Going Ltd

[RemotechIT]

Hi guys,

I am thinking about going Limited this year for a variety of reasons, but have a question.

I understand that a director must pay class 2 NI contribs, but is this the case if no salary or dividends are taken from the business?

 

[mrapoc]

Get an accountant. I know nothing

 

[Kitten Kong]

As Sam mentions. Speak to an accountant.

They are bound to offer you free 30 mins advice foc. Most do around here.

Plus you never know you could turn them into a client

 

[ChrisTech]

As above, definately speak to an accountant - it may cost you, but in the long run it will be worth it.

For example, when I was building up the business, my accountant suggested that I pay some NI contributions voluntarily - so it's not just tax that you need to get professional advice on.

Good luck.

Chris

 

[Martyn]

Definitely talk to an accountant. I have a client who is a professional photographer and he went limited for whatever reason. Told me he wished he hadn't the accountant fees were astronomical. I don't know anything else about it but get good advice.

 

[wardoursecure]

I am a limited company and having a good and reputable accountant is essential.
I will say and bear in mind this is not advice but just me, my company pays all PAYE?NI contribution and I take a small salary each month and any expenses incurred such as use of own car, mileage etc.
It can be a minefield, luckily my accoutnant is also a customer and has been a huge help. She is a home based accoutnant so the costs are more than reasonable

 

[AndyM]

As a rule of thumb, I've found that most accountants will charge approx £1200 + VAT for year end accounts etc. You'll still need a bookkeeper if you are not comfortable with keeping your own books.

Andy

 

[ChrisTech]

If you use good accounting software, you can reduce your accountant bills by sending them a Sage-compliant set of files.

I use an online accounting software called Kashflow.

Hope this helps.