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Ltd or Umbrella....

Discussion in 'Accounting and Legal' started by Simon1883, Aug 16, 2018.

  1. Simon1883

    Simon1883 New Member

    Afternoon all,

    Been looking into freelancing for a good while now. Just recently I was offered a chance which I have all but accepted. The question I have surrounds the whole IR35 thingy and ltd companies.. I have been tols that the role I am undertaking is inside IR35 and that is that. However, I have more opportunities to in other contracts as well as this one - although this one to begin with, will be the main source of income. Can I/ is it worth setting up a ltd and using it to deal with everything, including the IR35 income so that the other opportunities can be part of the ltd company and thus more efficient in terms of drawing an income from or writing off expenses?

    All opinions welcome and thanks in advance.
     
    Laura@FreelanceUK likes this.
  2. Laura@FreelanceUK

    Laura@FreelanceUK Administrator Staff Member

    Hello Simon,

    You can look at our IR35 section to get a better understanding of it as it may be beneficial for you.
     
  3. Gordie @ Danbro

    Gordie @ Danbro New Member

    Hi Simon, the short answer is...it depends! Do you work in the private or public sector, for instance? How likely are you to carry out other contracts and will they be inside or outside IR35? What is your projected turnover and what expenses will you suffer? Lots of questions, some of which aren't for public discussion obviously, but you can DM me if you like and I'll be happy to discuss further.
     
    Laura@FreelanceUK likes this.

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