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  1. #1

    Nervous Newbie

    Mr AKP has no reputation


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    Default Newbie questions

    Hello all ,

    I'm a newbie to the contracting and this forum . . . sorry in advance for any silly questions.

    At present I am with an Umbrella company but am thinking about becoming a Limited company, can you advise me how to go about this, do I need an account throughout the year or just towards end of year?

    My contract requires me to do a daily 100 mile round trip (to and from work), over the year I expect to do approximately 25,000 miles. At present I have a petrol car which does ~33mpg, how much would I gain/save if I used a diesel for the year?

    Thank you.

  2. #2

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    Quote Originally Posted by Mr AKP View Post
    Hello all ,

    I'm a newbie to the contracting and this forum . . . sorry in advance for any silly questions.

    At present I am with an Umbrella company but am thinking about becoming a Limited company, can you advise me how to go about this, do I need an account throughout the year or just towards end of year?

    My contract requires me to do a daily 100 mile round trip (to and from work), over the year I expect to do approximately 25,000 miles. At present I have a petrol car which does ~33mpg, how much would I gain/save if I used a diesel for the year?

    Thank you.
    1. Read the stickies.

    2. Ask Jeremy Clarkson.

    3. Don't post in General unless extremely thick-skinned...

  3. #3

    More time posting than coding

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    Quote Originally Posted by stek View Post
    1. Read the stickies.

    2. Ask Jeremy Clarkson.

    3. Don't post in General unless extremely thick-skinned...
    Phew! That was a fairly helpful reply. What is General coming to?

  4. #4

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    Troll is NOT a disguised employee

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    12
    How fortunate for governments that the people they administer don't think

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    Quote Originally Posted by Troll View Post
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    I've decided to opt for a timeslot rather than post count.

    16:47 08-Feb-2012

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    Quote Originally Posted by Pondlife View Post
    I've decided to opt for a timeslot rather than post count.

    16:47 08-Feb-2012
    Too exact. I'm going for weather; I'll go for light showers, prevailing north easterly wind and a max temperature of 4 degrees.

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    Quote Originally Posted by wobbegong View Post
    Too exact. I'm going for weather; I'll go for light showers, prevailing north easterly wind and a max temperature of 4 degrees.
    Are we heading for a warm spell?
    How fortunate for governments that the people they administer don't think

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    Quote Originally Posted by Mr AKP View Post
    At present I am with an Umbrella company but am thinking about becoming a Limited company, can you advise me how to go about this, do I need an account throughout the year or just towards end of year?
    Account as in Bank account? err yes it helps
    Accountant as that's what I think you mean. It generally works out to be roughly the same cost from my experience in paying for an accountant all year on a monthly basis (and therefore having good financial advice throughout the year when needed) or if you intend to do a one off end of year accounts sending all invoices/receipts/spreadsheets to them and they bill you on a per hour basis. Seeings as accountancy fees are a valid business expense it seems odd that you as a business are considering not having sound financial advice available throughout the year, especially as you are new to operating and running a company and therefore are far more likely to screw up. My advice would be have an accountant all year and once you feel you are comfortable with everything that is required/expected of running a company then you can do it yourself in a few years time. Better safe than sorry.

    Quote Originally Posted by Mr AKP View Post
    My contract requires me to do a daily 100 mile round trip (to and from work), over the year I expect to do approximately 25,000 miles. At present I have a petrol car which does ~33mpg, how much would I gain/save if I used a diesel for the year?
    How much would the diesel car do mpg?
    What is the cost of petrol and diesel where you live?
    DO you own a calculator and a pencil? work it out.

    next time ask sensible questions in the relevant thread (such as accountacy perhaps?), ask questions you dont mind if you get a stupid answer for in General.

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    Quote Originally Posted by Troll View Post
    Are we heading for a warm spell?
    No. It's turned distinctly chilly around here...

  10. #10

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    Quote Originally Posted by Mr AKP View Post
    My contract requires me to do a daily 100 mile round trip (to and from work), over the year I expect to do approximately 25,000 miles. At present I have a petrol car which does ~33mpg, how much would I gain/save if I used a diesel for the year?

    Thank you.
    Petrol @ 33mpg £1.30 per litre = £4477.21

    Diesel @ 45mpg £1.40 per litre = £3535.85
    Diesel @ 50mpg £1.40 per litre = £3182.26
    Diesel @ 55mpg £1.40 per litre = £2892.97

    http://www.fuel-economy.co.uk/calc.shtml
    Coffee's for closers

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