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View Full Version : Stay ltd or go self employed



gazraa
28th September 2004, 14:30
i'm finding it a bit tricky to work out what to do, this is my situation:

i have a full time permy job
i have a ltd company with which i do a small amount of business in my spare time - turnover :D

fiddleabout
29th September 2004, 10:29
If you have no need for the Ltd then fold it as it is costing you money - you can start another easily enough should the need arise.

Whichever way you chose to report your second income you will be shafted for tax as unless your fulltime employment is low paid your marginal rate will be 40%. Of course if you didn't declare it ...

Darren at 1st Accountancy Serv Ltd
29th September 2004, 12:30
Fiddle....what are you suggesting!!??

Cheers for the picture on my messageboard...is that you & Rhino? BTW..2 days to Prague! :b

gazraa
29th September 2004, 17:14
obviously i would declare it all, can't afford to be stung by mr tax man later down the line. unfortunately my full time job isn't low paid enough (never thought I'd say that!!) to not jump into the next tax bracket which is a major bummer.

i'm also thinking about changing the focus of my business slightly too, so it might be time to sort it all out

anyone else got any more advice?

fiddleabout
30th September 2004, 07:59
Hi Darren enjoy Prague - don't forget to look up Milan's mum.

I'm not sure who the 2 in that picture are - according to an old copy of "Organic Fertiliser Exporter Monthly" that I found in my dentist's waiting room the one on the left is Denmark's biggest exporter though so I thought you'd appreciate a business related post on your board as they seem to be a bit sparse.

Sorry to have shocked you by suggesting somebody should close down an unwanted company rather than continue to enrich his accountant for virtually no work but as co-founder of ************ I feel duty bound to offer advice to the best of my knowledge.

Gazraa - I do hope you didn't think I was advocating tax evasion although it must be said that the self-employed seem to practice it without much let or hindrance whereas hard working honest contractors who have no opportunity for evasion are reviled and persecuted by the current government.