East Wood Accountancy

Taxation Services LTD

 

0208 252 4860

0789 619 9725

             
 

Limited Company

 


Contracting through your own Limited company is the most tax efficient way of working meaning that you can take home more of your hard earned money, any accountant or tax expert will tell you this. But isn't it a lot of hassle managing your own Limited company?

Well we won't lie, using an umbrella company is the simplest option.

However, you might be surprised at just how little extra work there actually is managing your own Limited company. Other than sending a few cheques here and there to HM Revenue and Customs (your dedicated us to help you understand how much to pay), sending out invoices, and filling in a spreadsheet there really isn't that much more. Contractor clients say to us it typically takes them about 15 minutes a month.

The financial rewards for owning and working through your own limited company compared with using an umbrella company could be substantial, as much as £ 15,000 per year more on a daily rate of £ 350.

 

How do I form my Limited company?

 

Once you've made the decision to contract under your own Limited company, the next step is to form your company. The whole process only takes 5 minutes on our website, following which your company will be formed within approximately 3 hours (during normal work hours). All you need is a company name and a credit card to complete the transaction.

To form your limited company please call one of our client liaison managers on, 02082524860

Once you have formed a Limited company, you will receive all the necessary Limited company documentation, along with an application for free business banking, VAT and PAYE registration details.

During the on-line formation process you will be asked for several pieces of information:

Director Details

This is you. The Director controls invoicing, the company bank account and decides on how much to pay themselves, which is made up of a combination of salary and dividends.

Secretary Details

Following a change in legislations, as of 6 April 2008 there is no requirement for a company secretary You will need to allocate shares in the company.

Subscriber/Shareholder

Dividends are distributed to the shareholder(s) of the company, which is how you will take most of your income.

 

We can also advise you on registered offices - you may be registered at home or a formal business address however we offer a service through which we deal with all your business mail leaving you free to run your business! How much does it cost? Forming your company costs £125 plus VAT on our website, which is one of the lowest fully inclusive prices available. You can of course find cheaper prices on the Internet but they rarely include everything you need, such as VAT and PAYE registration, each of which can cost as much as £75 plus VAT from other accountants. Plus, cheap online formations often don’t provide any telephone support, so if you do get stuck who is going to help you?

 

 

 


 

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