James Tringham

OK. For tax reasons, it seems to be better to operate given what I do (locum solicitor) as a company rather than on PAYE. I can offset my expenses and so on. So the company will charge the firms I work for, and then pay me in turn. Apparently it doesn't do to simply become self-employed. Dont ask me why.

I can cope with the mechanics of buying a company off the shelf: Tringhams Will Rule The World Ltd, or whatever.

But I am fairly clueless apart from that as to what else I need to do. Any ideas? All intelligent contributions will be welcomed.

andyinuk

You will need an accountant to do the account once a year (or do it yourself), keep records of all your expenses etc.

Also depends on your earning you might need to charge and pay VAT.

Docker

You will need to set up a separate tax account (if you are you going to pay it ) otherwise a decent accountant should be able to sort out all other worries.

If you can make your home as your company address you may also be able to charge the likes of Milk, tea and coffee, newspapers and phones as company expenses and thus offset them at the end of year.

My old man is also doing some sort of dodge by naming my mother as the company secretary, but not sure how or why (I'm guessing that there's a money saving scheme involved).

Rocky Rockstar

ill be your accountant \o/ My charge-out rate at work is £170 an hour btw.

Rocky Rockstar

Oh yeah, decide on a year end (first AP must be at least 6 months) and then make sure you file your accounts with the Revenue or Comp Hse otherwise they'll sting you.

Docker

And how much of that do you see?

Rocky Rockstar

And how much of that do you see? </BLOCKQUOTE>

sadly nowhere near that

James Tringham

I know what you mean Rocky. When I was in private practice, my charge out rate was about £180 per hour plus VAT. I think I got about £15 per hour iirc, bearing in mind the number of hours I actually worked. It always seemed a bit of an imbalance.

arenaross

This might be helpful.

Clicky

Razzler

Getting a UK company or an offshore one ? I am sure the type of companies that assist in setting up and registering Ltd companies may be able to help you with other stuff whether UK based or offshore.