An accountant can take care of most of the additional work and responsibility associated with running a limited company.
Forming a limited company is a lot easier than you would think! Here’s our 6 step process to forming a limited company.
A limited liability partnership (LLP) gives the benefits of limited liability but also allows its members the flexibility of organising their internal structure as a traditional partnership.
A sole trader, or sole proprietor, is defined as a business that is owned and controlled by one person who takes all the decisions, responsibility and profits from the business which they run.
A partnership is a simple way for two or more people to work together. There are two types of partnership: ordinary partnership and limited liability partnership. This page introduces the key stages in setting up an ordinary partnership.
There are more rules and regulations to running a limited company than an unincorporated business.
Every year lots of profitable businesses go bankrupt because they don’t have cash at the right time. A good invoice system and easy to understand payment terms are key to healthy cash flow.
Submitting an incorrect return to HMRC or missing a deadline can mean that interest and penalties are due, so it’s important to submit a correct return on time.
The way tax is paid on limited companies is different to the way that non-limited companies pay tax.
If properly implemented, giving up the office can work like a dream, but you need to be disciplined, organised and have access to the right technical equipment.
There is one very important point to remember - you and the Limited Company are two separate legal entities.
Sole Traders, Partners and members of Limited Liability Partnerships are classified as self‑employed and must complete a self assessment tax return annually.
A director’s legal duties can be somewhat of a burden and the penalties for breaching them can be tough. However, provided directors have a good understanding of their role, the risk of committing a breach of duty can be avoided.
The word ‘freelance’ is a layman’s term, not an official category used by the Government to classify workers. Therefore, ‘going freelance’ means setting yourself up as a business by establishing a trading structure and letting the tax authorities know.
An umbrella company is a service for people who don’t want to or need to run their own limited company. By joining an umbrella service you’re handing over the responsibilities and admin to a service provider.
Many contractors work via agencies at some point in their career. If you choose a reputable agency, you won't go far wrong. Here are the key things to be aware of...