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Hi all
im going to be starting work as a contractor, I am told I need to sign up for an umbrella company t
who will sort my tax out and pay me (20% a week - weekly pay)
i would like to set my own LTD or umbrella company to avoid the margin fees, delays, other fees incurred for the admin work that I can do myself - would put 10% a week for tax purposes.
now what is the best and easiest way to proceed so I can be on total control of what I get.
many thanks
i set up Ltd co 3 years ago, and get an accountant to do it all for me.
I read a little on the umbrellas and opted for the option I thought best - Ltd. very easy to set up and run with.
read this..
http://www.contractoruk.com/first_ti..._umbrella.html
Yeah, as said before.
Find a good accountant and let them do the work for you.
Its pretty straightforward and quick to set up Ltd co.
Longest wait is the bank account!
Anything that an umbrella does you can do through your own company but without their fees, you also have the added flexibility of payment via dividends, employing spouse (if she legitimately does admin for example) etc. there is more paperwork but you take home more money...
Can normally get a bank account within a week or so
mine was set up in days, the longest wait was VAT registration, but once the registration is through, you can back date any VAT from previous invoices.
Vat reg if done online is normally a few days
Ltd if doing for a while (6 months or more) others wise not worth setting up ltd, just take the slight hit with the umbrella.