I have a fair amount of knowledge how it works, but you lost me at the Private Limited Company bit so I blagged it with the help of AI.
I’m pleased that you were able to thrive during your past employment, that was your choice and if it worked for you…great. My issue is with your hypocrisy. Anyone who has been employed either directly or indirectly has benefitted from the unions and no matter how you try to deny it, so have you. You don’t have to join and be a fully paid up union member to have enjoyed some of those hard earns benefits. Conversely, being a member of a union also does not limit both career aspirations or the ability to succeed. If you think unions destroyed manufacturing, then you are deluding yourself. After the war most of Britains industries were run by management’s who in most cases didn’t have the relevant qualifications to do so. Being a captain in the army did not make you a captain of industry. Whilst Germany, Japan, the US and others embraced technology and started to build successful economies, British industry and the buffoons who run them (including state run industry) thought the British empire would last forever and wouldn’t invest. That attitude did more harm to manufacturing in the UK than the unions ever did. Do you honestly think that unions would have denied their own members the opportunity to up skill or improve working conditions through technology. I’m not a union member, some kind of activist, nor left wing. I don’t agree with industrial action such as striking as I don’t think it benefits anyone in the long term. However I do believe everyone has the right to expect at least some honesty and integrity and accept that it does sometimes need a collective body, such as a union, to fight for that. I also accept that there are countless examples of where harmony exists between employers and employees with no union involvement. Anyways, I’m not going to change your opinion and you mine, so I will leave it at that.
In my case and all the others that Had Private Limited Companies we only had two Employees, me and a Company Secretary (my wife) who had to sign off the End of Year Accounts, I was not going to stitch up me or my wife. The way it worked was we had to have a PLC to work for the Agency and we had to sign up to the T's and C's which meant if we did not work we did not get paid Should have just said that in the first place There is just a little weasel on this site that has little jibes day after day (not Pieguts) and I just have to let off a head of steam every now and again
Ah, now I see - must admit you did throw me a bit when you said PLC, because I'm like thinking it's the same, but now you've explained it. So my brain is asking more questions now, lol, did you have public liability insurance, considering you were supplying works to Network Rail I think you said?
We had to be insured for a million pound liability in case we made a costly error and public liability The NR bosses who we reported to said it was a load of bollox, if we ****ed up and cost them money they would just sack us and not waste time and money trying to claim it back from us, we would have been blacklisted tho
Many large organisations would only employ contractors if they were set up as Ltd companies, mainly due to insurances etc. Many years ago, I had to set myself up, as a limited company as my friend and I used to build electrical panels for a utility provider in our spare time. I was still fully employed by the company that employs me today, but I was also a non-executive director of my own Ltd company. After the electrical panel adventure ended, it became more of a holding company for some commercial properties that I got in to and some of my house renovation projects. I only closed the company a couple of years ago.
Not having a go here as I've no idea what you're all on about but reading between the lines it seems you were so well paid that you didn't have to worry about unions?
A contractor eh duggie with a limited company and accountant. We throwing in a bit of tax avoidance here?
Basically brb, think of duggie as a consultant like accenture or pwc or serco except that instead of having loads of employees to be consultants, duggie was the consultant and the owner etc. So duggie worked and was employed by duggie enterprises and tfl asked duggie enterprises to send their best man on the job to help them out (which in this case was duggie)
That is correct. Typically as a contractor you get paid more. As duggie says, there is no sick pay, holiday pay, pensions, medical etc (i.e. no benefits). You handle all that yourself as the person contracting. They can just get rid of you when they want hassle free as there are no rights per se. Typically contracts are for a set length too (typically 6 months). The last thing is it doesnt count towards head count. This sort of contract is ideal for companies who get projects so you can hire resources quickly and get rid of as soon as the project is done or your budget has dried up. In return you get paid a much higher rate than a salaried member and as it goes through a company you can be more tax efficient. However you dont have benefits and you dont have job security.
Saying that, maybe the rules have changed but you should have sacked your accountant, everyone knows you take out dividends rather than PAYE yourself to save on the employers NI
Not sure about the loans you are talking about unless its the ones where you "loan" it forever and pay no tax and will get done for tax evasion. Its typically dividends as far as i am concerned with any expenses thrown in like a new pc or a new phone. I know some people do food and lunch and travel but thats a grey area which i avoid myself. Saying that i have heard people claim extensions and stuff but if hmrc ever investigate you i imagine you would get screwed
'Interest' is payable on loans to Directors based on the balance outstanding at the company's year end, if the company is a 'close' company (one with 5 or fewer 'participators') - no evevasion as its allowed by legislation... but effectively taxed as a BIK ... still an advantage if the Director pays it back in full before the company's year end ... Invoice will be sent by PM
... bottom left has to be Private Heinrich Pike ... ... gonna pinch it and put it on the Politics thread on GC ... just for the craic
