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UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Marc Stock on January 23, 2017, 05:55:47 pm

Title: Going Ltd in April
Post by: Marc Stock on January 23, 2017, 05:55:47 pm
Well then, it's finally happened. I am officially becoming a ltd company in April 2017.   ;D
Title: Re: Going Ltd in April
Post by: mark coates on January 23, 2017, 09:17:42 pm
Cool. What are the benefits?
Title: Re: Going Ltd in April
Post by: Shrek on January 23, 2017, 09:21:45 pm
Low wages and tax free dividends!
Title: Re: Going Ltd in April
Post by: 8weekly on January 23, 2017, 09:53:02 pm
Quote from: Shrek on January 23, 2017, 09:21:45 pm
Low wages and tax free dividends!
Not any more.
Title: Re: Going Ltd in April
Post by: Tom-01 on January 23, 2017, 10:38:10 pm
Its just slightly, ever so slightly better than being PAYE.. soon there won't be any difference.
Title: Re: Going Ltd in April
Post by: steve rix on January 23, 2017, 11:46:49 pm
Be careful, your accountant no lomger works for you but hmrc!
Title: Re: Going Ltd in April
Post by: deeege on January 24, 2017, 07:32:59 am
Quote from: Shrek on January 23, 2017, 09:21:45 pm
Low wages and tax free dividends!

Don't forget your corporation tax!
Title: Re: Going Ltd in April
Post by: Og on January 24, 2017, 08:45:41 am
We've just done it too. Gonna be a headache for first few months I reckon.
Title: Re: Going Ltd in April
Post by: Marc Stock on January 24, 2017, 09:48:07 am
Its more of a case of needing to go Ltd. I have simplified my life a bit, reduced my outgoings and sold off work that isn't profitable for me anymore thus taking my turnover down to around £48k, will be looking to build it up now without it directly affecting my personal tax liability, and i can grow the business easier. Me and my wife can take 11k a year each out of the company on payrol and thats enough for our bills and living costs (just) and all profits are being folded back into the business to grow it.

Plus there are other business activities i am persuing, and the Ltd company i have formed will be the company that drives that along with the window cleaning business together. Bramar Ltd  will own and trade as StockClean, and other business ventures will be directly as Bramar Ltd. 
Title: Re: Going Ltd in April
Post by: Shrek on January 24, 2017, 01:38:08 pm
Quote from: deeege on January 24, 2017, 07:32:59 am
Quote from: Shrek on January 23, 2017, 09:21:45 pm
Low wages and tax free dividends!

Don't forget your corporation tax!

Isn't it 20%? Going down to 17%??  ;D
Title: Re: Going Ltd in April
Post by: Og on January 24, 2017, 05:48:14 pm
Tax free dividends of five grand?
Not bad if two of you can do it.
Title: Re: Going Ltd in April
Post by: LT carpet cleaning on January 24, 2017, 05:55:22 pm
Being Ltd is fantastic. If you can afford a decent accountant, they are worth every penny. You get a low wage, dividends, low NI and of course, just give yourself a 0% loan every now and again.
Title: Re: Going Ltd in April
Post by: Stoots on January 24, 2017, 05:56:40 pm
At what point is going Ltd worth it?

Im guessing its when you hit the higher rate tax threshold?
Title: Re: Going Ltd in April
Post by: Lakes and Pennine on January 24, 2017, 09:11:40 pm
Thinking of this as well. Was Ltd in another business 13 years ago. Got to think of bank charges as well