Setting up a contractor limited company is a popular choice for self-employed professionals in the UK. It allows contractors to have complete control over their finances and with specialist tax advice from a contractor accountant, they are also in the best position to legally maximise their take home pay.
What is a contractor accountant?
A contractor accountant is an accountancy firm designed to help contractors and freelancers get paid via their own limited company. Just like a traditional high-street accountant, a contractor accountant will cover all financial aspects of running a limited company and will help contractors and freelancers run their business in the most tax efficient manner (by providing expert advice and guidance). A contractor accountant will also help their clients meet all HMRC submission deadlines, assist with bookkeeping, take care of payroll, provide tax advice, register for VAT, and more.
Churchill Knight & Associates Ltd has multiple accountancy packages designed exclusively for contractors, starting from only £95 per month. We don’t want our clients to pay for a jam-packed service that they do not require so our packages have been designed to try and cater for all contractors.
What are the advantages of having a contractor limited company?
Having a contractor limited company will provide you with heaps of benefits, including:
Maximised take home pay – Setting up a limited company as a contractor or freelancer gives you the best chance to legally maximise your take home pay.
Financial control – You’ll have full control over your business finances and will be able to make every key decision yourself. This is different than if you were to contract through an umbrella company where you are paid as if you are a full time employee (PAYE).
Flexibility – You can move from contract to contract without any hassle or complications.
Growth potential – Having 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 whilst keeping the same name and company portfolio etc.
Credibility and professionalism – Some end clients will only work with contractors or freelancers if they are working through a limited company because in some organisations’ eyes, it is the most professional away for self-employed professionals to work.
It is important to remember that running a limited company may not be the best or preferred option for some contractors and freelancers and there are other sensible and professional options available. If you would like to discuss your circumstances with a friendly professional, please call us on 01707 871622 or complete the short web form on this page.
Who are Churchill Knight & Associates Ltd?
Churchill Knight is a specialist contractor accountant with 20 years’ experience. Since we opened in 1998, we have helped over 20,000 contractors with their limited company accountancy requirements. Running a limited company and becoming the sole director may sound daunting. However, with the support of our experts, setting up and managing your business is incredibly straightforward and we’ll be here to assist you all the way.
Ready to open a contractor limited company? Please give our professional team a call today on 01707 871622 or use the short form on this page. We look forward to discussing your circumstances and providing you with impartial advice regarding your payroll options as a contractor or freelancer.