1 Man Limited Company

Also, most get insurance P&ELI from Caunce O'hara, you have to call them as O&G doesn't work online for some reason.

 

challenge is, if working thru an agency, they will only deal with 'their panel'.

 

I am business consultant and use QDOS, decent price & service so far.

 

Qdos seem to have a good name, most end clients who are doing proper IR35 assessments are using them

 

Yes, they have a youtube channel which is worth a watch for updates.

 

I am a bit out of date on this however if you are outside IR35 and were made redundant later on in the current tax year a good course of action used to be to go self employed and offset business expense items (think car/phone/computer/clothes etc) against the tax you have already paid that year. Then, on 6 April next, switch to Limited company.
My advice would be to find a small account - one who is in effect a small businessman himself. That way he is she knows the wrinkles.
Good luck.

 

I take it has changed relatively recently? I haven't done a company invoice for over a year!

 

A couple of years ago, the flat rate scheme was villianised by Hammond (I seem to remember) and levelled to 16.5% so it's better to come off and claim anything due (accountants fees VAT rebate makes it better that way)

 

april 2018 IIRC last change. But one of my guys thought the same: keep the 6.5%. Luckily, he got some advice before he massively underpaid

 

plus business miles claimed are also vat\able. Works out to be 2p or so a mile. So if you do a fair bit its worth a VAT rerun. If not, and you dont buy much (there is a VAT test) then just takes the very small reduction in VAT you keep for doing all the collection and payment work!

 

never did any business miles but only claimed train travel (that is zero rated). Once I stopped using hotels (my sister's flat was free). The only VAT incurred during a normal week was for leaving a car at Bristol Parkway car park. So I was better off on the fixed rate scheme.

 

I did alright out of my Limited Company.......apart from nearly killing myself over the long hours doing the work.

Tiny salary + dividends; bugger all tax; mileage paid for the cars; flat rated VAT, meant I could claim more than I paid out.

Didn't need professional insurance either......my clients got to see at an early stage what I would be producing and they had to sign it off once any changes they required were dealt with.

When it came to the completed item, if they wanted something altered, I stung them (if it could be altered).

If I got something wrong, I altered it FOC.

If they used it but found out it was incorrect, they should have checked before they used it.....they had every opportunity to check.

Much easier on the paperwork than being a sole proprietor IMO.

 

I had a company Kawasaki ZX9 C1 for a while, great company 'car' apart from the horrible carb icing problems.

 

I won't snitch to the government, honest! Did you actually use it for company miles at all?

 

99% of my bike miles are 'company' it's a private vehicle though so I just claim mileage

 

This was years ago but yes I certainly did, IT contractor at the time!

 

Ugh, remembering that Leeds to Chesterfield commute over winter ... Not exactly the most practical bike for the job admittedly.

 

Last day as a contractor tomorrow in my own limited company and speaking to my accountant next week on whether to wind it down or keep the company open..

Never been a worse time to be a contractor: Hardly any outside IR35 contracts out there - there should be, but no orgs want to risk it and there are lots of blanket bans of outside IR35 from orgs (client makes the determination of status from april). As a result
1. there are lots of contractors on the bench at the moment
2. few contracts
3. market forces are in action and days rates are way down for those that exist
4. umbrella companies are taking advantage of the situation and taking the piss with their charges

I'm taking a few weeks off and going back on a fixed term contract for 6 months while things settle down, and they will. : which isn't as good as being in a limited, but not as bad as the umbrella deals . I will probably cut that short if one of the other opportunities in the pipeline (perm roles) come off.

some contractors have taken the piss over the years, it isn't HMRCs fault really, but this has hurt genuine contractors hard: Businesses risk averse approach, which i dont think is legal, and governments head in sand approach to ir35 is really short sighted. there will be some interesting test cases i would imagine. To add insult to injury both the money going in my pocket and my tax contribution is going to be way down on previous year, so it's a no win game for everyone. I've been well behaved and not spunked all accrued revenue but that might need to see me alright past september, belts can be tightened further too. My plan for a V2 is on hold until i can redo the man maths and create a bit more certainty on future revenue. In all seriousness it is a bit stressful what with family obligations etc: but improvise, adapt, overcome and all that.

 

Same position. Taken a perm role, for at least the next 12m, and thankfully my delivery over the last 3 contracts gave me some leverage as I was in demand. So got a good package and a job I am really not qualified for: but have the management skills to deliver.

and someone else will pay me for trackdays off