Your job your decisions

Limited Company

LIMITED COMPANY

Getting paid through your company

For many contractors, contracting via a limited company is one of the most tax efficient ways to be paid. Whether you are just starting out as a contractor or freelancer, or have been contracting through an umbrella company for a while, setting up your own limited company could be the most beneficial way for you to work.

There are a few ways you could start a limited company, however choosing a specialist contractor accountant can remove some of the administrative burden and paperwork of operating a limited company.

 

BENEFITS

Why work with us?

Flexibility

When contracting you get to work how and when you want.

Full Protection

Umbrella services offer you the protection of a full time employee.

Hassle Free Tax

Compliant with all UK legislation so you don't have to worry

Quick Payments

Get paid and weekly through a method that suits you.

CONTRACTOR CHOICE

Getting Started with your company

Setting up a limited company as a contractor means that you become the director and shareholder of a business. You can pay yourself through a combination of salary and dividends, which are distributed to a business bank account as after-tax profit. Tax rates for dividends are lower and are not subject to National Insurance, which is one reason why you can see a higher take home pay through a limited company.

Limited companies require documents to be filed and paperwork to be done fairly regularly, and if you choose this option you should be able to have a business bank account. However, this option can be very rewarding as clients and agencies tend to see registered businesses as more trustworthy, and there are also more growth opportunities by having your own limited company.

The option that is best for you depends on your contract terms, length, your rate and your industry. If you work in the public sector, an umbrella company may be the best option if you are subject to IR35 – on the other hand, if you have a higher rate of pay and will be contracting for a longer period of time a limited company is likely the better option.

We can help you weigh the pros and cons of each option and ultimately provide you with either of the above accountancy services. Contact us today to get started.

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