new_trader
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See now it is beginning to sound more expensive, which makes me think this is why most people are not doing it...
Also, I assume if I was to set myself up as some sort of offshore trust, I would then have a nightmare trying to get any sort of loan like a mortgage...
Still, I am intrigued by the numbers here... There must be a fair percentage of the people on this board that are paying over 40k tax say. If you are paying that per year, then it must be well worthwhile doing... I am guessing, but it seems reasonable that employers may well not want employees doing this. I am not sure how it would affect me, but certainly I would be less protected I think since I would not personally have a contract with them, a trust would have a contract to provide services--- If anyone has an example with the numbers, I would be keen to know... Not specifically for the day traders here, but just for anyone working earning a half decent amount.... Maybe I shouldnt have been so keen to disown everyone I know that read accountancy after all
It costs less than £100 to set up a private limited company. People do it for the tax advantages, end of story. Most people don't do it because they think it's too complicated and are terrible at bookkeeping. I set up a private limited company for a business I had. Easy to set up, bookkeeping and companies house paper work can be a bit of a bore, but that's it. Look into it yourself. It is dead easy and did I mention tax advantages?
