[ian richards]

Hi everyone

I have been advised by my accountant to go limited, my soliciter thinks it's a good idea too, but the difference in opinions between friends and family on whether i should do so differs considerably, to the degree that i'm starting to wonder if i should.
I must add that i have got 3 children from my previous marriage, and the ex wife will screw me for every penny that she can get ( bless her rotten socks)

Ian

 

[The Great One]

Hi

You can register your company off shore, but please do take professional advice on this as with all advice given on this forum.

My thoughts behind this are it may protect your assets from being taken as it will not be governed by the laws of this country although you will of course still have to pay tax and N.I.

Again please check as I may be way off on this one.

Regards

Martin

[martin19842]

hi there,

ok if you are self employed at the moment, either sole trader or partnership the csa will look at your tax return, to make a decision based on maintenance.

if however you form a limited company you will presumably go back to being a PAYE employee of the company, therefore the csa can then make a maintenance decision based on your wage slips.

please dont get me wrong i have three children from 2 relationships, and the csa are lovely people NOT, i pay maitnenace for my children even though the csa have reassessed me at £0 as i am now self employed and will reassess at tax return.

so if you look at this in a logical way , self employed ie tax return assessment has advantages, however if you form limited company and earn a very low salary, get a reassessment on that  then pay yourself dividends at the lower income tax rate, this may be beneficial.

i hope that makes sense

regards

martin

[Ian Gourlay]

It depends on lots of things, turnover, profit, would you be able to get credit as Limited company.

Do you buy lots of equipment.

Do you want to pay yourself a salary.

The money and takings in a limited company is not yours, therefore you have to pay every transaction into Limited Company accounts.

If you are taking lots of risks form a Limited Company.

When I had a High Street shop with High Overheads my Accountant advised me to be a sole Trader.

I lost my House a very nice House.

Regards

Ian

[Ian Gourlay]

Sorry to get moralistic. If you are a parent you should ensure that your Children even if they are not with you are provided for and if you are successful as a Cleaner enjoy your successs.

[ian richards]

I do provide for my children, and always have done, i dont wish to hang my dirty linnen out in public but she is not the nicest person in the world, and has caused the relationship with my children to more or less disolve!! which makes me feel very bitter, but believe me if it would be atall possible for her to milk me for every penny i have got, then she would do.

Ian 

[martin19842]

ian

sounds like a very similar sitaution to me, might be worth whilel speaking to your solicitor about it aswell.  as this can get very complicated.

my settlement, had a clause in it, that made a providion for the fact that once signed she couldnt go back tot he court for anymore capital items, ie if you won the lottery, or if you became very wealthy through hard work.

the only recall, would be through the csa, therefore the info oin my previos post becomes the deciding factor. pm me if you have any questions.

i will pm you with a more coherent and detailed response over the weekend if you want.

regards

martin