Hello! I have a question connected with a Limited company. I have been working as a self-employed for couple of years. I have opportunity to start a new job but the company require form me to have a limited company. They said they need a business bank account and UTR. I have opened a Limited company in October last year but the company is not yet active(I informed HMRC for that and I know that I have 3 months to informed them once the company is active). I am the director of the company and only shareholder. I received the Company number and UTR number for the company from HMRC. I opened a business bank account on the name of the my limited company. My limited company will earn about £350-400 weekly. From that money I think I have to pay myself a salary as a director( to transfer monthly money-not sure about that...and how much I have to transfer). I am a bit confused from information on HMRC what is the next step. Do I need to do anything else once I start work ? What about that director's salary - can I transfer the whole amount of monthly payment from the business bank account to my personal(which is the best way regarding the tax)? Can I work trough my limited company as director and continue to work as self-employed if the nature of business is the same? What NIN I will pay as director (if I stop my self-employment)? For each financial year I know that I have to do Self- assessment in which I will include my salary as director but not sure what kind of documents I need to do regarding the limited company. Thank you very much.
It is an agency. It is regarding a job in the underground or in a laundry. They said they will pay in money every 2 weeks to the limited company account.
I think I need to register my limited company as a employer in HMRC and then to received a salary form it ( and I think I have to pay NI Class1...). But how I said I am not sure how much this salary to be so in the end I would not pay much tax and NI.
Thank you very much for the prompt answer.
As I know the agency will not operate may Limited company. I have to do it by myself or hire an accountant. It is sound complicated to do it myself..
Could you only tell me if I go with the agency can I keep my self-employment or I have to close it?
When I fill in my self-assessment for 2014 as the company is opened in Oct 2013 (but not active at the moment) do I need to say that I have been a director of limited company or only that I worked as self-employed?
Thank you for your help and advised. I will think about that and decide what to do in future.
Thank you very much! I think that is everything for now.