Thanks for the very informative video. I've found very little online around the scenario of having a high paying job and then setting up a ltd company to handle income earned from a hobby. You briefly touched on this but would love to see a more detailed video about this scenario
Great video, thank you. What about saving into a stocks ISA? Is there any benefit into having an LTD? Also, if you’re hiring other people for specific jobs and paying them, are there benefits in either?
Investing money as a limited gives is tough sadly. The ISA is more a personal thing. If you employ people in your business you will generally get tax relief, but you are still parting with the cash, so it always wants to be profitable. There are no quick wins when it comes to having a team, there are lots of costs (and stress!) so you'd want to be sure the specific jobs were profitable. It's why you see freelancers in demand so much, sometimes engaging freelancers for ad-hoc jobs can work out more beneficial, you have to weigh it all up.
@ the main reason I wanted to make a ltd company was to not pay tax on purchases. Is there any way of doing this as a sole trader? I will be buying lots of camera gear, and saving 20% would be very beneficial!
Thanks for the very informative video. I've found very little online around the scenario of having a high paying job and then setting up a ltd company to handle income earned from a hobby. You briefly touched on this but would love to see a more detailed video about this scenario
Another hugely informative video...delivered with the trademark smiling face...many thanks Dan!
Glad you enjoyed it!
This is an excellent video. Extremely informative as always. Best wishes and Happy Christmas! ✨️ 🎄
Thanks Adam! And to you also!
That is perfect.Thank you
You're welcome!
Great video thank you
Glad you enjoyed it!
Great video, thank you. What about saving into a stocks ISA? Is there any benefit into having an LTD?
Also, if you’re hiring other people for specific jobs and paying them, are there benefits in either?
Investing money as a limited gives is tough sadly. The ISA is more a personal thing.
If you employ people in your business you will generally get tax relief, but you are still parting with the cash, so it always wants to be profitable. There are no quick wins when it comes to having a team, there are lots of costs (and stress!) so you'd want to be sure the specific jobs were profitable.
It's why you see freelancers in demand so much, sometimes engaging freelancers for ad-hoc jobs can work out more beneficial, you have to weigh it all up.
@ the main reason I wanted to make a ltd company was to not pay tax on purchases. Is there any way of doing this as a sole trader? I will be buying lots of camera gear, and saving 20% would be very beneficial!