Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Dean Taberner on October 08, 2011, 08:52:28 pm
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Hi,
We have gone Ltd as of last week and I was just wondering how many more Ltd companies there are on here?
Cheers,
Dean,
Managing director of of DTWC Ltd. ;D ;D ;D
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Reach & Clean ltd ;)
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Hi,
We have gone Ltd as of last week and I was just wondering how many more Ltd companies there are on here?
Cheers,
Dean,
Managing director of of DTWC Ltd. ;D ;D ;D
alrite stop posing
wen you taking yr dividend???????????????
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Window cleaning can be very distressing at times Gav 8)
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destressing no m8
ritchy wilts is ltd ;)
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destressing no m8
ritchy wilts is ltd ;)
Has he got all of his qualifications? ie stoke standards from the school of Jim Barnett?
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no m8 ;D ;D ;D
think e shud be informed on forthwidth ;D
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Had meeting with accountant on Wednesday and he suggested me doing this but not too sure yet...
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If you do it right i reckon you will pay less tax especially if you can make your wife a partner.... Then you double your tax benefit , and can claim expenses etc and only pay corporation tax at 20% on the profit and no NI at 8% like sole traders
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Been Ltd for 6 year I think, suppose to pay less tax and if the business goes tits up you dont lose your house and stuff like that (cant remember exactly)
But as of the 01/11/2011 we will finally be VAT registered!!! going to be fun!!!!!!!
Stuart
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Been a Ltd Co twice ;D Once a few years ago when the government offered a carrot of not having to pay tax on the first £10,000 of profit. The next year they took the carrot away, so we reverted to Sole Trader.
Two years back our accountant recommended going Ltd again, so we did. As employees of our own company we pay tax and NI on the PAYE system but only take a basic wage each to use up our tax free allowance. We then pay Corporation Tax at 20% of our net profit on the rest, before taking our dividend so our personal tax is already paid from the Company profits.
That's sort of it, I don't get too involved - that's what the accountant is paid for, all I know is that our annual tax bill is a couple of thousand less than it used to be.
As for 'losing your house' - if you are a Sole Trader and you have lots of trading debts (hire purchae on your van, for instance) then if you go bust your creditors can apply to the courts for your assets (your house) to be sold to pay the debts. Not vey likely in our trade, as we don't carry vast amounts of stock bought on credit like retailers. As a Ltd Company it's the company which owes the debt, and only assets which can be proved to belong to the Company can be siezed to pay any debt. These would be only things like WFP equipment, vans registered to the company and any other equipment/spares etc.
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Hey ian hows it going with the franchising
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Been a Ltd Co twice ;D Once a few years ago when the government offered a carrot of not having to pay tax on the first £10,000 of profit. The next year they took the carrot away, so we reverted to Sole Trader.
Two years back our accountant recommended going Ltd again, so we did. As employees of our own company we pay tax and NI on the PAYE system but only take a basic wage each to use up our tax free allowance. We then pay Corporation Tax at 20% of our net profit on the rest, before taking our dividend so our personal tax is already paid from the Company profits.
That's sort of it, I don't get too involved - that's what the accountant is paid for, all I know is that our annual tax bill is a couple of thousand less than it used to be.
As for 'losing your house' - if you are a Sole Trader and you have lots of trading debts (hire purchae on your van, for instance) then if you go bust your creditors can apply to the courts for your assets (your house) to be sold to pay the debts. Not vey likely in our trade, as we don't carry vast amounts of stock bought on credit like retailers. As a Ltd Company it's the company which owes the debt, and only assets which can be proved to belong to the Company can be siezed to pay any debt. These would be only things like WFP equipment, vans registered to the company and any other equipment/spares etc.
This is exactly what I was going to say - I have been Ltd for 10 years now. You do benefit by saving on tax a bit than sole trader and you are better protected should things go wrong as the company becomes a legal entity of its own separate from you. You just own 100% shares in it thats all. Its good if you are buying up BTL property too using BTL mortgage lenders as this is better advanced than if you are a sole trader.
We have been VAT registered since 2003not sure what the level is but if your turnover is lower than 50/60k you do not have to register for VAT