Every contractor needs to find a way to manage tax and administration. But there are obstacles: have you encountered any?
First, if you want your own limited company, you can't get anyone to run the company for you anymore. That would make it a managed service company. If you want your own limited company, you have to handle VAT and tax yourself or get an accountant to do it. And you soon won't even be able to share dividend income with your spouse, because the Treasury is taking revenge on Arctic Systems and removing this possibility.
Then there is late VAT registration, and all lots of worry about what tax advantages a limited company will offer. Of course, an umbrella company solves these problems for you, but you don't handle your taxes yourself then.
- Have you had trouble forming a company?
- Did you have to drop out of a managed service company under the new law?
- Have agencies demanded that you start your own limited company or find some other structure?
- Have you had problems working as self-employed or in running your own company?
Did you have the problems above? How did you resolve any issues you had?