Limited Company Contracting
Contracting through a limited company is the traditional option for UK freelance contractors. If you’re contracting for the first time, or are changing from a ‘brolly company’, then you need to purchase your own limited company. You will do this very simply and cheaply with the help of a specialist contractor accountant.
There are many misconceptions about using a limited company for contracting – for example, that running a limited company is complicated. It is not. For most UK contractors, contracting through your own limited company is easy and it is the most tax efficient and flexible way of working.
What are the benefits?
The main benefit of a Limited Company service, is that you maximise your earnings from contracting. It is also the safest and most flexible way of trading as a contractor. In this limited company section, we explain how income splitting, the flat rate VAT scheme and careful tax planning can benefit you compliantly.
For UK contractors, contracting through your own limited company is the most tax efficient and flexible way of working.
Working through a limited company allows contractors to claim a wide range of tax free business expenses. For example, business travel, computer equipment, software and internet costs can be legitimately claimed.
Even if your contract is caught under IR35, it is still possible to gain some advantages using a limited company contracting service. See our IR35 section for more on 'inside' or 'outside' IR35.
Lastly, you keep complete control of your financial affairs, meaning you do not have to risk your money with any third party administrator such as an umbrella. See our blog entry on Albany
Running your own business isn't difficult with Orange & Gold. We can bespoke a service to your specific needs, but most contractors choose from either CORE Bronze, Silver or Gold services.
When choosing an accountant for your limited company, it is important to to use a specialist contractor accountant. Orange & Gold offer two alternative limited company services.
Limited company first timers guide
It may seem a little confusing starting your own Limited Company as the first timer, but Orange & Gold will be with you every step of the way. After deciding if the limited company contracting route is the best choice for you, and we'll give you the pros and cons of all the options, all the paperwork and registrations will be arranged with minimum input from yourself.
Services for limited companies
When choosing an accountant for your limited company, it is important to to use a specialist contractor accountant. General practice accountants just don't have the depth of expertise in the needs of, and legislation affecting, contractors. So look for a specialist provider who is small enough to give you genuine personal service. Orange & Gold is the perfect solution with an exemplary pedigree as contractor experts and a small, dedicated team of specialists who will get to know you personally. We offer two different limited company services. These are:
Limited company CORE bronze – our entry level limited company service for contractors. We provide a secure web portal for you to use for loading timesheets and transactions and we do payroll, VAT, dividend calculations in real time, as well as accounts at year end. And our contractor support team is at the end of the phone.
Our CORE silver service provides additional services such as registered office, the Companies House annual return, HMRC correspondence handling and unlimited references.
Ltd company Gold – this service is for contractors who do not wish to be involved directly with the day-to-day administration of their company and would prefer a completely comprehensive service from professionally qualified contractor accountants. We do all form filling and number crunching, speak to the authorities for you and chase up your agency payments. All you have to do is pay yourself. Thats' real hand-holding!
You can compare our limited company contractor services, CORE Bronze, Silver and Gold features in more depth here. All three services are 100% compliant and you control your money all the time, for total peace of mind.
In most cases, contractors find that using their own limited company is the best option. If you would like to talk through your own contract, as thousands have before you, please phone us on 0845 272 4009 to speak to one of our limited company advisors.