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Buckstewerbuck
23rd September 2004, 14:08
is this different from your normal Ltd Company or just a fancy name??

planetit
23rd September 2004, 14:18
It's different.

Normally, the contractor owns the Ltd company (via the shares), and is also the director. So he manages the company (possibly with the help of an accountant). With a managed Ltd company someone else manages the company. You still own the shares (at least some of them) so you get dividends just as you would with your own Ltd.

These things are sold as having the advantage of dividends, but without the hassle of running a company. Of course you pay for this service. The reality is that running your own company is not that complicated with the help of a good accountant.

rebeccaloos
23rd September 2004, 14:28
Planetit has very well summarised it - that's what I do. It is technically my company but I pay someone to run it.

Buckstewerbuck
23rd September 2004, 14:33
so if your outside IR35 then its a good idea....but if your caught, you might as well go umbrella??

is that right?

planetit
23rd September 2004, 16:09
I suppose if you are outside IR35 it’s an option. However, two obvious points: -

You would have to trust the management company to allow then to control all your money. Or have some pretty good protection in place if things go wrong.

On the basis that you don’t get something for nothing, it’s going to cost you more than running the company yourself.

P.S. These are just my thoughts, since I've never used one of these companies.

Buckstewerbuck
23rd September 2004, 16:16
maybe someone could make a post of prices charged by companies in rekation to Ltd company, managed, umbrella etc....

one definitive list!!

any takers?

rebeccaloos
23rd September 2004, 16:33
my managed ltd co provider charges £35 a week for the service

fiddleabout
23rd September 2004, 16:36
Jesus H Christ - that's daylight robbery !!!

Aren't you allowed to setup a UK Ltd. or something Becs?

Robot
23rd September 2004, 16:58
maybe someone could make a post of prices charged by companies in rekation to Ltd company, managed, umbrella etc....

one definitive list!!

And what exactly would one gain from this? Price is not everything, you need to look at the over all service provided.

Why do you think there are price differences in the first place?

rebeccaloos
23rd September 2004, 17:12
I would be allowed, Fiddle, there's no question - but these people are quite good, especially at minimising my, err, tax liabilities, as was discussed on numerous threads in the past few weeks/months

Debbie Reinvented
23rd September 2004, 22:31
I'm with Fiddle on this

£35 per week to manage contractor accounts and tax

I don't think so. There are reputable accountants advertising on CUK who cost a lot less and provide a good service!!!

Buckstewerbuck
24th September 2004, 09:37
as mentioned on previous thread

I am with K&B and they charge £45 which includes personla tax return. they also have freephone number and postal address. Every penny helps!!

One mate is which 1 contact who charge 5% of each invoice..nutter!!

and another is with Giant managed company who charge £35 a week...another nutter!!

Simon SJDaccountancy
24th September 2004, 11:55
Buck, you are K&B! You've just posted an ad on another BB using the same user name.

At least be a bit clever about it.

Buckstewerbuck
24th September 2004, 12:16
trying for referrals....cant balme a guy for that!

fiddleabout
25th September 2004, 08:09
> One mate is which 1 contact who charge 5% of each invoice..nutter!!

More likely a tax evader.

One of the offshore options we examined gad a scheme like this - the 95% goes direct to your bank account and you are supposed to declare it as income from self employment. If you do the sums that works out less return than from a Ltd - unless of course you don't bother to declare it :)

We decided not to promote that one on ************.

We don't promote managed companies either and I think if you look at the figures being bandied about on here it's pretty obvious why we don't.

freshblue
27th September 2004, 10:56
I use Parasol and they charge £14.95 and I get inclusive PI (2m i think), the other insurances, all the admin processing, no set up or leaving fees. Been with them for ages cos they are pretty efficient and very low hassle.

If you fancy joining tell em Dave from Leeds sent you ;)

cooperinliverp00l
27th September 2004, 11:30
I'm with parasol and it is so much less pain than running a ltd company.

Vote Parasol

Don't really know why i'm saying this but who cares. IT'S MONDAY 8o