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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 :roll: ,(but then he's not keen on me going VAT registered as this year i've gone about 10k over the threshold!! :roll:)...

 

Just wondered what all you Ltd lot out there thought...Pros/Cons etc.. :D :D

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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

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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 :wink: (just guessing here as I've never been in the situation) (personally I would shoot all Accountants and Hospital Administrators on sight) :lol: 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 :wink:

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. :lol:

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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

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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.

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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.

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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.

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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.

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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.

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