gc_smfc Posted July 7, 2016 Share Posted July 7, 2016 Has anyone here had any experience setting up their own ltd company or using a payroll company, for invoicing contract work? I've managed to get a contract for 4 weeks or so, before going back to university, and I'm required to create my own company for invoicing. I have been recommended MSOL services by the agency I won the contract through, but I hope the great minds of P&B can offer some more advice regarding the easiest way of going about the process. Link to comment Share on other sites More sharing options...
ICTChris Posted July 7, 2016 Share Posted July 7, 2016 Tax dodging scum. Link to comment Share on other sites More sharing options...
SlipperyP Posted July 7, 2016 Share Posted July 7, 2016 Best people to ask is Mr Murray/Mr Whyte/ Mr Green & Mr King. These Guys are the best . Or my advice. Cash in hand Link to comment Share on other sites More sharing options...
Worktheshaft Posted July 7, 2016 Share Posted July 7, 2016 I've worked in contracting using JSA as my payroll or 'umbrella company'. They offer a fix rate around £22 - £25 a week and pay you on receipt of an invoice. Sign up is fairly straight forward and will take a lot less time than setting up your own Ltd. Of course with a ltd your 'take home' pay will be higher. Link to comment Share on other sites More sharing options...
Boostin' Kev Posted July 7, 2016 Share Posted July 7, 2016 I've looked into it but my circumstances are completely different to yours. You'd probably be best using one these companies that specialises in self employed temporary contract work to begin with then see if you can pick it up and do it yourself. Link to comment Share on other sites More sharing options...
sjc Posted July 7, 2016 Share Posted July 7, 2016 49 minutes ago, gc_smfc said: Has anyone here had any experience setting up their own ltd company or using a payroll company, for invoicing contract work? I've managed to get a contract for 4 weeks or so, before going back to university, and I'm required to create my own company for invoicing. I have been recommended MSOL services by the agency I won the contract through, but I hope the great minds of P&B can offer some more advice regarding the easiest way of going about the process. You can buy an off the shelf Ltd Company for about £75 online but you'll need to register with Companies House and appoint a Director & Secretary as well as issuing a Company share and other documents. It's pretty straight forward and nowhere near as complicated as it sounds. Go for it! http://www.formationsdirect.com/offtheshelfcompanies Link to comment Share on other sites More sharing options...
SlipperyP Posted July 7, 2016 Share Posted July 7, 2016 Tax dodging scum. I've looked everywhere for this acrimony. Secret Community Underachieving Motherwell. Cant find nothing Link to comment Share on other sites More sharing options...
gc_smfc Posted July 7, 2016 Author Share Posted July 7, 2016 So looking at the options I'm thinking of just setting my company via companies house, then registering for self assessment and corporation tax. It's cheap, and if it's one off until after my masters I'd prefer just to pay an accountant to do my tax, rather than paying them for something I can do myself. Link to comment Share on other sites More sharing options...
Mortar Bored Posted July 7, 2016 Share Posted July 7, 2016 Do you not know anyone with a LLC that can prepare your invoices for you? Link to comment Share on other sites More sharing options...
Boostin' Kev Posted July 7, 2016 Share Posted July 7, 2016 15 minutes ago, gc_smfc said: So looking at the options I'm thinking of just setting my company via companies house, then registering for self assessment and corporation tax. It's cheap, and if it's one off until after my masters I'd prefer just to pay an accountant to do my tax, rather than paying them for something I can do myself. If it's just a 4 week contract then do it yourself. Generally speaking it's better to get someone qualified at least to begin with imo. Everyone can file returns themselves but depending on your experience you might not be getting the most out of it that you can and will likely be doing it wrong. Link to comment Share on other sites More sharing options...
hearthammer Posted July 7, 2016 Share Posted July 7, 2016 Beware IR35 HMRC will be looking intensely at these "service" type of companies over the next few years. Choose your advice carefully before you dive in. Link to comment Share on other sites More sharing options...
Sweet Pete Posted July 7, 2016 Share Posted July 7, 2016 3 hours ago, sjc said: You can buy an off the shelf Ltd Company for about £75 online but you'll need to register with Companies House and appoint a Director & Secretary as well as issuing a Company share and other documents. It's pretty straight forward and nowhere near as complicated as it sounds. Go for it! http://www.formationsdirect.com/offtheshelfcompanies £75 quid?! Where are you buying your companies from? They're £15 to set up your own new company rather than an off the shelf pre-formed one and ready immediately. Takes about ten minutes to go through the formations website and then they email the company documentation of the newly formed company to you within a few hours, sometimes minutes depending on how busy they happen to be that day. Link to comment Share on other sites More sharing options...
Zen Archer (Raconteur) Posted July 7, 2016 Share Posted July 7, 2016 Wait till the Sarge has come out of the pub finished work, he'll help you. Link to comment Share on other sites More sharing options...
Cerberus Posted July 7, 2016 Share Posted July 7, 2016 For 4 weeks you'd be much better using a umbrella company rather creating a ltd company. Also, personally when it comes to tax I wouldn't go near anything that is Channel Island based. You're asking for trouble with the tax man. Link to comment Share on other sites More sharing options...
gc_smfc Posted July 7, 2016 Author Share Posted July 7, 2016 The umbrella and tax recommended by the agency are both based in Jersey. Which I'm a bit wary of. The main issue with umbrella companies is most seem to want 3 months of payment plus their charges for each invoice. Link to comment Share on other sites More sharing options...
Granny Danger Posted July 7, 2016 Share Posted July 7, 2016 2 hours ago, Sweet Pete said: £75 quid?! Where are you buying your companies from? They're £15 to set up your own new company rather than an off the shelf pre-formed one and ready immediately. Takes about ten minutes to go through the formations website and then they email the company documentation of the newly formed company to you within a few hours, sometimes minutes depending on how busy they happen to be that day. Sweet Pete is correct. It's also a wee bit worrying that he knows this. im going to do a Companies House search to see how many people called Sweet Pete are behind failed companies. Link to comment Share on other sites More sharing options...
Sweet Pete Posted July 7, 2016 Share Posted July 7, 2016 Sweet Pete is correct. It's also a wee bit worrying that he knows this. im going to do a Companies House search to see how many people called Sweet Pete are behind failed companies. I've done work in company formations in the past, Granny. Link to comment Share on other sites More sharing options...
Sergeant Wilson Posted July 7, 2016 Share Posted July 7, 2016 2 hours ago, Zen Archer said: Wait till the Sarge has come out of the pub finished work, he'll help you. I could help him spend the money, Link to comment Share on other sites More sharing options...
Worktheshaft Posted July 7, 2016 Share Posted July 7, 2016 3 hours ago, gc_smfc said: The umbrella and tax recommended by the agency are both based in Jersey. Which I'm a bit wary of. The main issue with umbrella companies is most seem to want 3 months of payment plus their charges for each invoice. Try Parasol or JSA. You don't pay them anything up front and you only pay them the weekly fee for as long as you are on each contract. I have done a mixture of short & long term contracts in finance and utilities. I know a lot of contractors prefer to go down the ltd route, but I can do without the hassle of tax returns, hiring an account etc.. Link to comment Share on other sites More sharing options...
Boostin' Kev Posted July 7, 2016 Share Posted July 7, 2016 If you're talking about a 4 week period I'd be tempted to blag it a little. I can't see HMRC showing too much of an interest in that. Link to comment Share on other sites More sharing options...
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