O/T self employment

I am going to be changing from PAYE to self employment soon and am wondering what the best route is for me to go down for the tax. There are a few options I know are available;
1. Do my own self assessment but am unsure what to claim for
2. Use a third party to pay my tax
3. I know some of the engineers have created a Ltd company but don't know if this is viable.

Basically I want to pay as little tax ad possible and also have an idea of what I am doing!!!

Any one have any advise?

Thanks in advance

Steve

go ltd less risk to you personally.less tax but get advice from an accountant should not cost much

it'd depend on your proffession as to what you can class as tax deductable i think.. I'm sure theres one or two on here that have knowledge around this.. I'm facing the same thing myself

http://www.which.co.uk/money/tax/guides ... -expenses/

http://www.hmrc.gov.uk/guidance/480.pdf

I'm starting a new job soon. I'm a contractor/ self employed and atm I use an umbrella company which basically is PAYE. However this new job is alot more money so I will be going ltd. It is by far tax efficient but I believe you have ot keep the company for a few years which could be a bind if you get permanent employment with someone.

Make sure you get all the tax benefits available to self employed, you can write off some of your heating and lighting costs and rates if you declare part of your house as your home office, i used to but I don,t know if it's still available.

Thanks for the advise! Does anyone know a good accountant? Do you know if they will do a free consultation?

I use a Company called Davies Williams in Cardiff. I think the tel number is 02920 829800

I was using an umbrella company (Giant) for a while myself, it's very convenient. However as I make a large number of capital purchases the VAT benefits of going Ltd are considerable and I switched earlier this year.

It has reduced my overall tax liability by about £25k so it was definitely the best move for me.

I say go see an accountant and seriously weight up the odds, it's a little bit more work to go Ltd. but you can get a lot more cash in your pocket.

go ltd less risk to you personally.less tax but get advice from an accountant should not cost much

advise from an accountant...oh dear