Comments on: Limited company: pros and cons

By: malcolmcoles

malcolmcoles — Mon, 08 Feb 2010 14:52:31 +0000

Steff: You can read all about how to deal with losses on the HMRC site: http://www.hmrc.gov.uk/ct/forms-rates/claims/losses.htm

By: steff

steff — Wed, 13 Jan 2010 20:47:20 +0000

Hi guys. I have a limited company and made a profit this year but I have just lost 7 months business forecast. I have had to pay 12k on my corporation tax but, I have to pay my self a wage for 6 months after that. I zero funds, can I roll this back as a loss. I am not going to make a profit this coming year infact I will not be able to pay myself a wage after 6 months

By: Sally Jordan

Sally Jordan — Sun, 30 Aug 2009 15:28:31 +0000

I am currently employed (PAYE) as a work place trainer. I visit several companies throughout the day providing training to employees. I would like to consider setting up a limited company and opting for a consultant basis with the same employer (option is available) but with a view of working for other companies as demand is high. I understand the basics of IR35 and understand that working for one company would fall into this. I would also be looking to expand the business and take on some other freelance trainers and offloading some contracts. Please could someone give me some advice around the types of things that can be offloaded as expenses against the business as I have been told that car expenses, travelling and even house hold bills can be claimed for. If I was to pay myself a wage would it need to the NMW. Any other advice would also be appreciated..

By: malcolmcoles

malcolmcoles — Thu, 09 Jul 2009 14:57:58 +0000

Si - I think you need professional advice. Try your local business link or your accountant if you have one.

By: Si

Si — Wed, 24 Jun 2009 18:02:15 +0000

I run my own limited business which is a website business, i went to a web designer paid out a lot of money for a site to be built, they gave me a date of when it was going to be completed, so i signed up to places like yell and mobile phone contracts also card processing and factoring and other adverts, in the end the web company done a runner and ovs closed down, i have been paying my contracts using my working tax credits instead of our selves because we have another web company designing it now, but we are thinking about closing it down because the pressure is too much, and my girlfriend to become a sole trader and start again with the idea can we do this? the web company is happy to change all paperwork over to my girlfriend but the site is not going to be ready for the next 2 months and we just cant afford to keep on trying to pay the business bills

By: malcolmcoles

malcolmcoles — Mon, 22 Jun 2009 20:38:55 +0000

Gwion - you would need to seek professional advice to be certain. Based on what you’ve said, you’re providing work for multiple clients at your own risk and using your own equipment so it would seem to me to be unlikely that you would be caught by IR35. However, I’d seek some proper advice if you’re worried - or try asking a question in one of the many small business forums.

By: Gwion

Gwion — Mon, 22 Jun 2009 19:46:53 +0000

Hi, I am reading up on IR35 and am unsure whether or not it would affect our company. We are aiming to set up our company next month (as a sole trader partnership or Ltd company). We are personal trainers providing personla fitness training to a range of clients. I hope i have provided enough information for you to be able to answer my question. Thank’s for your help.

Gwion