SHOULD I BE A LIMITED COMPANY?

Рет қаралды 72,367

4 жыл бұрын

On this video Dan runs you through the pros and cons on being a limited company.
Being a limited company might not be right in every situation, but in this video Dan discusses when it might work well for you.
Dan cover questions including as:
Should I be a limited company
Limited company vs sole trader (uk)
Becoming a limited company
Forming a limited company
Starting a limited company
What to file for a limited company
Limited company tax
Directors
Shareholders
..... and more!
#selfemployed #Startup #HMRC
If you need help with registering, or have further questions - please get in touch below.
You can see more about what we get up to on the following:
LinkedIn (Dan): / danheelan
Instagram (Dan): / danheelan
Instagram (Company): / heelanassoc. .
Facebook (Company): / heelanassoci. .
Twitter (Company): / heelanassocs
Web: www.heelanassociates.co.uk
Call: 02392 240040
Email: info@heelanassociates.co.uk

Пікірлер: 161

@mikerocke3002 2 жыл бұрын

One of the greatest, underappreciated channels on KZfaq. Thank you for sharing all this information for free.

@HeelanAssociates 2 жыл бұрын

Thanks Mike, glad you enjoy 😄

@kwekuzuta9944 8 ай бұрын

What would you recommend for a locum pharmacist?

@jodalry 2 жыл бұрын

Hi Dan, many thanks for this video. I last set up a limited company in 2000 which closed in 2017. I'm ready to start a new business and needed some up to date info as my accountant set it all up for me last time and I want to be more hands on from the start this time around. Great channel and I look forward to watching more of your videos. (subbed and liked) 👍🏻

@HeelanAssociates 2 жыл бұрын

Great to here it helped! Good luck with the business!

@ednafernandes7572 3 жыл бұрын

Pfewww, I had the wrong idea about limited companies....many thanks again for the great info.

@HeelanAssociates 3 жыл бұрын

Glad it helped! (Or saved some future pain!)

@gnothiseauton8684 3 жыл бұрын

Would really be interested in a video on being full time employed AND having a ltd e-commerce business- I actually love my full time job so no intention of leaving-unfortunately it’s one of those careers that you do for the love of it and not the money lol-however would consider going part time. I want to build the e-commerce business, but not get hit with the ridiculous tax - so video on this combination would really be appreciated. Thank you for your videos- they are invaluable

@HeelanAssociates 3 жыл бұрын

Hi Gnothi, glad you enjoy the videos. Have you seen this one? kzfaq.info/get/bejne/jKeEiJaCnNaRZ3k.html

@soumaiaelidrissi2371 2 жыл бұрын

Thank you for sharing your knowledge!

@HeelanAssociates 2 жыл бұрын

Hoping you found it useful 😃

@baldeepbirak 4 жыл бұрын

Great video to determine being a sole trader vs limited company.

@HeelanAssociates 4 жыл бұрын

Glad you enjoyed!

@stephanyfaycohen1370 2 жыл бұрын

Thank you soooooooooooooooooooo very much for this video. Many very helpful and valuable tips. GOD bless you.

@HeelanAssociates 2 жыл бұрын

Glad it was useful!

@ManontheOutside Жыл бұрын

Thanks Dan, this is a great video and has answered so many of my questions as I'm employed (higher rate taxpayer) and am looking to start a side business. Great advice, thanks!

@HeelanAssociates Жыл бұрын

Glad it was helpful!

@JBayney 3 жыл бұрын

Thanks for your videos they are very helpful!!!

@HeelanAssociates 3 жыл бұрын

Thanks! Glad they are useful!

@alexjames421 2 жыл бұрын

Really useful, thanks for broad brush figure too 👍

@HeelanAssociates 2 жыл бұрын

Glad it was useful Alex.

@nadeems80 3 жыл бұрын

Excellent explanation in a short video

@HeelanAssociates 3 жыл бұрын

Glad it was easy to understand Nadeem

@831idon 3 жыл бұрын

awesome vid. thanks

@HeelanAssociates 3 жыл бұрын

Glad you enjoyed!

@simplifygardening 2 жыл бұрын

Hey came across your channel after being recommended by Carl Boradbent. I have started a LTD this year but I've put more money into it than I've earned but I need an accountant. After seeing your videos I think a conversation might be in order

@HeelanAssociates 2 жыл бұрын

Great! Thanks to Carl for pointing you this way. We are always happy to chat to new business owners. Feel free to get in touch on info@heelanassociates.co.uk or 02392 240040 to chat to one of the team.

