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#1 05-05-04 21:17:35

Ozzie
Guest

Limited Company ? ?

Hi All,

My accountant has now suggested that I become a limited company. I was wondering if anyone else has been down this avenue and what are the advantages and disadvantages, other than the limited liabilities if everything goes pear-shaped.

I will discuss it with the accountant over the coming months, but I wanted an insight to the subject initially.

Cheers.

Ozzie

05-05-04 21:17:35

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Re: Limited Company ? ?




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#2 05-05-04 21:22:49

Michaela7
Member
From: Portsmouth, Hampshire
Registered: 25-02-04
Posts: 53
Website

Re: Limited Company ? ?

Hi,

I've been thinking about this too as I've been advised that it would be beneficial. So any insight from others would be appreciated.


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#3 05-05-04 21:48:16

Badger
Guest

Re: Limited Company ? ?

The Buzz on the net from my accountant is that the Treasury is about to shut this loophole.

However she was talking from a single operators point of view.

Multiple vehicle schools may be different I dont know.

Badger


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#4 05-05-04 22:19:53

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: Limited Company ? ?

HI,

For many years I was a 2 car school and was a self employed sole trader, this worked well as there is far less admin involved than being a limited company, an easier tax regime, no bank charges and no real problem if the business failed, as it would be just the finance on the car that could cause problems.

The Company is now limited and I have had to get to grips with PAYE, Employment legislation, VAT, Health and safety and so much other stuff that it's turned my head - oh for a simple life!

But I'm beginning to get things settled down, my accountant is pretty sharp and if things do go belly up for whatever reason only the bank will lose, they can't touch my house unless I do something illegal.

So I can't imagine why a single car school would want to go through this, I've looked at the legislation and it doesn't seem worth it. Has any one else got info that would change this?

Regards,

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#5 06-05-04 06:33:24

Doug
Verified Member
From: Gloucestershire
Registered: 02-05-04
Posts: 958
Website

Re: Limited Company ? ?

The last couple of years made it beneficial to go Ltd, beacause of the amount of profits not liable to tax was quite large, I think Gordon Brown closed this loophole at the budget, so its no longer worthwhile any more. Unless others can tell us more to clarify the situation.

Doug

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#6 06-05-04 17:53:09

rachdrive
Member
From: wirral
Registered: 08-03-04
Posts: 149
Website

Re: Limited Company ? ?

Hi All,

At a local ADI meeting, the local taxman came to see us to help us all with our tax!!! It was brought up, about the loophole definately about to be closed!!

From the comments above, it does sound more work than it is worth!!!!

Rach  8)


Driving is for life.........Not just for xmas!!!!!

www.boydsdrivertraining.co.uk

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#7 06-05-04 20:21:18

Liesa
Guest

Re: Limited Company ? ?

Just been talking to my sister, she's registered as a Ltd company, even though she's a sole trader. She says that it's more trouble than it's worth far too much paper work!

Shes not an ADI by the way shes just a book keeper, deals with PAYE etc.

#8 06-05-04 20:56:00

Michaela7
Member
From: Portsmouth, Hampshire
Registered: 25-02-04
Posts: 53
Website

Re: Limited Company ? ?

Thanks, everyone, for the info. It helps to be in the know! smile


Friendly, female Instructor! smile

Arrow School of Motoring

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#9 06-05-04 21:14:22

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: Limited Company ? ?

You might be interested or bored stiff at this next link - it's to the inland revenue http://www.inlandrevenue.gov.uk/bens/ben23.htm#j lots of facts and figures about driving instructors.

If you get bored - congratulations you're normal.

I was genuinely interested!??!?

Regards,

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#10 06-05-04 21:47:27

Michaela7
Member
From: Portsmouth, Hampshire
Registered: 25-02-04
Posts: 53
Website

Re: Limited Company ? ?

Thanks for the link BigRed. Had actually seen this before, found it myself and spent time reading it! I'm obviously not normal!! :!:  lol


Friendly, female Instructor! smile

Arrow School of Motoring

Car+small+picture.jpg

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#11 10-05-04 16:24:05

MrBassMan
Verified Member
From: Ceredigion, West Wales
Registered: 10-05-04
Posts: 669
Website

Re: Limited Company ? ?

One thing anyone considering this route should be aware of is that a Limited company needs to prepare annual accounts to file at companies house - this costs between £750 and £1250 per year in accountancy fees.


Learn 2 Pass
Driving lessons in and around Ceredigion in West Wales  http://www.L2P.co.uk

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#12 10-05-04 17:53:39

bigred
Verified Member
From: Kent
Registered: 25-02-04
Posts: 1,592
Website

Re: Limited Company ? ?

I've got a good accountant - he only charges me £400 per annum and probably saves me a lot more than that in tax savings.

Regards,

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