbers and ask them how to become a plumber and see what happens.

    On the whole we have to do our own research, or pay someone else to give us answers to questions (contract lawyers, accountants, etc.)

    Now then.
    • If you cannot manage to follow the links in the CUK Navigation box on this web site, why on earth should we hold your hand?
    • In all your IR35 research, did you never come across the PCG? Were you not tempted by their Guide to Contracting?
    • The accountants that post on here generally have PDFs of advice on their web sites including first timer's guides. Have you read any of it?

    Do the above, AND READ WHAT YOU FIND.

    Then come back. And ask politely.

    Comment


      #12
      OK - I'll be nice and assume you really do understand nothing, and are not a sockpuppet.

      If you do work, yourco invoices company. Yourco gets paid THE WHOLE amount invoiced.
      Yourco then decides what to pay you.

      If within IR35, you deduct valid expenses (travelling etc level - not MP level), then do a complicated calculation which ends up with yourco spending 95% of what is left paying you (including NI tax etc that yourco has to pay to keep our MPs.)
      Agency will NOT deduct anything - they pay you the full amount. So assume the following (nice easy sums) for within IR35
      You have a contract for £220 per day. You have £20 travelling expenses. Yourco invoices for £1100 at end of week.
      You take the £1100, subtract off the £100 travelling costs. Left with £1000
      You have to use £950 in paying you. That includes the employers NI costs.

      That of course doesnt include VAT - I didnt want to make it too complicated!

      If outside of IR35, of course you can pay some of your money through dividends etc.

      Now please go and read the first timers guide.
      Also choose a good accountant, who can explain this all to you. One who understands contractors. Otherwise you will become HMRC fodder very quickly

      Comment

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