@edhanson4625 Жыл бұрын

Really helpful thank you

@HeelanAssociates Жыл бұрын

Glad it helped Ed!

@xxxToomy07 8 ай бұрын

Amazing. thank you

@HeelanAssociates 8 ай бұрын

Glad you liked it!

@snuggleseal 2 жыл бұрын

very good video, thanks

@HeelanAssociates 2 жыл бұрын

Glad you enjoy!

@bessyhsn4218 11 ай бұрын

Thank you 😊

@HeelanAssociates 11 ай бұрын

You're welcome 😊

@evka24 7 ай бұрын

Thank you

@HeelanAssociates 7 ай бұрын

You're welcome!

@innagroov 3 жыл бұрын

Hi Dan, thanks for the info in your video...very useful. I am not at the profit threshold you mentioned yet however I am just about to launch into the world of ecommerce. From the research I have been doing it is apparent that starting with a limited company has advantages in terms of credibility with companies like Pay Pal, Google and Facebook and so on. It appears it can cause problems if you are not limited when a problem arises e.g. Paypal limit your account whilst under review meaning it could be really bad for business and cash flow. I am already registered as a self employed sole trader but im worried that starting thing of this way might not be giving myself the best foundation. Any tips would be welcome.

@HeelanAssociates 3 жыл бұрын

This is a very common question actually. As a result, many e comms people start with a limited as they worry about the practicalities of switching everything later. If you do this, just be mindful of the costs of having the accounts etc done and build it into your plan.

@pointyplumber 3 жыл бұрын

I like you. I like how quickly you speak and know exactly what your saying. Im a sole trader gas man ''no book keeping as yet. Turnover nov 19 to nov 20 going to be over vat threshold had accountant for 4 years and just pay my bills. I dont know what to do with vat what to keep or save. How to record materials or labour im drowning in questions. Feel lmtd mite be good i just want to earn my proffit pay my taxes and graft away 6 days a week with an easy sumple life lol is this possible? And how much will it cost to not loose 1000s on labour i havnt been recording or adding vat on 🤢 help

@HeelanAssociates 3 жыл бұрын

Good to chat recently! Just seen this.

@MichaelWilliams-lo3ix Жыл бұрын

Brillant

@HeelanAssociates Жыл бұрын

Hope it helped Michael.

@EfstathiaGeorgariou 3 жыл бұрын

Your advice is brilliant.Thank you. I wish to set up a holding company, with multiple LTD companies underneath. In these early days I am trying to do some of the set up stuff myself (not a long term plan...I see great value in experts like yourself ;) ) My question is; how do I create subsidiaries through the HMRC site. I cannot see any advice anywhere on the net on how to do this. I think I may be missing a keyword when searching. Thanks again. Best Regards.

@HeelanAssociates 3 жыл бұрын

Hi! There isn't actually anywhere to log that specifically with HMRC. It's more of a legal fact. I.e does the holding company own the shares in the subsidiary? If so, sorted.

@EfstathiaGeorgariou 3 жыл бұрын

@@HeelanAssociates thank you. Going back into companies house I can see where I note this. I greatly appreciate your assistance and the videos you make. I hope you are well during these uncertain times.

@charlottemajola 3 жыл бұрын

Informative video. Thank you. About your client who is a baker, are they VAT registered? if yes, are most of their ingredients either Exempted or Zero rated meaning that there is quite a difference between their Input and Output VAT? Also, some suppliers they deal with are not VAT registered. Should I be encouraging my client to Deregister for VAT if they are below the threshold (which is now higher than when they were first required to register) but may reach it in a year or 2? Or 3 maybe even 4? What is likely to happen to the outstanding VAT returns they have accumulated over the 3 years that they did not have an accountant if we Deregister? Case in point is a LTD company.

@HeelanAssociates 3 жыл бұрын

Sounds like this might be too much to handle in a comment here, but one thing we can say is previous vat returns are generally are impacted from a de reg, aside from potentially vat you may have recovered on assets you still have of value.

