I work on the railway and am thinking about going self employed doing the same work just contracting, i have been told i need to get a Limited company and then sort out an account but i havent got a clue how to go about getting a limited company

Has anyone got advise, hints and tips about setting it all up

Cheer's Brian

 

www.companieshouse.co.uk should have all the info. Once the company has been setup through them speak to your bank and get an account setup.

 

Thanks mate


Brian

 

Obviously youve looked into the pro's and con's of this mate? I assume it would be more money which is whats attracting you to making the move, but you have to consider whether it is 'as safe' as being employed. Especially at these current times. I know loads of people have been been 'asked' to go self employed by their employers, and been assured that they will get regular work only to be shafted a few months down the line. Id take an employed job over a self employed job at the moment, any day!

 

Also with the Ltd Company route - you need to keep extremely accurate records as to income and expenditure, budget in 1000 for basic end of year accounts, dont forget your self assessment online or you will get shafted

It is not simply the case of tick box a,b,c and f to submit your accounts - hmrc can inspect your records, and this doesnt take into account companies house wanted a different set of accounts to hmrc etc etc etc

budget 15 days a year to sorting out the tax of a business!

 

Yes mate i have looked into it, and with the job i do there is so much work out there for contractors, only reason i am thinking about it is that i have heard that the company i am with at the min could be folding i am employed but a few mates have gone contracting and are getting paid 4 times what i am month for doing the same work.


Brian