[d.ward]

Silly question but as a limited company do you need a accountant or can you do all the paperwork yourself?

I KNOW IT WILL TAKE UP MORE TIME BUT IS A WAY OF SAVING MORE MONEY

[prestige cleaners]

Is it true that i can claim expenses on my car too?? Being a company car and all  Once again ty for all advice? Petty it's all so damn complicated 

only if its soley used for the company, i.e your wife only uses it to canvass, pick up debts,

i tried to put my kawasaki motorbike on expenses, as i sometimes pick up debts on it, well once in a year, and they said no! so i doubt it for your car! shame though, i might try and put my attic conversion on it (cost me a grand) as i could say its my new office?  will have to ask the accountant bout that!

[Blue Frog Systems]

My wife spoke to our accountant yesterday about us going Ltd next year due to the route were taking business wise.

After that chat were going ahead with it.

Ltd as said is limited liability, can't take home / personal cars ect

You pay yourself min earnings wich is around £5500 per year (I may be wrong, but not far off).

Then the company pays 20% tax on all monies after expenses. You then pay yourself a dividend as company director which you do not pay tax on as the company has already paid the tax.

£300 to set it up and a bit more in accountant fees, but that's tax deductable

I think everyone should atleast get some advice regarding it.

JP

[Ian Rochester]

We have been trading for 7 years now, went Ltd in August 2008, it's no great hassle to do it and if you have a reasonable sised business then the savings in tax will offset the increased accountants bill.

You need to have an accountant as you need to submit a full set of accountants to Companies House each year, £300-£400 seems to be about the normal rate for an accountant to do this.

The big decision you will face in the future is about going VAT Registered!!

[ftp]

Nice collection of websites you've got there Ian - very clear and professional.

[Moderator David@stives]

I got advise off 3 accountants all of them said dont do it for financial gain, as the amount you will save is negligable.

Doing it for limited liability in the event of being sued now that  is a different matter.

[Ian Rochester]

ftp,

Thanks, I use a company called www.urbanmice.co.uk it cost me £60 to get them designed and £12 a year for him to host each of them, he's busy revamping our bike hire site at the moment ready for the start of the season.

If you need a site then I'd truly recommend him, nice chap.

[prestige cleaners]

We have been trading for 7 years now, went Ltd in August 2008, it's no great hassle to do it and if you have a reasonable sised business then the savings in tax will offset the increased accountants bill.

You need to have an accountant as you need to submit a full set of accountants to Companies House each year, £300-£400 seems to be about the normal rate for an accountant to do this.

The big decision you will face in the future is about going VAT Registered!!

dont pay your accountant to do companies house return, i did it myself this year, took 5 mins, cost £15, although my accountant would have charged £50 for the priviledge, regarding the hassle being limited, it doesnt take hardly any of my time, i think as a sole trader youve got to keep reciepts, statements, and log them all dont you? another tax saving tip is to have your wife become a director like yourself not a secretary, this was advised by my accountant.

[wizard]

If my tax is in excess of say 22% then i would want my accountant to please explain to me hoe=w he gets that.My nephew is an MBA and he has always said it not what you clain as expences its how you present it.Some thing they will not allow and some things named a different way will be fine.