@kieranlacey6229 2 жыл бұрын

Hello , I've recently just come across your videos and find them very helpful so far. Just a quick question I will be starting my own gardening business in the northeast of Scotland this year , I will be the only employee so do you think I should stay a sole trader or go limited. Any help is very appreciated. Thanks

@HeelanAssociates 2 жыл бұрын

Have a look here for some further thoughts on that question: www.heelanassociates.co.uk/setting-up-self-employed-or-sole-trader/ If you needed a more direct 1-2-1 answer on your circumstances, get in touch with our team as we have a service where we can easily get you the help on this.

@GeorgeAusters 3 жыл бұрын

I'm gonna go sole trader in my first year then probably setup a ltd company

@HeelanAssociates 3 жыл бұрын

Very common route!

@wilajs 2 жыл бұрын

Hi Dan, great video! I would like to ask can you start trading and drawing expenses before you register as LTD? I'm deciding between going sole trader vs limited and don't want to rush it but already have work available to start. Also need to invest some money into hardware setup. Can I include all that in my expenses if I purchase assets ahead of registering?

@HeelanAssociates 2 жыл бұрын

With a LTD I would suggest having the company in existence first to make it really clear. You could still buy them personally if you are waiting on bank accounts etc, but the company being in existence would make everything far cleaner. As a side note, starting a sole trader and moving to LTD later is a common journey, and often (but not always) the better one if you are a new business just getting going.

@Ivan_StandWithUkraine 3 жыл бұрын

Hi Dan, I wonder if I'm only thinking to start my business does it make sense to find an accountant upfront and go through the registration steps together or it's better to register everything myself and only then to catch up with an accountan? Though as far as I understand an accountant gets their money from company not personally from director/owner, so kinda chicken and egg problem :) Thanks.

@HeelanAssociates 3 жыл бұрын

The accountant can get paid however you like 😀 Obviously slightly biased answer, but where ltd companies are concerned it’s our personal belief advice at the start is absolutely critical. We’d always advise working with an accountant from the start.

@SERENITYTHERAPY23 10 ай бұрын

Thank you for the video. Who can one use as a director when someone is starting a CIC? Would be grateful for the help. Thanks George

@HeelanAssociates 10 ай бұрын

www.gov.uk/limited-company-formation/appoint-directors-and-company-secretaries

@user-bq7cm6fm1l 5 ай бұрын

I am learning so much from your videos. Am I eligible to use your services if I want to open a UK limited company as a non-resident, and not being physically present in the UK?

@HeelanAssociates 4 ай бұрын

Sadly we don't take these types of appointments. They have various professional challenges and we don't feel we add the value we'd like to the situation. Glad the videos help!

@matthewlamb1337 Жыл бұрын

Hi Dan. Just found your channel and subscribed - great content and presented very well, thanks. But I'm confused by your statement in this video, that a Ltd company has to have an accountant. I've been limited since 2016 and have always done my own books (using Sage Accounts), and always completed my own tax return online. I just log into HMRC and fill in the forms. Am I missing something??

@HeelanAssociates Жыл бұрын

The comment in vid is outdated to a degree, there are a couple of market options now. It’s been possible for a number of years but you it’s either difficult to get correct or prepare at all due to needing accounts, or the circumstances don’t fit the online filing service. It’s fair to say that you are definitely a rare case! The video is in need of a refresh for sure!

@emiliacaset276 2 жыл бұрын

Hi Dan, thanks sooo much for your videos! They are incredibly helpful! I am a full time employee and I'm about to start an ecommerce side hustle. Since I don't know if it'll work, does it make sense to start as a sole trader (even if I'm in the 40% tax band for my job) and only if it works change to a LTD? Thanks a million!

@HeelanAssociates Жыл бұрын

It’s tough because you likely save tax with a limited if it works, but you are adding cost that might not be needed if it doesn’t work out. Sole trader is so low cost, low admin it’s great for just trying stuff. And if it makes a loss you can often use the losses in tax efficient ways. To do a direct answer you’d need to consider lots of other factors around your circumstances and goals (our team have a service for this), but hopefully the above gives some general thoughts.

@Magu295 Жыл бұрын

Thanks so much for your response! Makes complete sense

@mictache 10 ай бұрын

Thanks for the great work with this video 😊 not sure if you've covered this in a previous video, but what kind of company (LTD?) would I need if I were to plan on starting a youtube channel, maybe sell digital/physical products in the future? And under what SIC number/nature of business? Thanks in advance

@HeelanAssociates 10 ай бұрын

A standard limited company, incorporated with shares is often the most usual (but will depend on the individual circumstances), presuming a company was best at all. SIC codes vary based on exactly what you do, some owners go for some form of 'media' code, others advertising or a host of other things. Sorry there is a 'standard' one.

