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d*d · 26-03-2008, 11:12

I'm thinking of going limited, any freelancers who have already done this got any pearls to share?

Do Gooder · 26-03-2008, 11:32

hehe - i need my brain tested.. [deleted post]

Anxious · 26-03-2008, 11:36

What happened here? Am I going mad? Weren't there posts here?

Do Gooder · 26-03-2008, 11:38

i rattled on about VAT.. not a very good pearl of wisdom since the post is about going Limited - not VAT.

i think i need a biscuit.

datahound · 26-03-2008, 11:39

TBH for web design not sure is that much of an advantage for LTD.

Lots of additional paperwork and you have to pay an accountant whereas for self employed the self assessment form is fairly easy to do.

If you are employing people and holding yourself out as an agency perhaps, otherwise not worth the faff?

Anxious · 26-03-2008, 11:39

Quote:

Originally Posted by Do Gooder

i rattled on about VAT.. not a very good pearl of wisdom since the post is about going Limited - not VAT.

i think i need a biscuit.

Treat yourself to a few jaffa cakes. Can't beat 'em!

Do Gooder · 26-03-2008, 11:44

agree with datahound. Any decent tax breaks for going Limited where lost years back. We are going limited because we have an office, order large print jobs and have two employees.

if things went tits up we could loose our houses/cats/bicycles in the turmoil if we stay as a partnership.

jaffa cakes

d*d · 26-03-2008, 12:00

I am looking at creating an agency front for some of my client work and think a business number adds to the professionalism, plus I've bought a house and and want the security of knowing I have limited liability (someone has once tried to sue me already). Stuff about VAT and the paperwork are all good, any tips on finding a decent accountant would be good too

datahound · 26-03-2008, 12:10

Limited liability only works up to a point. If you want an overdraft from the bank they will make sign for it personally.

Yes a business number does add to your perceived size.

Best price I got was £600 for accountant but you can pay much more.

Things you will need doing.

- Personal tax return (Self Assessment)
- Corporation tax return
- Payroll, payslips and P35 (for you if only employee)
- Companies House return

Do Gooder · 26-03-2008, 12:10

think the jist of my VAT post was:

- the VAT returns are easy to fill yourself once you get the hang of it - cutting down on accounts fees

- i you work with charity clients VAT can be a minefield

i am by no means an expert - but i have worked with a few accountants - i find the one man bands better/cheaper to work with than the firms.

for limited you need a charted accountant. we have an (erm) unchartered accountant, sticking with him and having a charted accountant 'sign-off' his accounts seems to be a cheaper way of working.

26-03-2008, 11:12	#1 (permalink)
d*d Senior Member Join Date: Oct 2004 Location: Bristol Posts: 2,774	Limited company I'm thinking of going limited, any freelancers who have already done this got any pearls to share?

26-03-2008, 11:39	#5 (permalink)
datahound Spare Parts Join Date: Jan 2005 Location: Bracknell Forest Posts: 4,246	TBH for web design not sure is that much of an advantage for LTD. Lots of additional paperwork and you have to pay an accountant whereas for self employed the self assessment form is fairly easy to do. If you are employing people and holding yourself out as an agency perhaps, otherwise not worth the faff? __________________ poochmedia \| Computer Spare Parts \| Computer & Telephone Disposals

26-03-2008, 12:10	#9 (permalink)
datahound Spare Parts Join Date: Jan 2005 Location: Bracknell Forest Posts: 4,246	Limited liability only works up to a point. If you want an overdraft from the bank they will make sign for it personally. Yes a business number does add to your perceived size. Best price I got was £600 for accountant but you can pay much more. Things you will need doing. - Personal tax return (Self Assessment) - Corporation tax return - Payroll, payslips and P35 (for you if only employee) - Companies House return __________________ poochmedia \| Computer Spare Parts \| Computer & Telephone Disposals

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26-03-2008, 11:32	#2 (permalink)
Do Gooder Join Date: May 2007 Posts: 3,155	hehe - i need my brain tested.. [deleted post]

26-03-2008, 11:36	#3 (permalink)
Anxious LADY LADY Join Date: Jun 2007 Location: Glasgow Posts: 1,002	What happened here? Am I going mad? Weren't there posts here?

26-03-2008, 11:38	#4 (permalink)
Do Gooder Join Date: May 2007 Posts: 3,155	i rattled on about VAT.. not a very good pearl of wisdom since the post is about going Limited - not VAT. i think i need a biscuit.

26-03-2008, 11:44	#7 (permalink)
Do Gooder Join Date: May 2007 Posts: 3,155	agree with datahound. Any decent tax breaks for going Limited where lost years back. We are going limited because we have an office, order large print jobs and have two employees. if things went tits up we could loose our houses/cats/bicycles in the turmoil if we stay as a partnership. jaffa cakes

26-03-2008, 12:00	#8 (permalink)
d*d Senior Member Join Date: Oct 2004 Location: Bristol Posts: 2,774	I am looking at creating an agency front for some of my client work and think a business number adds to the professionalism, plus I've bought a house and and want the security of knowing I have limited liability (someone has once tried to sue me already). Stuff about VAT and the paperwork are all good, any tips on finding a decent accountant would be good too

26-03-2008, 12:10	#10 (permalink)
Do Gooder Join Date: May 2007 Posts: 3,155	think the jist of my VAT post was: - the VAT returns are easy to fill yourself once you get the hang of it - cutting down on accounts fees - i you work with charity clients VAT can be a minefield i am by no means an expert - but i have worked with a few accountants - i find the one man bands better/cheaper to work with than the firms. for limited you need a charted accountant. we have an (erm) unchartered accountant, sticking with him and having a charted accountant 'sign-off' his accounts seems to be a cheaper way of working.

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