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Stay paye or revert to contractor

  • 22-01-2023 8:47pm
    #1
    daludo
    Registered Users, Registered Users 2 Posts: 218 ✭✭


    Hi all

    I have a bit of a dilemma. Background info first, I have a limited company since 2007,no employees just myself. Last March I took a paye job and continued to operate the business on the side,albeit on a much lower level. My accountant has warned me that I am not putting enough funds into the company yet continue to pay a few bills out of it!! I feel that I have to make a decision, stay as a paye worker or revert to contracting (with the same company I am currently on paye with). Do the advantages of company outweigh paye? I am aware of what I will lose if I leave paye status (company car incl!) But a good hourly rate should compensate!! Any opinions???



Comments

  • #2
    CryptoToFollow
    Registered Users, Registered Users 2 Posts: 25 ✭CryptoToFollow


    How can the company have costs (other than annual accounts which should be minimal) if you are not operating through it.

    Why do you still have the company?

    There are some benefits such as your company could make pension contributions on your behalf?

    However if contracting, what happens if you get sick. Presumably you don't get paid. And I also presume that you can get maternity/paternity/parental leave as a Paye worker.

    Are there any bonuses/share options available as a Paye worker?

    Hopefully the above gives some ideas to think about as its not as straight forward as one option pays better than the other?



  • #3
    daludo
    Registered Users, Registered Users 2 Posts: 218 ✭✭daludo


    Yes minimal costs,accounting fees etc. I have kept the company to keep this option of reverting to a contractor role. I know the pitfalls of going contracting but I am used to that most of my life. I suppose what I'm trying to get at here is, what other benefits can be gleamed from contracting? For example I have a daughter going to college in 2 years, I was told the company could pay her a minimum wage (office work at weekends etc) This could ease the burden of college considerably. Any thoughts?



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