Thinking of starting my own ltd company.

[DPG]

Good thinking mate with the subject to inspection. Sorry what’s PH?

Public house?

 

[Gavin John Hyde]

Its expensive and a lot of folks dont like it , but I swear by checkatrade for getting loads of work and repeat custom and then word of mouth referrals from the older customers.
for £13 a month extra on top the £70 PM fees you get leaflets sent to the whole city. approximately 20K properties I think last time. number of checkatrade leaflets pinned on fridges catches my eye.
Checkatrade has more than paid for itself and for less than £1k a year I get several thousand of work.

Before going ltd company I think it is probably better to go as sole trader. i had to go as a ltd company from day one as the company i was going to sub contract for didnt want sole traders. did increase my overheads by around £50 per month for accountancy fees etc.. It has worked out well though and turnover and profit are both going up. so much so I will give it several months to ensure it continues before I then take somebody else on. The corporation tax and employers NI increases costs aswell so you need a good accountant but I have found ways to minimise the costs.

 

[mattg4321]

Also bear in mind corporation tax is now due to increase from 19% to 25% I think in 2023

Only if profits above £250k a year.

You should be aware though that sole traders were supported pretty well by the government during the lockdowns. Indeed some people worked part time on purpose and actually increased their earnings with the grants. Ltd co directors on the other hand were pretty much stiffed by the government. Luckily enough work picked up again very quickly after lockdown 1 for most of us. People in other industries have lost everything due to being ltd co rather than sole traders.

 

[Gavin John Hyde]

Only if profits above £250k a year.

You should be aware though that sole traders were supported pretty well by the government during the lockdowns. Indeed some people worked part time on purpose and actually increased their earnings with the grants. Ltd co directors on the other hand were pretty much stiffed by the government. Luckily enough work picked up again very quickly after lockdown 1 for most of us. People in other industries have lost everything due to being ltd co rather than sole traders.

When CT does go up companies with profits below £50k will still pay 19% wont affect a lot of companies.

 

[OnlQQker]

with perhaps an introductory offer on, for example; ‘20W floodlight supplied and installed for £120 for new customers’,

I'll act as first customer.

If I have a 10w floodlight will that be £60.00?

cheers guys
Craig.