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Posted By garyh
I am working on a contract, having been previously employed. In order that I can offset the expenses of my new role (eg travelling, accommodation away from home) I have set up as a limited company.
So far so good.
I have obtained the CDROM from HM Customs & Excise about calculating tax etc.
It is complex and what I really need to know is how do I make sure I offset my expenses and then calculate and pay tax and NI?
Does anyone have any simple advice for me?
Thanks.
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Posted By Andrew Lochlyn Ure
Gary
This may not be the advice you want to hear - but my wholehearted recommendation is to get a good accountant. I am working in the same capacity as you i.e. self-employed, limited company, under contract etc etc, and have been doing so since 2000. I pay my accountant a monthly fee and get a superb service in return. The other pitfall for someone in our position is IR35 - and a good accountant that has knowledge of working with small service consultancies such as ours are worth their weight in gold in helping to ensure we stay on the right side of that.
Regards
Andrew
Andrew
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Posted By Paul Leadbetter
Gary
As Andrew says, get an accountant. Operating as a limited company, there are tax savings to be made by taking a low salary and taking most of the income as dividends. An accountant will know all of this (and more).
Paul
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Posted By Martyn Hendrie
I agree with the previous responses get a decent accountant. Mine helped me get set up and didn't charge me till the end of the first year. You still pay but by than cash flow should be a bit better.
One other thing to get advice on is registering for VAT.
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Posted By Ian G Hutchings
Agree with Andrew
For what it costs me per month for an accountant it saves time and money and provides me with more opportunity for chargeable time.
Ian
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Posted By Linda Crossland-Clarke
Hi
If you contact Business Link, they have small business advisors. They will also be advising for accountants too. Networking with smaller SME's could bring in more business. I found my accountant through BL, she then got me funding to do my first years accounts as a LTD coy as it was investment in the region. I also pick up work through her too.
regards
Linda
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