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Hello everyone,
I know that I'm just fresh in here, but....we all have to start somewhere.
This post is directed mostly to Spark mates/improvers who can share some of their knowledge and experience with "going" LTD.
Yes, yes, I have seen threads about CIS (used to do some time through CIS), about that how agencies are bad and Umbrela (ultimate scam)...don't let me even start.
If it's possible, I would like to ask you people, how does it go with LTD for spark mates?
I realize that system, agencies etc try to discourage people going this way, because it is more complicated than CIS because you need accountant(it really is recommended), insurance etc. But I also know that, they are afraid that more and more people will go Ltd and the tap with warm blood of honest people will dry out.
I have an idea about opening Ltd co. opening business bank acc. my main concern is with business insurance. I have asked about it and that is what they require from spark mate (for one of the contracts):
-Employers Liability : £10M - well, my Ltd would be only me director who employ meself....don't think it is actually possible to get eployers liability insurance if I do not employ anybody but myself?
-Public Liability: £2M - that's not a problem, standard I would say.
-Professional Indemnity: £2M - this option is only available to buy with insurance, when you answer YES to question: "Do you offer advice, design or certification in your business activities".
Now big problem as always is .....money, insurance with Professional Indemnity put your insurance premium sky high.
Agencies won't hire any mate/improver through CIS because apparently, we only work under supervision , and from mate working through own Ltd they want us to do what fully qualified sparks do?
Is that practise (Professional Indemnity) a standard for Ltd mates , or it depend on a contract for different jobs?
That is my main concern which holds me back from going Ltd.
If any of you could put some inside and own experience to the subject, that would be great.
Also if any of you fellow Electricians mates/improvers and fully qualified Electricians, encountered other worrying aspects of going Ltd, please comment. I believe that forum will only enrich with your advice
Thank you all
Ps. Quite a subject as for first post
I know that I'm just fresh in here, but....we all have to start somewhere.
This post is directed mostly to Spark mates/improvers who can share some of their knowledge and experience with "going" LTD.
Yes, yes, I have seen threads about CIS (used to do some time through CIS), about that how agencies are bad and Umbrela (ultimate scam)...don't let me even start.
If it's possible, I would like to ask you people, how does it go with LTD for spark mates?
I realize that system, agencies etc try to discourage people going this way, because it is more complicated than CIS because you need accountant(it really is recommended), insurance etc. But I also know that, they are afraid that more and more people will go Ltd and the tap with warm blood of honest people will dry out.
I have an idea about opening Ltd co. opening business bank acc. my main concern is with business insurance. I have asked about it and that is what they require from spark mate (for one of the contracts):
-Employers Liability : £10M - well, my Ltd would be only me director who employ meself....don't think it is actually possible to get eployers liability insurance if I do not employ anybody but myself?
-Public Liability: £2M - that's not a problem, standard I would say.
-Professional Indemnity: £2M - this option is only available to buy with insurance, when you answer YES to question: "Do you offer advice, design or certification in your business activities".
Now big problem as always is .....money, insurance with Professional Indemnity put your insurance premium sky high.
Agencies won't hire any mate/improver through CIS because apparently, we only work under supervision , and from mate working through own Ltd they want us to do what fully qualified sparks do?
Is that practise (Professional Indemnity) a standard for Ltd mates , or it depend on a contract for different jobs?
That is my main concern which holds me back from going Ltd.
If any of you could put some inside and own experience to the subject, that would be great.
Also if any of you fellow Electricians mates/improvers and fully qualified Electricians, encountered other worrying aspects of going Ltd, please comment. I believe that forum will only enrich with your advice
Thank you all
Ps. Quite a subject as for first post