@mictache 10 ай бұрын

@@HeelanAssociates that's great info! thanks! BTW I messaged a few youtube channels that are in the tax space with this question and you are the only one that answered, so kudos to you for that!

@jjohanesson9139 2 жыл бұрын

Hi Dan, Thanks for you informative video. Can I open two limited companies and will I need two business bank accounts? Last question: can I have a limited company as a part-time/"side hustle" or second job?

@HeelanAssociates 2 жыл бұрын

Yes yes and yes in short.

@spencer1317 Жыл бұрын

Thank you so much, just a QQ, Dividends, how do you create them and price them if this makes sense?

@HeelanAssociates Жыл бұрын

Hi Spencer, unsure if I totally get your question, but you can chose level of dividend, based on how much profit is available in company. This vid may help WHAT IS A DIVIDEND? (SMALL BUSINESS) kzfaq.info/get/bejne/rqmgoJRqsNuzkmg.html

@danieladcock5224 2 жыл бұрын

Hi Dan, loved the part on tax on accounts. Im a sole trader currently and I loathe those tax on account payments. Do you think a gross income of 47/48K would offset the additional costs of being a LTD?. I want to reinvest on scaling up! I feel the take home would be better as a LTD. At that income level what would you recommend. Those numbers been rising past 5 years.Lastly I'm assuming no tax on accounts for LTD? Much appreciated!

@HeelanAssociates 2 жыл бұрын

Hi Daniel, At that level of income, the cashflow benefit alone of not paying large payment on accounts would 'feel' like its worth being Ltd! But yes if 47/48k profit sole income, you'd surely be better off in a simple scenario. Disclaimer we don't know your full situation, so this isn't advice ;- )

@danieladcock5224 2 жыл бұрын

Much appreciated you guys getting back to me! Thanks again.

@samcook7046 3 жыл бұрын

Do you recommend getting a personal accountant when starting up a limited company? How do you find out how much tax you have to pay and when? I’ve just started a limited business to sell products from China on Amazon and want to keep on top of it all. I’ve never done anything like this before, always been employed so never had to deal with any of this and don’t want to be wasting money and time.

@HeelanAssociates 3 жыл бұрын

Tax is generally done at year end. Company does a tax return and you get a bill. Sadly no free software for that anymore so you need an accountant to do that bit. Bearing in mind on top of ~22,000 pages of tax law you have company law involved as well, get an accountant. Should defo budget that into your costs.

@samcook7046 3 жыл бұрын

@@HeelanAssociates Thanks for the reply! Is the time you send your tax return for the company a year from the company starting, trading or the financial year? Will you have to do this even if you don’t make a profit or make very little? What would be a ballpark figure of how much a good accountant to sort out the tax side of it for the tax return? Sorry for the questions but it’s nice to actually talk to someone who knows all this and not some google page. 👍

@joeola1842 3 жыл бұрын

Great video, thanks! Non-Profit Organization that get resources from Donors and Philanthropist to serve communities all over the world do they also pay Tax in UK?

@HeelanAssociates 3 жыл бұрын

It depends on a few things set up wise, but *in general* if you are a registered charity you won't.

@joeola1842 3 жыл бұрын

@@HeelanAssociates Thanks so much for your reply. I have sent you an email for proper understanding.

@susancarnegie7776 2 жыл бұрын

Hi- thanks for this very informative. If you already have a LTD Company can you change it to become a Sole Trader?

@HeelanAssociates 2 жыл бұрын

Sort of. What you'd have to do stop using the company (and presuming you didn't need, close) and start a sole trade.

@EsvRob-1 2 жыл бұрын

Hi thanks for the video! I’m looking to start a limited landscaping company in Spring, My question to you is would i be better to be a sole trader to start with or a limited company as like you say it looks more professional been limited but I haven’t yet launched and its a very competitive trade to be in so just worried if I don’t get much work. Thanks Robert

@bobbysmith212 2 жыл бұрын

I’m in the same boat as you !!!

@EsvRob-1 2 жыл бұрын

@@bobbysmith212 Yes it’s hard to know what to do for the best! I Do find this guy’s videos useful though but theres alot of talk about profits ect but I can’t say what I’m going to realistically make as i haven’t started yet.

