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» Current Poll
Best 5 club teams in history of Football:
Liverpool 1977-1978 - 100.00%
1 Vote
Real Madrid 1956-1960 - 0%
0 Votes
Juventus 1985 - 0%
0 Votes
Milan 1989-1990 - 100.00%
1 Vote
Ajax 1971-1973 - 0%
0 Votes
Santos 1962-1963 - 0%
0 Votes
Torinho 1940's - 100.00%
1 Vote
Ajax 1995 - 0%
0 Votes
Flamengo 1981 - 100.00%
1 Vote
Benfica 1961-1962 - 100.00%
1 Vote
Total Votes: 1
You may not vote on this poll.
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Old 11-15-2007, 05:39 PM   Being self-employed / being a limited company Post #1
Joe Blow
 
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Default Being self-employed / being a limited company

I was considering declaring myself self-employed so I could claim back taxes on things I need in order to be a professional musician, such as haircuts and internet porn. My dad, however, has just sent me a text saying, "Have talked to accountant. Says better off becoming a limited company."

He's busy, or I'd be pestering him instead of you lot but... how the hell would that work? Senegal, you probably know.
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Old 11-15-2007, 05:43 PM   Being self-employed / being a limited company Post #2
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Means you only have limited liability if you go bust instead of unlimited liability
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Old 11-15-2007, 05:43 PM   Being self-employed / being a limited company Post #3
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iirc you need a fair bit of cash to set up as an ltd. somewhere in the region of £50k ish. but there's probably loads of ways round that.
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Old 11-15-2007, 05:47 PM   Being self-employed / being a limited company Post #4
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I assume ltd companies are given some kind of cushy tax status? Or else why would the accountant recommend it in preference to declaring as self-employed?
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Old 11-15-2007, 05:51 PM   Being self-employed / being a limited company Post #5
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as a limited company you don't pay any tax on the first £10,000 of profit, where as as an individual you do.

or something like that.
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Old 11-15-2007, 05:54 PM   Being self-employed / being a limited company Post #6
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Ask me again in three years
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Old 11-15-2007, 06:35 PM   Being self-employed / being a limited company Post #7
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The first 10k!??! Christ, that'd be handy
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Old 11-15-2007, 06:37 PM   Being self-employed / being a limited company Post #8
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As a sole trader you dont pay tax on the first 6k profit you make

And obviously you declare everything and anything as expenses anyway
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Old 11-15-2007, 06:37 PM   Being self-employed / being a limited company Post #9
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what's the tax if you earn £10k anyway? about £1k max.
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Old 11-15-2007, 06:37 PM   Being self-employed / being a limited company Post #10
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Quote:
Originally posted by ceefax the cat:
The first 10k!??! Christ, that'd be handy
yeah but that'd be the companies profit, not yours, thus must be reinvested back into the company, if you paid it to yourself as a salary then you'd have to pay income tax. I assume. Ofc you can use the money on a company car, maybe even a company flat etc.
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