What is a contractor limited company?
A contractor limited company (or personal service company, as it is sometimes referred to) is a company in which the main or sole shareholder is also its director. A limited company can also provide the services of a small group of individuals with more than one shareholder. A limited company is used to supply professional services to end clients.
What are the benefits of having a contractor limited company?
Having a contractor limited company will provide you with lots of benefits, including:
- Greater financial control – You’ll have complete control over your business finances and can make critical financial decisions yourself.
- Credibility – Clients, suppliers, and investors often perceive limited companies as more stable and reliable than sole traders or partnerships.
- Increased take-home pay – Contracting via a limited company is a more tax-efficient way to operate than operating via an umbrella company, as you can pay yourself a combination of salary and dividends.
- Growth potential – A limited company gives you the foundation to build a successful business over time. You can employ new people and look to develop your business while keeping the same name, company portfolio, etc.
- Opportunity to increase your knowledge – You can increase your knowledge and skill set by working in various environments and with different companies, and you can also increase your professional development.
Our contractor accountancy service
There are many benefits of appointing a contractor accountant for your contractor limited company:
- Expert knowledge of contractor accounting – Contractor accountants have specialised and in-depth knowledge of the tax regulations, compliance requirements, industry-specific accountancy requirements, and filing and bookkeeping requirements that directors of limited companies must adhere to.
- Tax planning opportunities – Contractor accountants can provide valuable advice and guidance on allowable expenses, tax deductions, and tax planning opportunities that contractors are not always aware of.
- Bookkeeping and financial reporting – Accurate and up-to-date bookkeeping is incredibly important for limited company directors. If you do not feel confident doing this element of contracting or would prefer a specialist contractor accountant to handle all aspects of bookkeeping, you can find a service that suits your requirements.
- Compliance with regulations – The rules and regulations regarding contractors are often changing, and some of the compliance requirements can be quite complicated. Contractor accountants go above and beyond to stay up-to-date with regulatory changes, ensuring that your business consistently maintains compliance.
- Time saving – Outsourcing accounting tasks to a contractor accountant frees up time and resources, allowing you to focus on core business activities such as growing your business.
Churchill Knight & Associates Ltd
Churchill Knight & Associates Ltd aims to help independent professionals succeed by providing specialised, limited company accountancy services to help our clients achieve their business goals. Every client has access to a dedicated account manager and team to ensure they can always speak to someone when needed.
Our limited company accountancy service is perfect for you if you are looking for any of the following:
- Company incorporation within 24 hours (if required)
- Payroll and RTI
- Bookkeeping
- Registration for Corporation Tax, VAT and PAYE
- Quarterly VAT returns
- Year-end accounts
- Payroll and RTI for an additional employee
- Unlimited support from a dedicated account team
- And more!
To register with Churchill Knight & Associates, please call 01707 871622. Alternatively, please click here to find out more about our service.
Arrange a consultation with Churchill Knight & Associates Ltd
If you want to set up a contractor limited company and discuss your circumstances with an expert, why not contact Churchill Knight & Associates Ltd?
Churchill Knight & Associates Ltd has provided specialist accountancy services to over 20,000 contractors and freelancers in the UK. Therefore, you can rest assured that our team of experts will handle your business and accountancy requirements professionally and compliantly.
To learn more about our contractor accountancy service, please call 01707 871622 or schedule a consultation, and a team member will contact you.
Our dedicated self-assessment tax department processes thousands of tax returns for UK taxpayers every year. If you need to submit a self-assessment, contact us today for a competitive quotation or call our friendly sales team on 01707 871622.
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