There are numerous tax planning and legal advantageous of operating as a limited company. For example, there is what is known as the veil of incorporation which essentially provides legal protection to the shareholders and directors of the company in many BUT NOT ALL instances. There is also the opportunity to structure remuneration with dividends thus potentially saving many thousands of pounds in tax and national insurance.
What we will say upfront is that operating as a limited company as opposed to being self-employed will always incur higher accountancy fees due to the additional returns that are required. However, in many cases the tax and national insurance saved will easily exceed this increase in fees.
So, how do you begin the process of opening a limited company?
Contact us. We can have a company set up within 2 working days (or on the same day if required) for a small fee. However, if you intend to be a full client of ours we are happy to set the company up for free.
All we need to know is your desired company name and the details of all directors and shareholders. We can then check the availability of the name with companies house and if available complete incorporation.
What about after the company is set up?
All we need to know is your desired company name and the details of all directors and shareholders. We can then check the availability of the name with companies house and if available complete incorporation.
We can deal with all the relevant company secretary and HMRC returns with all inclusive fees, including the self-assessment returns of the directors, starting from £45 per month.
We would strongly recommend that you open a separate business bank account in the name of the company and put all transactions through this separate account. Beyond that our services are aimed at making the process of trading a simple as possible – we will make sure all the necessary paper work is taken care of and you can just focus on running your business and contacting us throughout the tax year whenever you require that additional bit of input.