As a self employed LGV driver, you will need to operate either as a sole trader, limited company or under an umbrella company. To maximise your take home pay, by far the best way to do this (under current legislation) is to deliver your services as a Limited Company not as an individual.

Although this sounds great, and who doesn't want to take home more money, there are record keeping, accounting and reporting requirements to be done by anyone running a business, and certain legal obligations and conditions associated with being a company director.

This is where HGV Freelancer comes in - we will offer as much or as little help as you need to meet the obligations of running your own company; There are invoices to be issued to make sure you get paid on time, there are sales and purchase ledgers to maintain, then there is the dreaded VAT administration and various other reports that need to be filed with HMRC etc. many of these obligations carry financial penalties if not done correctly or on time.

When operating as a Limited Company the VAT and corporation tax on profits can fall due many months after the revenue or earnings have been made, therefore you need to be aware at all times how much is owing, or likely to be owed to the tax man so that you can retain sufficient funds in your bank to pay those bills when they fall due.

As a director of a limited company, and in order for you to maximise your income, you will need to pay yourself a minimum wage as an employee of your own company and draw down a dividend from the company to make up your take home pay. A dividend is taking a profit from the shares in the business, and current legislation allows dividends to be drawn tax free conditional upon your personal tax code and amount of wages drawn in any one financial year.

All of this is quite daunting when all you want to do is drive for a living, but in order to maximise your earnings this is the way to go. Let HGV Freelance help you with as much of the work load as you want and leave you to do what you do best - Driving.

We offer a range of packages to suit most needs, so why not sign up for the one that suits you and let us do the hard work for you!

 

Bronze Package

Silver Package

Gold Package