FN-FORUM: RE: Umbrella companies V Limited

date posted 1st April 2003 18:18

not sure what distinction you're making between umbrella company or Limited
company status... umbrella could also be incorporated.

There are pro's and cons to listing your company as Limited - mainly
associated with costs, tax, and liability - when you're a Ltd company you
have to set up PAYE (i.e. pay out National Insurance) shortly after
incorporating, in addition to other requirements like full auditing of
accounts (which you have to pay for!!) - but the advantage is that you do
not have PERSONAL liability for things going wrong (heaven forbid they
should).

Best advice is to talk to a trustworthy accountant and get their input on
what's best for your individual needs.

Some other good places to start would be http://www.companieshouse.gov.uk/ ,
and http://www.dti.gov.uk/ - there is loads of info on relevant rules and
regulations for starting out in business.

Hope this helps

Cormac Connolly
nooBase Limited
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