Setting up a Company. Advice Needed..

Discussion in 'Growing and Managing a Business' started by tomterry, Mar 18, 2011.

  1. tomterry

    tomterry
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    Hi,

    Currently I'm employed full time, but I'm looking to set my own company up.
    I've been offered a contract to do 3 /4 months consultancy work.
    The idea is I set up a limited company and they will pay the company.
    With this is mind, I have a few simple questions !!

    1. Can the company be set up with limit liability to me ? If something went wrong I don't want to put the family house / saving etc at risk. (I don't like the idea of transfering everything to my wife, we've both worked hard so I'd like to keep some ownership.)

    2. If the company is paid by the contractor, the company pays tax ?

    3.As owner of the company, I'd like to be paid a wage. Do I pay tax / NI on that as well ?

    4. If the company has £xxxx in the bank, How do I draw on that, or spend it ? Not necessarily on the business !?

    5. I may get some work from my current employer. Is it best for them to keep me as a PAYE employee or pay to my company ?

    I'm sure I'll have other questions... but this is a start :)

    Thanks !!
     
  2. Fergal

    Fergal
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    Welcome to our Business Forum tomterry.

    What country will your business be based in?
     
  3. tomterry

    tomterry
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    Sorry I should have said UK.

    Thanks
     

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