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Be your own boss
Outside of Agency Workers
Flat Rate VAT & more
Positive connotations of being
a Limited Company
Good choice if contracting
is a long-term option
Owning your own Limited Company gives you complete control over your finances and your business, offering all the freedom and lifestyle enhancements that go with this. You choose how you organise your tax planning to reap the maximum net income for your efforts and how much you need to work to achieve your financial goals.
As a director you are ultimately responsible for safeguarding the assets of the company. A reputable specialist contractor accountant will guide you from the offset to ensure you are fully aware of your obligations and responsibilities and observe them.
Generally, if you are expecting to contract for more than nine months and earn more than £25,000, setting up a Limited Company will be the most tax efficient option. Working with a contractor accountant will ensure you have the most tax efficient financial planning for you to maximise your take home pay.
Enjoy competitive advantage when seeking work via some agencies. As a Limited contractor the Agency Workers Regulations (AWR) do not apply to you as they would for an Umbrella worker. Consequently the administrative burden that might fall on the agency is removed.
The Flat Rate Scheme (FRS) was introduced to make filing a VAT return easier for businesses where initial turnover is less than £150,000. Businesses simply pay HMRC a flat percentage of their gross turnover in VAT. This often results in extra profits for contractors.
A Limited Company is a distinct legal entity so the company's finances are separate from the shareholder's or shareholders' personal cash and assets. So, your personal finances are secure and protected.
As being a director of a Limited Company has certain legal responsibilities and obligations, it may raise your overall social standing. The positive perceptions of running your own Limited Company can help you in securing work.
Limited Companies must submit details of their activities and these will be public records. But, this also means that the financial status of your business is easily verifiable. Many agencies and some organisations - particularly governmental bodies - will only engage Limited Company contractors.
If you are in it for the long-term, you are most likely to be better off in real terms by forming your own Limited Company. The total long-term benefits (of which tax is only one) far outweigh the costs and administration in setting up and running your company. Working with a contractor accountant makes this even easier!