You’ve probably got lots of questions and concerns about going limited. Take a few minutes now and we’ll talk you through the important points and answer those nagging questions and concerns you have.
So, why should I setup a Limited Company?...
For the majority of contractors, the most tax efficient way of contracting will be through a Limited Company. As you can see from the diagram on the right, if you’re currently employed or contracting through an umbrella company you are paying more tax than you need to.
If you use a Limited Company you can significantly reduce your tax liability, so you get to keep more of your hard-earned contract income. Your retention depends on your individual contract rate and situation.
With a Limited Company you pay yourself a combination of low salary and high dividends. Dividends are a distribution of the company’s profit to its shareholders that incur a lower rate of tax.
So, where’s the catch?
Going Limited is not as straightforward as using an umbrella company. There is a certain amount of time-consuming paperwork and admin required to setup and run a Limited Company.
First you’ll need to register your limited company with Companies House, setup a business bank account and register for PAYE and VAT. Then there are ongoing commitments like preparing your quarterly VAT returns, doing bank reconciliations, annual accounts, personal tax returns and corporation tax returns.
You’ll also need to get your contract reviewed for IR35 and organise your professional indemnity insurance.
This might all sound like a lot of hassle but don’t panic – we have the answer!
That’s right. With our “everything done for you” service we can take care of it all for you. From the initial company setup, right through to monthly paperwork, VAT returns, bank reconciliations, accounts, tax returns, IR35 reviews and insurance – we do it all, leaving you free to focus on your contract.
Freestyle offer an all-in-one service with no stone left unturned, which allows me to concentrate on my actual work. In my eyes this is priceless.
(Rick Prestifilippo, Presti Associates Limited)
Freestyle have made the start in my new contracting career very easy and taken a load off my mind so thanks all round!
(Simon Baxter, WHY IT Solutions Limited)
Sure, you could save some money each month by taking care of ALL of these responsibilities yourself, but what is that lost time worth to you?
As a contractor your skills are in demand and companies will pay top rates for your time. So, why would you waste your most precious resource on laborious paperwork and number crunching?
Instead, let us take care of everything so you can use your time more wisely to focus on your contracting role or enjoy some well-earned time-off with your loved ones.
I have been a company director before and have memories of spending large amounts of time dealing with tax and VAT despite having an accountant. Minimising this effort was high on my list of priorities when a friend recommended I take a look at Freestyle. Their complete service is exceptional value and the service is most definitely premium.
(Robin Whalley, RNW Project Services Ltd)
We’re Chartered Accountants who specialise in looking after contractors, so it’s our legal responsibility to keep you safe and provide professional advice and guidance at every step.
Having switched accountants to Freestyle a few months ago, I can’t believe the difference in the level of service I’ve received.
(Simon Coope, SJCNet Limited)
For me, the Freestyle service removes any nagging doubts that I may be overlooking something” or missing out on the “best possible deal.
(Nick McEwen, Norwood IT Limited)
No other accountant offers this level of service and support. This means you can keep more of your contracting income without any extra effort. We simply take care of everything for you, from initial company setup through to the monthly paperwork and ongoing accounting responsibilities.
Aren’t you curious to know how much you will benefit by going limited?
Simply enter your details in the form on the right and we’ll email you an income calculation, showing your expected retention.
You can also get our “Going Limited” Guide, a short series of informative emails covering key areas like IR35, Claiming Expenses as a contractor and the “secret” benefit of VAT registration.
Enter your details below for a personalised income illustration.