Richard raised a couple of important points here. Being a Sole trader is as simple as it gets. but you are liable for losses/debt with your personal belongings. So if you re only consulting and there arent a lot of outgoings, hold stock etc. there is little risk of loss.
IR35 is another thing. You may want to opt in or out. out is cheaper. However if audited you need to prove a couple you are your own LTD. There are a few ways of doing this, use your own assets at work (computers, email address), get agreement from your boss to work from home once in a while (i recommend doing this after a while only), use personal or emails from your LTD for work and a few other ways. I have got my ltd setup with its own emails (use gmail if you want) and I have worked from my LTD emails, i ve got written approval to work from home etc. so Im good to challenge the IR35 bit IF NEEDED. Right, back to work.. ;-) On Mon, May 14, 2012 at 9:21 PM, Richard Naef < [email protected]> wrote: > Hi paul, > > I've been self employed for nearly 20 years now, always been VAT registered > and acted as a sole trader, i.e. all my income is taxed as personal, rather > than as a business. I have looked at various other methods including LTD > (I > become an employee) and incorporated ( I become a shareholder and receive a > dividend). Never bothered as there is always a risk of law changes and in > some respect the later does feel like tax avoidance and a sole trader is > about as simple as its possible to get. However I think the main issue is > whether as a contractor you will be employed mainly by 1 company, if that > is > the case the rules are quite strict - to stop companies making all their > employees' contractors. So you've had a few suggestions from the list, but > as this is very important I suggest you talk to a professional Accountant > (ask any self employed mates for recommendations) or Business angel - Your > local Business Link should be able to help you there. Good luck, being > made > redundant was the best thing that ever happened to me! > > > > _______________________________________________ > Leedslist mailing list > Info and options: > http://mailman.greennet.org.uk/mailman/listinfo/leedslist > To unsubscribe, email [email protected] > > PETE CASS (1962 - 2011) Rest In Peace Mate > _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email [email protected] PETE CASS (1962 - 2011) Rest In Peace Mate