@HeelanAssociates 2 жыл бұрын

If in any doubt, *generally* (as we don't know your exact situ), start sole trader and go from there. Less cost, especially if it doesn't work out. You can always move to LTD later. So much depends on your exact situation though; if you needed exact advice on your scenario, next step is to invest in some time with an accountant to discuss everything/get some clarity.

@HeelanAssociates 2 жыл бұрын

Good luck to you both also :- )

@colincoombes2801 2 жыл бұрын

Hi Great video, I’m currently working as a self employed sole trader (bricklayer) I’m looking at setting up a Separate LTD company to do buy to let property’s as a side hustle,is that possible and would it make sense to do so? Or would I have to buy in my own name

@HeelanAssociates 2 жыл бұрын

We try to avoid property videos but I do feel like doing one on this as its a common question.... .... the problem is there isn't a straightforward answer. *Some* brief pros/cons: Pros Rules for mortgage interest deductions are better Shelters income, so you may pay lower taxes if you have other income (Good if you want to re invest in more property and build) Cons Mortgages cost more Costs to have the company in accountants fees (eats away at your profit) Pay tax again if/when you want to take the money out to use personally No Capital Gains allowance when you sell a property (you have this as an individual) Its been a common theme on many of the cases we've looked at other the past few years to see personal ownership as 'better', but as I say its very dependant on the facts/long term aims - we certainly have lots of property co owners that it works well for.

@FaizanNasir 3 жыл бұрын

How can we use a LTD just as a holding corporation? What do we need to file every year?

@HeelanAssociates 3 жыл бұрын

Yes. What you have to file depends on what it does. kzfaq.info/get/bejne/pNJzdcijxN6laKc.html

@germanmunozzarza8347 Жыл бұрын

Hi Dan, We started a property based partnership, I am planning to set up a limited company (for the future properties) . Could I keep the partnership and the limited company? (just to avoid paying stamp duty again). Thanks

@HeelanAssociates Жыл бұрын

There is nothing practically stopping you from having both a partnership and a limited company. As for the stamp duty or other taxation points, there are so many variables here we couldn't comment in a ... comment.

@seanshields1436 3 жыл бұрын

My wife is currently a sole trader hair stylist and has been for 7 years. She is now considering to rent a premises to work from and now considering going ltd to protect her personal assets. The question I have is how hard would it be to get a mortgage as we are looking to move home in the near future. So I take it she would have to pay herself a good wage out of the business with a big tax bill? My other question will be is this even possible to set up as a Ltd company as a sole person regarding the IR35 rule? As a sole trader most years have been 40k gross.

@HeelanAssociates 3 жыл бұрын

Lots to answer there, to which much of it probably needs more questions from us, but in general: *Getting a mortgage is not really any more difficult - its more the transition year that can be a little difficult. You supply your tax calculation to the lender, so as long as you are having dividends/salary from the company you can prove your income from the tax return. The tax bill wouldn't be worse (done correctly) than it would be self employed. *IR35 is misunderstood, there should be (in general) no problem with a sole trader turning into a LTD.

@seanshields1436 3 жыл бұрын

@@HeelanAssociates thank you for your response. Yes I see what you mean regarding the IR35 having looked a little deeper at this it seems more for contracting through other companies this applies to. She just wants to change from sole trader to ltd. Thanks for getting back to me on this.

@damiennana5655 3 жыл бұрын

What if I am in full time employment and I want to set up a company, do you think Ltd company would be more tax efficient than being a sole trader?

@HeelanAssociates 3 жыл бұрын

Often yes... but it depends on your level on income. The situations we see this working well are when you are a higher rate tax payer (so earn over £50k, pay 40% tax). It's still the same issue really, the LTD will save tax/ni, it's just you will have increased cost of having the LTD so its cash flowing that in the early stages of the business.

@bhaveshvisavadia Ай бұрын

Great vid - is it worth setting up a ltd company to trade stocks with? More specifically CFD trading

@HeelanAssociates Ай бұрын

It’s a tough one to answer simply because there are so many factors in play that may or may not make it worth it for you. Like any ltd though, if you are just getting started weigh up the cost of having the company.

@bhaveshvisavadia Ай бұрын

@@HeelanAssociates say the turnover would be 10k per year and I'm a higher tax payer

@somanianands 3 жыл бұрын

Great video.. Do we need to pay accountant for every month for startup limited company?

