HSMP Extension - Impact of Running a limited Company

[Vayu]

Hey all,

Well have landed, am booted and suited (though not in exactly in what I want yet), have a place, and all is looking rosy on the job front.

My question is, given that I am contracting at the moment, and have set up a limited company to maximise my take home pay, will this affect my application to renew my HSMP come mid next year?

My thinking is that I should be OK given that I am economically active, technically paying tax - though not much, am earning money - again technically not much, and am in a job which is in the vicinity of the career path I put down on the HSMP application.

Any advice?

Regards,
Vayu

[darikusa]

Hi Vayu,

How did you setup a limited company. Any websites that can help and how much amount did it take to set it up?

Thanks.

[try-one]

Check the search option and read about the employment law.
- You need to take a salary and pay PAYE so your income is considered, if you leave all the money and you don;t take a salary, the HO may not accept the income (again, this is from a previous post).
- Read about I35 and the legal effect of the limited companies, you don;t want to end in a problem with the Inland Revenue. There are very complex issues involving self employment and contracting, you might be creating VAT liabiltiies....

good luck