I've just set up a Ltd Co due to the lure of more control over my finances and trying to build an actual business around my field of expertise. The more I read though, the more pesimistic I get about the tax and NI benefits remaining long term.
In the current climate, does everyone now think it would be advisable to keep enough money in the company to cover the NI bill should MHMRC start automating the collection of missed payments? It strikes me that they have all the info they need from the new service company question and could operate a pay us now or prove you were right to not pay approach rather than the existing time consuming, we'll prove you owe us strategy.
If they went down that route, they could print off thousands of demands per week and put the onus on us to prove we were in the right. PCG couldn't pay for all of us to be defended and I bet a million pounds that the tax cover insurance companies will not pay as soon as things start getting ropey.
Getting a bit nervous now, actually wondering whether to just run full salary PAYE despite feeling I have a legitimate business.
In the current climate, does everyone now think it would be advisable to keep enough money in the company to cover the NI bill should MHMRC start automating the collection of missed payments? It strikes me that they have all the info they need from the new service company question and could operate a pay us now or prove you were right to not pay approach rather than the existing time consuming, we'll prove you owe us strategy.
If they went down that route, they could print off thousands of demands per week and put the onus on us to prove we were in the right. PCG couldn't pay for all of us to be defended and I bet a million pounds that the tax cover insurance companies will not pay as soon as things start getting ropey.
Getting a bit nervous now, actually wondering whether to just run full salary PAYE despite feeling I have a legitimate business.
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