Limited Company or Self Employed?

[elonii]

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Hello All.

Have decided to come out of the lurkers closet - it's boring in there!

I'm about to chuck in my job and go travelling on my affiliate money.

Short question - are there any benefits that I might have missed in setting up a limited company as opposed to doing the self employed thing?

Anyone else travelling around on affiliate cash with some handy hints and tips?

ta... Elonii

[smn2]

Hi Elonii

Congrats on chucking your job and taking the plunge
(or are you just going on a long holiday? )

Re. the limited company v. going self-employed, currently
- and this has been discussed somewhere else on
this forum (I think), and depends on your particular
situation, etc. etc. - I think it's favourable to go limited.

(Indeed, that is what I just decided to do yesterday!)

Read this article by TheMoneySavingsExpert to get
a feel for why this is the case. NB, the rules change
every year, and after going limited might not be
such a good idea after April 2004.

But I say, go limited (and enjoy your travels)!

Steve

[1st Stop]

Ive gone ltd due to the fact not only does it make my company sound and look more credible, but also for some odd reason make other companies who i want to deal with feel secure!

God knows why?

The most important reason is i want to keep my house and car and stuff if everything goes wrong! and of corse if something happends to me my wife wont loose the house if the business fails.

[elonii]

Cheers!

I have been told that going limited is the most tax efficient way.. but I'm finding everything a tad stressful! (and I should have registered as self employed about two-and-a-half months ago!).

Thanks for the link to the article, I'll get myself sorted in some way at least this week.

I'm off to Thailand and then Australia in five weeks, and out of a job in 10 days.... I hope I haven't bitten off more than I can chew!!

Elonii

[Kaching]

I could do with reading that discussion of limited company vs going self-employed on this forum. Long shot- anyone know where it is?

Elonii, Thailand is magic, don't know if u've been there b4. Enjoy!

[elonii]

no, Kaching never been to Thailand (or out of Europe). It seemed like fabulous lifestyle change idea at the time - but the closer I get I realise I'm fairly widdling myself with apprehension!

I also have to sort out not being jailed for tax evasion before I leave . Better than the Bangkok Hilton I guess.

[will 68]

I don't know if any of you have heard of composite ltd company.
In my my real life i work in engineering and have used this set up for years now. With a composite ltd company set up you can get all the benefits of setting up your own company without the hassles. Also with this setup you can't make the mistake of spending the taxmans money as when you receive your money you send it to your composite company they process it taking off your 20% corporation tax etc, therefore you can't be tempted into spending the taxmans money and they will have your money back in your account usually within 3 days. They deal with your tax returns/vat so no hassle from the tax man and you can drop it at any time. Another advantage i have found when applying for something like a mortgage this set up can be an advantage. You can claim all the benefits of a ltd company expenses etc without the hassle.
The best company i have found for this is Brookson, their website is www.brookson.co.uk or you can call them on 01925 232526. I have found them very helpful and they have a good info pack they can send you.
Having said all this I havent used them for this affiliate marketing game as at present i am only really beginning with it and have a long way to go before considering a Ltd Co. setup for this. I would only assume that you guys here would qualify for their composite company set up but i may be wrong.

Hope this is of interest to yous.

Will

[1st Stop]

Using another company to handle your affairs is a good idea, however take into account the costs for such a service.

It can be very expensive and if you trust yourself it is more worth while.

[Kaching]

Elonii
U will not regret visiting Thailand. I can't wait to go back!It's the same with most who've been there.

Bangkok hasn't much to offer apart from pollution and some tourist attractions. I'd suggest u stay close to the river and use the river boats and sky trains to commute, this way u will avoid the traffic. Try taking a tuktuk once, hang on for dear life and my advice will make sense.

The country is gorgeous and diverse. Head north to Chiang Mai. This town is easy going and there is much to do. Go trekking for a few days(u'll get dirty and tear a hamstring but it's worth it!), join a cookery course or just chill and hang out with the locals and long term expats in the town. Turn a blind eye to the old foreigners with young Thai girls on their arms. It's part of the territory I'm afraid.

Go south to the coast. The scenery is breathtaking here too. The sea food is brill(if it's yr thing) and the Thais are friendly everywhere u go. Getting there is the most expensive part of the journey, once there u can go cheap with the accommodation. U'll meet more interesting people in a guesthouse than u will in a high budget hotel. Also, the cheaper places are more relaxed and have areas where the guests can sit, eat, talk and exchange tales.

Thailand is well geared to travellers and u will find it is an easy place to visit, especially if u've never been outside Europe.

Have a great time!

[elonii]

Wow.... that's beatiful!

That's made me feel much better.... and I've also decided that a Limited company is the way to go for me. That article really set out the facts for me... thanks for that smnash. I think I might owe you a wee lager shandy.

Am now reaching for the phone numbers of old school pals who are accountants!

[smn2]

Elonii,

That article really set out the facts for me... thanks for that smnash.

You're more than welcome. (I got the article from someone
else's posting, actually.)

As for "wee lager shandy... " - how did you know that
was my favourite tipple. (Not.)

Good luck in Thailand. Also been there. Great food; very
touristy; very friendly people; little bit despoiled; scary
Tuk-tuk (?) journeys in Bangkok; adventure... Enjoy!

Steve

[elonii]

Ah-ha. I knew you were a Whisky and Irn Bru man straight away anyway Steve!

Can't wait for the tuk tuks

[gerryg]

We created an article specifically on this: Self employed or Limited Company ?

I hope it helps,

Gerry