@HeelanAssociates 3 жыл бұрын

Most accountants will want payment each month, to cover any questions and other services, or even just a down payment on the annual accounts. It should be something to put into your costs from day 1.

@SomethingFromTheShed 5 ай бұрын

My wife and i share a joint benifits claim. She is disabled and im am my son carer. If i was to set up a limited company how whould that effect our benifits ?

@HeelanAssociates 5 ай бұрын

Sadly we don’t advise on benefits so couldn’t say exactly, but if they are means tested you’d usually just need to take into account any personal income drawn from ltd (usually salary and or dividends).

@jackparker9473 7 ай бұрын

I work as a free lance evri contractor, so I don’t actually work for evri. I am told I can be classed as self employed, or I can make a Ltd company for tax purposes. I’m not sure which is the right fit for me, what would you recommend?

@HeelanAssociates 7 ай бұрын

While we can’t give direct advice here due to professional regulations, a point: Really think about whether the ltd is right for you, particularly if you are earning under £45k or planning to do it short term. Could always go ltd later.

@IsaacTendo 3 жыл бұрын

HI, i want to set up a coaching business. I'm not sure how much I would make.. do you have any tips on which route i should go in?

@HeelanAssociates 3 жыл бұрын

It usually cheaper and simpler to test the water as self employed. Its not always the case, depending if you want to 'look bigger' at the start, or want the protection of personal assets for example. But for many, its a quite normal journey to go from self employed to limited company later.

@Sqwotz 3 жыл бұрын

How much do you guys charge to do the books annually for 1/2 rental properties? Thanks

@HeelanAssociates 3 жыл бұрын

Hi, it depends on many factors, if you contact our team on info @ heelanassociates .co.uk they can help you with the query.

@aaronseekings4394 8 ай бұрын

Thanks for the video however I found it rather chaotic!

@HeelanAssociates 8 ай бұрын

Sounds about right :-) We've learned a lot since this one, so when we get round to a re-do, may approach slightly differently.

@ambientportraiture75 2 жыл бұрын

Should I open a limited company or sole trader as I am looking to work as a locum doctor in UK, yearly income would be 60K-160k, I am very new to this thing and have no idea where to start from. please advise , thank you

@HeelanAssociates 2 жыл бұрын

Hi there, Thanks for the question. Medical is one of the more specialist areas of tax that as business accountants we don't advise on I'm afraid. A local firm we often signpost people to who specialise in this area are: www.gibsonwhitter.co.uk/sectors/medical-and-healthcare/

@oluebubenneka3432 Жыл бұрын

Hello, if I open a one director limited company for my side hustle, will the salary to be deducted as administrative expenses still be subjected to personal income tax?

@HeelanAssociates Жыл бұрын

If you process payroll through a payroll scheme for your company as salary, its usually tax deductible as salary for company, but comes into your own income tax calc. What/if you will pay income tax on this depends on your other income and access to personal allowances. If you have job where you already pay tax, its likely this salary will be subject to income tax as well. This often means you might look at taking dividends instead, but depends on your exact circumstances.

@danielwebster602 10 ай бұрын

Im getting ready to buy a house but i also want to start my own ltd company, profit for me is 32k so it looks like it would be good for me but im assuming opening a ltd company beforehand is going to affect me getting a mortgage, is that right?

@HeelanAssociates 10 ай бұрын

Not always - chat to a mortgage broker. I suspect if you are close to moving it will be simpler for them not to have to explain/prove income changes, but bear in mind there is a 'lag' on reporting income. I.e you might be trying to buy a house now and have 3 years provable income already that would be unaffected by what you do this month. But best to talk it through with a broker.

@sushilkc2152 2 жыл бұрын

Hi Heelan i have started working with one security company as self employed and i get paid monthly. i am not sure whether i have to register as sole trade or any thing could you please suggest

@HeelanAssociates 2 жыл бұрын

If you are truly self employed security guard, yes you should register as self employed. If you are truly self employed, ask them for your contract, holiday pay and pension ;- )

@qairylite101 23 секунд бұрын

hi, I'm new to this just thinking of starting up videographer do weddings on commercial videos business, I'm also working want to do videos on the side on weekends just want to ask you, I'm renting a flat do I need business insurance I'm also paying council tax for my flat do I need to register it as well?

@imrulhossain596 2 жыл бұрын

Can a Uber driver for a limited company and do the accounts through the limited company ?

