Limited Company Accountants
Contractor Limited Company Accountants
When running a successful limited company, you can find yourself hoping for a better work life balance, flexibility of work for personal arrangements or preferences, and greater salary rates. So, rather than using your precious free time for accounting work, put your trust into a specialist accountant that you can rely on to make sure that monetary operations run as smooth as possible.
Is a Limited Company best for me?
If you plan on being a contractor long-term and earning a higher amount than you would generally if you were employed by an umbrella company, a limited company may be the solution for you. Becoming your own company director now means that you have a greater level of control over the business and its financial affairs; but does also introduce statutory and financial obligations such as submitting annual accounts to Companies House, company tax returns and meeting HRMC deadlines. With your specialism in other industries, outsourcing your account affairs to a team of knowledgeable and experienced accountants at ICS can mean that you are always up to date and accounts are correct and compliant.
Appointing a specialist contractor accountant with proven experience, and also being a member of professional accounting associations will give you the confidence that your finances are in the best hands.
Benefits of operating through a Limited Company
Alongside the benefit of an increased control and flexibility within your business, one of the main draws of operating this way is that it can be one of the most tax-efficient ways to operate. In terms of remuneration, you pay yourself in the form of a basic salary, and the remainder is drawn down in the form of dividends (which are not subject to National Insurance contributions). Further tax efficiency measures can be experienced with limited company accountants such as taking income from the company and tax planning benefits.
This category of business will still be subject to corporation tax and VAT on invoices, after allowing for VAT reclaimed on company purchases. This can be otherwise known as the Flat Rate VAT scheme, particularly helpful with small businesses. As experts in this field, ICS can ensure that your liabilities are minimised whilst complying with HMRC. Other ways you will benefit from taking this route include a wider range of expenses claimable such as training, equipment and software costs.
The benefits of trading as a limited company are not limited to tax factors, in fact, one of the main benefits of operating this way is that your personal assets will not be at risk. Limited companies are also great for reputation and professionalism, with many larger companies reluctant to working with those that are not limited and can in fact be a way to make your business a more attractive purchase option should you decide to sell. In the event that you want to expand the business by offering shares to investors, it is an easier process as a limited business. Furthermore, this can be a great way to protect the name of your business. Since there is no time limit on when you can trade as a limited company, if you intend to do this in the future, including a move from being a sole trader, you can register now as a limited company to ensure than nobody else uses the same name as you.
Contact ICS Accountants Today
At ICS, we specialise in offering contractor solutions, including a wide range of accountancy, administrative and tax advisory services to ensure you and your limited company are operating in a compliant manner. With that at the heart of all we do, we have supported a large number of contractors and our professional team are available to discuss your options. To learn more about which option is best for you, simply get in touch with us today by calling 0800 195 3750.
How we can help
As a contractor with a limited company there comes responsibilities; any errors result in unnecessary paperwork and could be liable to a fine from HMRC.
At ICS we specialise in offering contractor solutions, including a wide range of accountancy, administrative and tax advisory services to ensure you and your limited company are operating in a compliant manner.
As a business with compliance at the centre of everything we do, ICS have also supported a large number of contractors affected by IR35 - if you find yourself in this situation, contact us and we can discuss your options.
We want to give you the information you require and support you in making the right decision by offering advice about the options available to you as a contractor.
You can contact us at anytime on 0800 195 3750. Our team of limited company accountants and consultants are always on hand to answer any questions that you may have.