If you’ve been working under an umbrella for some time and fancy a change, or if you’re just starting out on your own, then a Limited company could be the most profitable way for you to do business, if your earnings will reach £35,000 and above.
As you work, you will pay yourself a salary but can also take dividends from your profits, to make yourself more tax efficient. There is also a lot more flexibility around how you manage your business expenses too. If you travel, eat out, stay overnight, where personal protective equipment (PPE), or pay a professional subscription, you can claim back the tax you have paid on these expenses. Even the day to day tools that you need to do your job, can be bought through your limited company to maximise profitability.
Whilst becoming a Director of your own Limited company does come with additional responsibility and potentially more paperwork, that’s what we’re here for. You can leave all of this in our hands, leaving you free to focus on what you do best – contract.
Our expert Limited company accountants can even deal with Companies House to incorporate your new company and support you in your transition to becoming your own boss.