@HeelanAssociates 2 жыл бұрын

Tough to answer currently due to all the court battles going on. Answering that right now could prove wrong in a while. Previously, yes Uber classed you as self employed so no reason to think couldn’t go LtD if you truly were in business in your own right. These days it’s becoming slightly more blurred with the court rulings . .

@NoHandle690 2 жыл бұрын

I have set up a ltd company but don't understand why I pay my accountant every month if I submit my taxes once a year?

@HeelanAssociates 2 жыл бұрын

Some accountants you won’t pay every month. Most of the modern ones do it monthly though as the fee is more than just for filing of the forms. It also helps client cash flow (that’s certainly the feedback we’ve had over the years) and doesn’t get to this situation that can happen where the business is suddenly struggling and can’t afford to pay the accountant right before something needs filing.

@mrprice9076 Жыл бұрын

How do I find an accountant like yourself local to me that’s good with lowering taxes

@HeelanAssociates Жыл бұрын

Sadly there is no easy way other than google and recommendations. Many don't need to be local, for example we have clients all over world.

@ProStrikeShop 6 ай бұрын

Hi, what would be best option for a side business that only make 10-12 thousand a year in sales and profit is only about 4-5 thousand?

@ProStrikeShop 6 ай бұрын

Also perhaps need to mention I have full time job that brings wages in and would like to keep the accounts separate and only withdraw money from business once or twice a year.

@HeelanAssociates 2 ай бұрын

It’s tough one to answer here as I can think of at least 16 questions I’d want to ask to start to determine that. Sorry it’s not an easy answer!

@thomaskelly2572 Жыл бұрын

If i become a limited company from being self employed tradesmen will it protect me from previous jobs ive done

@HeelanAssociates Жыл бұрын

Whilst we can't give you a legal opinion, it seems unlikely that as the company didn't provide those services, it would be liable for the work you did previously. So in short, no we wouldn't expect that it will offer protection against previous jobs.

@akocmatthew Жыл бұрын

Hi, can anyone help me please. I am a director of my limited company and i will resign and use someone as a director so I can be epmloyed as PAYE. This is for the purpose of mortgage. Lets say I earn £500 a week but want to Increase this salary. Can i take money from my personal savings or other bank account to transfer to my limited company account so i can pay myself more than £500 maybe around £800 for a few months til my mortgage get approved. Hope someone can help me with this. Thank you in advance.

@HeelanAssociates Жыл бұрын

It’s difficult to answer as I think what you as describing is potentially mortgage fraud. Lenders will take into account your total income employed, or director of a ltd company. If you are asking though if you can lend money to the company for it to pay your wages, then yes that’s possible.

@LeapOfFaith121 9 ай бұрын

Hi how can I get in contact with you please? Many thanks.

@HeelanAssociates 9 ай бұрын

You can reach out to our team at 02392 240040 or info@heelanassociates.co.uk

@Chaz.hands. 3 жыл бұрын

Can you start the year as a sole trader and change partway through to a LTD company?

@HeelanAssociates 3 жыл бұрын

Hi Charlie, yes you can! Sometimes it's nice to time it to start straight after your sole trader year end, but if you are earning ~£30K+ you are generally better going limited ASAP to begin the tax savings. Depends on your exact circumstances.

@Chaz.hands. 3 жыл бұрын

@@HeelanAssociates Thank you for replying! I haven't started my business yet, it is just going to be on the side of my day job, so unlikely to get to that amount, but it is always useful to know!

@HeelanAssociates 3 жыл бұрын

@@Chaz.hands. If you have another job it actually can be beneficial sooner than ~£30k depending on your other income, and whether you would want to withdraw any profits immediately. This can occur if you for example you would end up paying 40% tax on the side hustle earnings as self employed (due to your day job) vs 19% corp tax in the company. Difficult to cover in a comment here but it's worth chatting through when you are due to start - feel free to get in touch if you'd like a chat around your exact circumstances.

@HeelanAssociates 3 жыл бұрын

@U A you treat them as two separate things. So if your sole trade income before you stopped didn't exceed the trading allowance, then fine. The company pays its own tax bill and you would only pay further personal tax on any salary or dividend from the company,

@joat-mon943 3 жыл бұрын

@@HeelanAssociates hello there, so are you suggesting if I have a day job that pays me 30k annually it is better off going LTD company instead of the sole trader if I want to start my side hustle business? TIA