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Forum - In full time employment and running own LTD company.

In full time employment and running own LTD company.

Wed, 27/10/2010 - 11:25 — arrannknott

Hi all, This is my first post on this website, and I'm really after some advice - hopefully that's what I'll get!

My position is this. I'm currently employed, fulltime, earning approx £33,000. However I have been taking on a lot of freelance work, and after speaking to an accountant, they advised me that it would be a good idea to setup a Limited Company. Which I have. Now over the past 6 months, I think I've probably earn't about an extra £15,000 - which I have been spending as I've earned it (Which I've since realised is the wrong way of doing things!) - most of it on the business (sub-contractors etc). What I need to know is how do I go about working my tax out? I'm totally new to this so really don't know what I'm doing! I'm obviously already paying tax on my full time salary, but I'm not sure how my Limited Company earnings are affected by that. What can I "lose" tax wise on my company? Software? Travel etc?

Any help would be very much appreciated!

Thanks all!

OK – a word of caution.

Please get this back on track ASAP as you may be spending money that is not yours / belongs to the company / HMRC!

Starting a limited company is complicated.

We have a free guide:

Limited Company – Do you know what you’re getting into?

Down load here:

http://www.cheapaccounting.co.uk/mailsltdcoguide.pdf

As regards costs have a look at this as a guide to what you can claim …

http://www.franklyaccounts.co.uk/glossarycosts.php

My advice – get an accountant on board asap – of course I would say that as I am one but the costs do not have to be high (£29.99 plus vat a month) and it is tax deductible!

Hope this helps

Wed, 27/10/2010 - 13:41 — elaine@cheapacc...