from self employed to PAYE again
Guys
I am currently self employed, I'm an inspector in the oil and gas game. however, I recently applied for a job, which said LTD companies welcome to apply, so I did.
they have replied saying there are staff positions available. on a 16/12 rotation. so only 184 days a year.
but the money is very good.
however at 20% the taxman takes a large slice, and then I work out not much better off financially, from my current position I am in. I am currently home every night, but only gets weekends free, and work 10hrs mon-fri. the 16/12 gives me much more time off.
obviously there are no paid holidays as I am ( LTD Co) or in the staff job, as its rotation leaves you the time to take a break whenever you like on your time off.
I've only changed from PAYE to LTD, not the other way round..
has anyone here done that, how did you find the change back to PAYE?
Re: from self employed to PAYE again
To change back to PAYE you should just give the company your PAYE details and stop trading as a LTD company.
Obviously this isn't all - you will need to do your end of year and stuff as normal and close the company down (If you want to of course)
Re: from self employed to PAYE again
You should be set up as an employee of your ltd company so mark yourself as a leaver on the payroll and give the p45 to your new employer. As evilbob has said you then do the ltd accounts as normal and pay any resulting ct then either close or just keep as dormant.
From a pure income point of view if they are offering the same top line as either salary or through ltd you should be significantly better off through your own company as long as the contract and working practices are ir35 safe