Advice needed

[Grays_1890]

I've won two pieces of consultancy work which amount to a fairly decent income but would mean invoicing monthly for said services.

To some of the more business savvy of you, what's my best option in terms of set up? I literally just want to invoice for the fees and put the .only aside for what's owed to HMRC etc.

Drink in it for help

Thanks in advance

 

[DTA]

I've won two pieces of consultancy work which amount to a fairly decent income but would mean invoicing monthly for said services.

To some of the more business savvy of you, what's my best option in terms of set up? I literally just want to invoice for the fees and put the .only aside for what's owed to HMRC etc.

Drink in it for help

Thanks in advance

set up a ltd company, pay your self minimum wage through PAYE the rest of it via dividends. You can also put 40k a year into your pension which will count as company expenses. Get a decent accountant they will save you a ton of money. PM if you want an introduction to a good one.

 

[Grays_1890]

set up a ltd company, pay your self minimum wage through PAYE the rest of it via dividends. You can also put 40k a year into your pension which will count as company expenses. Get a decent accountant they will save you a ton of money. PM if you want an introduction to a good one.

Thanks mate, will PM you tomorrow

Really appreciated

 

[Bedfordspurs]

Get a good accountant
If this is something likely to happen long term consider ones that are flexible on Paye inside IR35 outside IR35 (different tax obligations)
If you can afford to put money in the pension as advised above
I contracted for 11/12 years and only went perm because it was a senior role with some experience I wouldn’t get contracting

happy to advise though from my experiences

 

[johnola]

Remember if it is short term and no more work is coming in you can close a limited company down taking the last holdings as a capital gain - play it right and it ( within the cgt allowance (about £12k off the top of my head) is tax free.

Kepeing atop the reporting and vat etc is a chore but you’ll get soon get used to it.

 

[scaramanga]

set up a ltd company, pay your self minimum wage through PAYE the rest of it via dividends. You can also put 40k a year into your pension which will count as company expenses. Get a decent accountant they will save you a ton of money. PM if you want an introduction to a good one.

Very little advantage to dividends over salary now, thanks to the thieves in no 11.