If you’ve been in contracting for some time, discovered you love it and wouldn’t imagine going back to full-time employment, you may ask the question, “what now?”
You have the technical expertise to carry on earning a good living for the rest of your career. Unfortunately, you still have a job. You are still trading time for money. When you get to retirement age, your business will have no intrinsic value.
What if there was something more? What if there was a way to grow and build an asset that could be sold on when the time was right?
Having a business is less a legal format and more a state of mind. It’s something that runs itself; that lets you take a break and will still carry on. It’s something you can use to provide value both to your customers and to yourself. In your new role:
We’ve been helping contractors make this change for ten years and have seen many blossom into fully-fledged business owners with viable enterprises that can be passed on in the future at a profit.
Starting a new business can be confusing at the best of times. All you want to do is get on with the job in hand. A mountain of paperwork, or its online equal, is the last thing you need.
As a new client, we’ll help you with free company formation. That'll enable you to move forward with confidence. You'll know that you’ve done everything right setting your business up in a way that's best for you. We will assist you with
Have you ever searched “contractor tax” online? You’ll see an impressive array of ads and sites offering all kinds of schemes and solutions. Many seem too good to be true. You know what they say about things like that? Yes, it's likely they are.
The UK’s tax regime is complex and confusing. There are so many ways to do business. Umbrella company or limited? Sole trader? IR35? Other tax strategies? The wrong decision based on shaky advice could cost you dear. waste your time and put you on the wrong side of the law. Stay within the law, keep more of your money and make the best decision for YOUR business.
We're ACCA or ACA-qualified accountants with ISPE accreditation. We’ve got decades of experience helping contractors and self-employed professionals just like you.
We've worked with people in countless sectors keep within the law. And keep more of their hard-earned money.
We're here to guide you through all the options to make sure you make the right decision for your business.
Whether you’re a seasoned contractor or new to the idea, you may be confused as to whether you should use a limited company or an umbrella company to manage your affairs.
There are a number of advantages to using an umbrella company. You won’t need to manage payroll and accounts as you effectively become an “employee” of the company.
You’ll get things like Statutory Sick Pay and Maternity and Paternity Pay. It’s ideal if you’re just contracting between full-time jobs and if you earn less than £25,000 a year.
It is, however, the most expensive option and you can expect to pay and extra 25% in additional taxes. In return for your easy to administer salary, you will pay more in tax and National Insurance. You may as well be on a payroll. You are also dependent on the company to collect your money from your client and then pay you.
Setting up a Limited Company is the most tax efficient way of working. You’ll be able to claim more expenses, you’ll be eligible for Flat Rate VAT. You’ll keep control of your finances and won’t have the risk of using a third party.
There are strict rules governing contractors setting up limited companies. You must be a genuine, one-person limited company and not a 'scheme' dreamed up to help you pay less tax.