Welcome to UK Tax Adviser's Limited Company Service for Contractors
Running your own limited company is the most tax efficient way of contracting. We are pleased to offer a complete service to enable you to take advantage of the benefits of running your own limited company. Take home pay is significantly more than joining an umbrella company.
For example, on a £190 day rate contract you can typically achieve take home pay (after tax, our fees, and insurance) of approximately: -
Running your own Limited company: £795 per week (84% of contract value)
Compared to: -
Joining an Umbrella company: £650 per week (68% of contract value)
Your own limited company is easy to set up and close down and is suitable for any length of contract, even if short term or there is uncertainty on how long your contract will last.
How it works: -
- We set up your limited company. This only takes a few hours of receiving your instruction.
- You then need to open an company bank account. We recommend HSBC. Please mention us, as HSBC then pay a £50 commission which covers our costs to set up your company. You should also qualify for the HSBC free small business banking tariff. Contact: Lesley Moody, Email: lesleymoody@hsbc.com Tel: 08455 848503
- If you are switching from an umbrella company or are leaving an employment, then you are often due a tax refund and we will claim that on your behalf. Please send us your P45 when that is available.
- We then complete all company accounting, VAT returns (if applicable), associated forms and tax planning on your behalf. We will also prepare your personal tax return.
- We provide you with the advice on how to stay on the right side of HM Revenue & Customs and minimise your tax liabilities. We only set up UK companies and use standard tax planning acceptable to HM Revenue & Customs. We do not use offshore companies or trust structures as these are vulnerable to attack and being closed down by HM Revenue & Customs.
- If the company is no longer required we can easily arrange the close down at no extra cost or the company can become dormant at any time.
All you need to do is: -
- Manage your company bank account. Download your bank statement to a spreadsheet, add details of expenses and email to us quarterly. We will do the bookkeeping from there.
- Alternatively, you can simply post a copy of all your income & expense receipts to us.
The cost to you: -
There is no charge for setting up your limited company and registration with HM Revenue & Customs.
A monthly charge of £75 + VAT = £90 for all advice, accounting & tax services. (Only payable for the duration of your work contract and to coincide with the receipts from your contract). A 10% discount on that fee is available for refering someone else to us, or one of our existing clients has referred you. Also, another 10% discount is available if you want to go for a 6 month minimum tie in period for our services. That can reduce the montly cost down to £72 including VAT.
