Setting Up A Limited Company Doesn’t Have To Be Difficult
If you plan on being a contractor long-term or generating a significant rate for your services, then a limited company may be the best solution for you.
Running your own business opens many doors to new opportunities and increased financial reward; but does also introduce statutory and financial obligations such as submitting annual accounts to Companies House, company tax returns and meeting HMRC deadlines.
Appointing Whittaker & Co as your accountant will give you the confidence that your finances are in the best hands.
Your Responsibilities as a Limited Company Director
- Keep full and accurate records from the start
- Register the company with Companies House
- Open a business bank account and keep your personal finances separate
- Register the company for PAYE if there are employees
- Filing annual returns and company accounts on time
- Pay corporation tax, PAYE, and any other liabilities on time
Expenses You Can Offset Against Tax
- Business Related Travel & Accommodation
- Telephone and Internet for business use
- Percentage of household utility costs for using a room as an office
- Mileage (if you claim mileage, you cannot claim any other vehicle-related expenses)
- Other travel costs, fuel, train, flights, taxi. Etc.
- Subsistence (e.g. meals while working away)
- Protective or specialists clothing required for your work
- Accountancy and Professional Fees
- Office Equipment and Specialist Equipment
What Whittaker & Co. Can Do For You
- Advise you on how to operate efficiently through your limited company
- Register your company for PAYE (if needed)
- Help you maintain proper records from the outset
- Submit annual returns and statutory accounts on your behalf
- Provide advance notice of key tax and filing deadlines
- Offer bespoke bookkeeping solutions that fit your business
- Prepare and file your VAT returns
- Handle and submit CIS returns where applicable
Setting up and running a company doesn’t have to be stressful. Contact us today and let us help make the process as smooth and stress-free as possible.