Hello,
I'm new and have spent the last few hours reading through the posts on this forum. What that has done has scared me from using a composite solution such as Giant Powerhouse and from setting up my own company as the costs seem higher than a composite solution (E.g. accountant, IR35 contract check, IR35 insurance, professional, personal, public liability insurance).
From what I can gather is that composite companies may be under heavy scrutany from the HRMC and therefore could cause them to go under and hence the members would lose they're next weeks income/months income? OR is it the members themselves could be under investigation in which case the insurance would kick in and they would be in the same position as if they were LTD with insurance in the first place?
I understand that the composites will also charge a fee that if you were LTD you would obviously not be paying. Although as mentioned above you could end up paying for those things individually?
Please could someone clear the above up in simple layman terms in terms of the risks, rewards and effort required for each choice?
Thanks in advance,
Chris
I'm new and have spent the last few hours reading through the posts on this forum. What that has done has scared me from using a composite solution such as Giant Powerhouse and from setting up my own company as the costs seem higher than a composite solution (E.g. accountant, IR35 contract check, IR35 insurance, professional, personal, public liability insurance).
From what I can gather is that composite companies may be under heavy scrutany from the HRMC and therefore could cause them to go under and hence the members would lose they're next weeks income/months income? OR is it the members themselves could be under investigation in which case the insurance would kick in and they would be in the same position as if they were LTD with insurance in the first place?
I understand that the composites will also charge a fee that if you were LTD you would obviously not be paying. Although as mentioned above you could end up paying for those things individually?
Please could someone clear the above up in simple layman terms in terms of the risks, rewards and effort required for each choice?
Thanks in advance,
Chris
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