Coronavirus

[Kenny]

Sole trader is simpler but ltd is surely more tax efficient?

If you have staff, then yes but as a sole trader, as in just you doing the work like Dan is, just staying as that is best from a tax view point

 

[Sniffer]

You can buy insurance that gives you that I think? - Don't think so - I could be wrong but If I am it would cost a fortune.

Corp tax is less than income tax though - If you are paying yourself through the company then you'll be paying PAYE/NIC

Sole trader is simpler but ltd is surely more tax efficient? It depends how much you are earning and whether the additional costs, of creating the company, keeping statutory records, doing PAYE/NIC, Corporation Tax Returns, Audit Fees etc are worth the hassle.

..

 

[leedswolf]

Nope, I don't make anything like enough money to do that.

I'm a sole trader. I invoice people for work, they pay me and I work out my own tax/NI each January (well I put the figures in and HMRC tell me what I owe them).

Same here.

 

[AndyWolves]

Thanks for the info all. I've been basing my knowledge on professional contractors and didn't understand the full picture.

If you are a sole trader who goes through PAYE it wouldn't necessarily benefit you to be a ltd company

 

[leedswolf]

Thanks, it seems odd that people would trade as sole traders though. Aren't you vulnerable to losing everything if someone claimed against you and won?

Again, I'm ignorant here as have only been a permie

No, I have £5m PI and £2m PL insurance.

 

[Johnny75]

Thanks for the info all. I've been basing my knowledge on professional contractors and didn't understand the full picture.

If you are a sole trader who goes through PAYE it wouldn't necessarily benefit you to be a ltd company

A limited company is its own legal entity. You can work for that entity if you like and pay taxes like any other employee. You can't be a Limited company but you can be self employed.

 

[Sniffer]

Thanks for the info all. I've been basing my knowledge on professional contractors and didn't understand the full picture.

If you are a sole trader who goes through PAYE it wouldn't necessarily benefit you to be a ltd company

It would be Self Assessment - As DW mentioned above he'll tell the tax man what his earnings are and the Tax/NI bill will be calculated from this.

 

[leedswolf]

It would be Self Assessment - As DW mentioned above he'll tell the tax man what his earnings are and the Tax/NI bill will be calculated from this.

Correct.

 

[Parkins left foot]

My younger son & another run a Ltd co running a car body repair centre as made some sense when they merged the 2 businesses - work has fallen through the floor in the last 3 weeks (have a few insurance jobs which will eventually pay, but gives their cashflow a hammering).

Now also have a large Cooporation tax bill from the last financial year to cover - even with an agreed HMRC repayment plan that will be challenging in the current circumstances.

Really not clear what support they will get as the local authorities, who have been charged with distribution, don't have the info (or money yet) as to how this will work.

 

[Deutsch Wolf]

Just so you know that Tim Martin is still determined to be the biggest cunt on the planet...

No pay for Wetherspoons staff from 22 March. Companies like Costa are paying up to 8 weeks on full pay, but Gammon Tim won't pay a penny until he's received anything from the Government, which will probably end up being the end of April. He has genuinely suggested that his employees go and work in Tesco in the meantime.

What an absolute pie faced prick, I hope no-one ever goes in his shithole pubs once this has all finished.

 

[Tredman]

Just so you know that Tim Martin is still determined to be the biggest cunt on the planet...

No pay for Wetherspoons staff from 22 March. Companies like Costa are paying up to 8 weeks on full pay, but Gammon Tim won't pay a penny until he's received anything from the Government, which will probably end up being the end of April. He has genuinely suggested that his employees go and work in Tesco in the meantime.

What an absolute pie faced prick, I hope no-one ever goes in his shithole pubs once this has all finished.

Let’s hope sometime somewhere is keeping a list for when we get through this: Wetherspoons, Waterstones, Virgin, brittania hotels, there must be more too.

 

[Deutsch Wolf]

Sports Direct, not that I would use them anyway.

Ditto WH Smith, I'm not likely to wake up one day and think it's 1989.

 

[darlowolf64]

Just so you know that Tim Martin is still determined to be the biggest cunt on the planet...

No pay for Wetherspoons staff from 22 March. Companies like Costa are paying up to 8 weeks on full pay, but Gammon Tim won't pay a penny until he's received anything from the Government, which will probably end up being the end of April. He has genuinely suggested that his employees go and work in Tesco in the meantime.

What an absolute pie faced prick, I hope no-one ever goes in his shithole pubs once this has all finished.

I hope all his staff take his advice and get better jobs and refuse to go back when he reopens

 

[Tredman]

Sports Direct, not that I would use them anyway.

Ditto WH Smith, I'm not likely to wake up one day and think it's 1989.

Went in WHS the other week to get some SATS revision books (waste of money that was), it’s a deeply deeply weird place. Almost like a shitter version of Poundland.

 

[Kenny]

I hope all his staff take his advice and get better jobs and refuse to go back when he reopens

Problem is, plenty of folk will be desperate for work this summer so he loses no one and he has a huge core customer base.
A lot of companies will go under during this period but Spoons won't be one of them.

Guess he is already planning for a how I survived Coronavirus section in his museum.

 

[Kenny]

Went in WHS the other week to get some SATS revision books (waste of money that was), it’s a deeply deeply weird place. Almost like a shitter version of Poundland.

Did you get a huge Dairy Milk bar for a £1 at the till (do they still do that?)

 

[Paddingtonwolf]

They do. It was a much better place when I was their in house legal, but that’s a fucking lifetime ago. It’s just lost relevance in the modern retail world and I think it might be one of the names to go pop.

 

[Kenny]

They only make money at airports these days I believe

 

[Paddingtonwolf]

Yup. The high street stores were losing millions even when I was there and I left in 2003. Of course they owned Waterstones (which made loads of dough) and had a big stake in Virgin megastore (also profitable). Sold both and bought the internet bookshop, which was a dim decision. By the time they realised online selling through their own site might have been wiser, Amazon destroyed them.

 

[playtheace]

"Online retail is still open and encouraged and postal and delivery service will run as normal"

Think this should have been elaborated on to be honest.

Lots of self employed folks on ebay but are those goods essential? and are you allowed to go to the post office
to post something thats not really essential..are post offices just open for pensions etc.

Also it reads like, do a one time weekly shop, yet stuff like Wilkos is open, so i can or cant pop up to Wilkos to get a bit of stuff
Or i cant pop to a tesco express just to get a loaf or milk cos i should be getting a weeks worth of bread.

Are things like Boiler services essential, i dont get mine done soon then the insurance on it is void after that date.

Its a bit all over the place to be honest.

Also, stuff like chip shops are open but they dont paticularly want you going out.

I know some folks who will walk the dog and think they cant get a chinese or chips because theyve already been out that day.

fuck me George Orwell.