UKC

Hello,

Is there anyone in UKCland who knows their tax onions who'd be prepared to answer some questions informally via email, about company directorships and self-employment? It would be very much appreciated!

Thanks in advance

In reply to Tall Clare:

Being a director of a company and being self-employed aren't necessarily the same. E.g. I am self employed but I wouldn't consider myself a director. I'd be happy to answer some questions on self-employment tax issues but I'm no accountant so depending on how technical your questions are, I might be of help or I might be wasting your time.

In reply to higherclimbingwales:

I know - that's partly why I'm looking for some advice. I'm already self-employed and the tax situation for that is very straightforward. Thanks for your response though!

In reply to Tall Clare:

I'm not an accountant, but I've been self-employed, and have run my own business as a director for 7 years. Feel free to ask, will tell you if I don't know!

In reply to Tall Clare:
Is this a limited company type situation.?

I've been advised to think about the limited route ,as it provides a safety net for protecting assets .

In reply to Tall Clare: Me and our lass were directors of "our" company whilst I was doing consultancy stuff for the last couple of years. It was very tax efficient but now I'm back on PAYE my tax code is something to behold...

In reply to Tall Clare:

I'm a director and employed by my own company (limited), but I'm not classed as self employed.

being limited has the advantage of separating the company money from your own assets (which is very hard to get you head around at first - if you make a good profit. The money isn't yours!!)

Being limited means you have to file accounts, which usually means an accountant which costs money, but depending on what you are intending doing and how much you are prepared to do yourself (accounts wise) can be relatively cheap.

Other than that £14 a year to companies house and of course corporation tax on your profits and possibly VAT

"Working for yourself gives you the freedom to work all the time!!" If you work out your hourly rate you'd be better off with a paper-round.

PM me if I can help more.

Tax Assist are prety good with advice and are middle priced accountants.

In reply to krikoman: You have the same status as my dad did (he's on his semi-retirement path now).

Some family friends had to sell their house and move because the hubby wasn't a limited company and (iirc) owed some people money.

If anything to do with house ownership is in the person's name who isn't part of the limited company too, I gather that's a good thing to do as a belt and braces approach.

In reply to Tall Clare:

I'm happy for you to PM me if you want. I've been employed by the limited company of which I'm the director for a few years now. My accountant does most of the tax stuff (company and personal) and runs the payroll, I do the VAT things.

Cheers

Dave

In reply to krikoman:

Thanks for this - my quandary wasn't so much about the differences between limited companies and self-employment but about the allocation of dividends between people and the implications of that if they're self-employed in other capacities.

Think I've got my answer now though - thanks all!

In reply to Tall Clare:

Email me through here if you still need help.

In reply to Tall Clare:

Hi Clare I'm an accountant and Director - If you want to ask something drop me a mail and I'll help if I can.