Limited companies

RE: Limited companies

Neil Wheadon — Tue, 24 Oct 2017 18:07:14 GMT

I remain with Nick Lawrence at Moore Scarrot

At £1400/annum (inc VAT) they do the year end accounts and Nick DOES NOT charge for E Mail advise, but will if I arrange a meeting.

I may be paying slightly more than another accountant but he replies very quickly and I consider it worth the money.

As for the £50.000, I think it's closer to £30.000 if memory serves me right

Neil

RE: Limited companies

Bob Russell — Tue, 24 Oct 2017 16:08:33 GMT

A 'traditional' locum can be a sole trader but as stated anyone working on a regular basis for individual employers may be considered part-time therefore PAYE.

Of course someone can have any number of part-time jobs.

RE: Limited companies

Nicola Cole — Tue, 24 Oct 2017 15:47:12 GMT

In terms of locums, whether you are a sole trader or a limited company you still need to fit the criteria to classify as 'a locum' and not 'employed' by the practice. So if HMRC had a problem with a sole trader and deemed what they are doing constitutes employment by that practice they would similarly have a problem if you're working the same hours/pattern but had created a limited company instead.

RE: Limited companies

Gillian Mostyn — Tue, 24 Oct 2017 15:13:11 GMT

[quote user="Patrick Taylor"]My accountantant mentioned 50,000 as the break even point for a limited company vs sole trader.[/quote]

If by 'sole trader' you mean self employed, then there is one large problem with this. HMRC currently don't consider a veterinary surgeon who is working within a practice as self employed, especially if they work there long term or have repeat business. They expect them to be PAYE or Ltd. (An umbrella company also lets you be 'self employed', but actually just acts as your employer.)

Plenty of locums are currently self employed and have no problems at all with their tax man, so it could be fine. However, on the wrong day, such as after an audit, your employer could get saddled with a very large tax bill. Thus the large companies, who are employing large numbers of locums, are simply not prepared to take the risk. (You can't blame them...I'm sure the tax man would love to hit vets4pets, CVS etc with a massive retrospective bill!).

Thus if you can find plenty of employers willing to employ you on a self-employed basis, that's fine. The risk is mainly theirs. However, it will limit job opportunities, which I suspect will get even more limited in time.

RE: Limited companies

pjtaylor91 — Tue, 24 Oct 2017 13:46:54 GMT

My accountantant mentioned 50,000 as the break even point for a limited company vs sole trader. This is including the accountancy fees for limited company. Has anyone had similar advice?

RE: Limited companies

Bob Russell — Tue, 24 Oct 2017 09:21:40 GMT

Perhaps name and shame the accountant at that price.

I get the impression that some accountants think of a number and double it.

We are settled, happily back with the accountants that helped me set up the business. For not much more we get the full works.

RE: Limited companies

Gillian Mostyn — Tue, 24 Oct 2017 09:13:07 GMT

Thanks to the OP for starting this thread. I will be a locum from February, and will be getting Ltd sometime soon. All useful info!

RE: Limited companies

Paul Terzer — Tue, 24 Oct 2017 08:10:17 GMT

£1900 is way too much!!!

Morning all,

I started to locum in 2014 and went down the limited route. My accountant charged me a small set up fee for the limited company. Then £500 (ex-vat)/year for year end accounts and submissions to HMRC. However that price is dependant on how your accounts look. If not in order then there is a extra fee. This makes me keep on top of things.

Watch out with some companies. They will charge a small fee every time you call them for advice.

Feel free to PM me.

Paul

RE: Limited companies

Vet2Vet — Sat, 21 Oct 2017 12:42:16 GMT

Anyone willing to share if there are better value options . You could pm if you like .

RE: Limited companies

Kelly Cremers — Sat, 21 Oct 2017 10:32:37 GMT

I have my own Ltd company and pay £1230 per year. For that, I really just have to make sure that I keep track of expenses with VAT receipts and send invoices. I use an online accountancy program and from that, my accountant does my Vat returns, payroll, personal self assessment, corporation tax filing and I get an answer to any query within 24h. They regularly review my account and give advise what can be done better or more efficient.

RE: Limited companies

niall morton — Sat, 21 Oct 2017 10:00:45 GMT

That seems very high. £1000 is pretty normal

RE: Limited companies

Jill Butterworth — Sat, 21 Oct 2017 00:29:43 GMT

Ouch! I used to pay about half that. Maybe ask around for another quote?