[Gllug] OT: umbrella companies for contract work

[Lee, Paul]

Wiehe, Simon wrote:
> 
> Setting up a company is very easy, it costs very little if you do it yourself. Take a look
> at http://www.companies-house.gov.uk, all the forms are there. All you need is a decent local
> accountant once you are running. You can buy an off the shelf company which normally only 
> costs about £90, but you don't get to choose the name.
> 
Hi
Might be worth pointing out that Ltd companies are very easy to setup 
but bear in mind there is an ongoing obligation to file annual returns, 
and accounts even if dormant, which will cost you at least a few hundred 
£££ a year at least (though for a little firm this is really only a 
balance sheet - there are no audit requirements). The fines and 
penalties can be heavy if you don't.

Also winding up costs if you no longer need the ltd.co can be 
significant (if you get an accountant to do it).

I mananged to get out of contracting just before the IR35 business 
started with the revenue.

Paul
// www.ma1.se //  // www.tbwnet.co.uk
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