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Scottish Trust Deed Forum
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Topic starter
02/01/2012 9:08 pm
I am about 15months into my trust deed and
I am looking at new employment opportunities. For one of the jobs that I am hoping to apply for, I would be contracting and therefore would register myself as a LTD company for these purposes. I was told this was a standard thing to do in the oil and gas world as it gives the employer an chance to see what you are like as an employee before offering you a full time contract and all of the perks that go with it.
My question is, am I able to do this while in a trust deed? While registering as self employed, I wouldn't be drawing funds from the company so I don't see this as an issue but I'm not the expert. I really hope that I can as it is a great chance to earn a lot more money and potentially resolve my money worries.
Many thanks in advance
02/01/2012 9:18 pm
Welcome to the trust deed forum scaramac.
You can form a limited company and be a Director of it during a protected trust deed.
A practical concern might be opening a bank account. We've had threads here where persons in a trust deed have had difficulty getting business bank accounts. You may wish to speak to your own bank on this subject to establish what their attitude will be.
I'd suggest working through the numbers with an accountant. You will want to understand how the company and you personally will be taxed if you make this move.
I'm sure you're already aware that if your income improves your trust deed contribution will go up (assuming all other things remain equal). Taking a long-term view however you'll potentially be a lot better off afterwards though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
02/01/2012 9:32 pm
Thank you very much for your answer and also the speed at which you replied. This has made me a lot more positive.
02/01/2012 9:39 pm
My pleasure scaramac.
I hope that it all works out as you wish it to.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
