Michael Posted November 1, 2007 Report Share Posted November 1, 2007 I have a couple of friends in different trades who swear by limited companies.I have spoken to my accountant about changing but he doesn't seem keen ,(but then he's not keen on me going VAT registered as this year i've gone about 10k over the threshold!! )... Just wondered what all you Ltd lot out there thought...Pros/Cons etc.. Link to comment Share on other sites More sharing options...
Danny King Posted November 1, 2007 Report Share Posted November 1, 2007 Hi, I run 2 limited companies both around the VAT threshold. I have found my Tax bill has shrunk alot since we have done this. But it isn't as good as it was as they keep closing loopholes and changing thresholds. Some accountants love Ltd companies and some don't. I would ask him to do a basic calculation for Ltd company and as a sole trader and see what comes out best for you. Why do you want to be VAT registered? Danny Link to comment Share on other sites More sharing options...
Hugh-Candoit (ENG) Posted November 1, 2007 Report Share Posted November 1, 2007 Good advice Danny. Is not one of the perks of LTD that you dont lose your posessions if you go bump overnight, meaning you still keep the house and car etc. Accountants and Banks can not then get your personal assets and maybe thats why they dont like it (just guessing here as I've never been in the situation) (personally I would shoot all Accountants and Hospital Administrators on sight) I'm sure some do an admiral job and the majority are wonderful human beings away from work, I studied Accountancy myself at colledge, but they and Administrators seem to breed like Rabbits dont they Accontants and Administrators need Assistants.... Assistants need Assistants. The person who actually does the job is a clerk on basic minimal pay, so why employ Accountants, just get the young newbie on a low wage and cut out the high fliers. Link to comment Share on other sites More sharing options...
Michael Posted November 2, 2007 Author Report Share Posted November 2, 2007 Thanks for the replies. As for VAT, I dont wanna be VAT registered but I feel I may be stifling my business growth by trying to now lose that 10k, or maybe more ,next year. Link to comment Share on other sites More sharing options...
Auto Key Wizard Posted November 2, 2007 Report Share Posted November 2, 2007 Hi,I run 2 limited companies both around the VAT threshold. Why do you want to be VAT registered? Danny Danny, Danny, it's not your two businesses that need to be VAT registered, It is you as an individual that requires registeration. The VAT threshold from 1st April 2007 is £64K You have two businesses turning over close to this, so that's close to £128,000 turnover joint...Go Figure Link to comment Share on other sites More sharing options...
Danny King Posted November 2, 2007 Report Share Posted November 2, 2007 Link to comment Share on other sites More sharing options...
Danny King Posted November 2, 2007 Report Share Posted November 2, 2007 on phone to my accountant as we speak Link to comment Share on other sites More sharing options...
Hugh-Candoit (ENG) Posted November 2, 2007 Report Share Posted November 2, 2007 Very good advice Tel. Link to comment Share on other sites More sharing options...
Lee Posted November 2, 2007 Report Share Posted November 2, 2007 Business by association If you are “running†Link to comment Share on other sites More sharing options...
ironplanet uk900 Posted November 2, 2007 Report Share Posted November 2, 2007 Your accountant is activley telling you to steal £10k from your business in order to fiddle the state, to evade paying VAT & tax. I'm sorry but your accountant is very very wrong here, and you are playing with fire. Everyone has to pay Vat if they're over the threshhold, so why should you get away with it. Link to comment Share on other sites More sharing options...
petercoulson Posted November 2, 2007 Report Share Posted November 2, 2007 you might find your accountant isnt chartered and will lose your business if you go ltd as you will have to change to a chartered accountant Link to comment Share on other sites More sharing options...
Auto Key Wizard Posted November 2, 2007 Report Share Posted November 2, 2007 on phone to my accountant as we speak What did he say Danny? Link to comment Share on other sites More sharing options...
Danny King Posted November 2, 2007 Report Share Posted November 2, 2007 Hi Tel, No Idea he is diving in Eygpt But was told not to worry. Link to comment Share on other sites More sharing options...
Auto Key Wizard Posted November 2, 2007 Report Share Posted November 2, 2007 Hi Tel,diving in Egypt Not on the strength of a 'back hander' from you I hope. He'll need to look out for the Tax Sharks. Link to comment Share on other sites More sharing options...
Michael Posted November 2, 2007 Author Report Share Posted November 2, 2007 Your accountant is activley telling you to steal £10k from your business in order to fiddle the state, to evade paying VAT & tax. I'm sorry but your accountant is very very wrong here, and you are playing with fire. Everyone has to pay Vat if they're over the threshhold, so why should you get away with it. I've only just gone over the threshold(previous year £62k) and my year just finished last month so he may well advice me different when books are finished. you might find your accountant isnt chartered and will lose your business if you go ltd as you will have to change to a chartered accountant Yes he is chartered. Quite a big company in Suffolk. Link to comment Share on other sites More sharing options...
ironplanet uk900 Posted November 3, 2007 Report Share Posted November 3, 2007 Your accountant is activley telling you to steal £10k from your business in order to fiddle the state, to evade paying VAT & tax. I'm sorry but your accountant is very very wrong here, and you are playing with fire. Everyone has to pay Vat if they're over the threshhold, so why should you get away with it. I've only just gone over the threshold(previous year £62k) and my year just finished last month so he may well advice me different when books are finished. Yes but you said "he isn't keen on you going vat registered" If your showing 10k over the threshold, its not for him to choose if you go registered or not, its the law. Link to comment Share on other sites More sharing options...
k4mrc Posted November 3, 2007 Report Share Posted November 3, 2007 been reading this - agree totally with uk900 and tel200 but - have a brother who IS a chartered accountant and will speak to him about it and advise you accordingly. he does my books and did advise for me to stay Ltd recently when i being the cobbler said i was 'fed up ' with all the hassle of paper filling etc; will let you know shortly. Link to comment Share on other sites More sharing options...
Michael Posted November 6, 2007 Author Report Share Posted November 6, 2007 Your accountant is activley telling you to steal £10k from your business in order to fiddle the state, to evade paying VAT & tax. I'm sorry but your accountant is very very wrong here, and you are playing with fire. Everyone has to pay Vat if they're over the threshhold, so why should you get away with it. I've only just gone over the threshold(previous year £62k) and my year just finished last month so he may well advice me different when books are finished. Yes but you said "he isn't keen on you going vat registered" If your showing 10k over the threshold, its not for him to choose if you go registered or not, its the law. Sorry to be a bit misleading but my accountant doesnt know i'm over the threshold yet cos he hasn't audited my end of year accounts.I had only mentioned it to him a couple of months ago that we looked like we was going to be over. Link to comment Share on other sites More sharing options...
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