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That way you'll be able to trade in the most beneficial way for you.
More take-home pay Traditionally a limited company will provide you with higher take-home pay, as you can decide on the most tax efficent way of taking your money More reclaimable expenses You can claim most business expenses through your limited company, and also take advantage of tax relief on your lifestyle benefits such as pensions and life insurance Work for more than one client Since you would own your own business you can undertake activities outside of your normal contracts. Above all, you are in control of your business activities, weʼre here to help you Financial protection Because your company is a separate legal entity to you, your personal finances and assets are protected in the event of any claim against your company. More business credibility Having your own limited company also means you are perceived as an established, professional business Simple and fast to set up Numberworx can register your new limited company and provide you with your business bank account within just a few hours
Legal obligations As the Director of a limited company you will be responsible for operating in a compliant manner. We can help make sure you operate within the IR35 legislation .. particularly neccessary if you are going to work for a public sector body Have to meet admin deadlines There are various official deadlines you will need to meet including filing your accounts and filing your Company Tax Return. Numberworx can do all this for you so you donʼt have to
Less PAYE admin You donʼt need to worry about calculating income tax and national insurance contributions, all of this is done by the Umbrella company Employee benefits The Umbrella company is your employer and so will offer you statutory employment benefits. These include 28 days holiday, national minimum wage, maternity and paternity pay
Less control of your payments You do not have as much control over your business activities as you would with a limited company. You are also reliant on the Umbrella company processing your invoices and collecting your money quickly. Inflexibility for multiple clients if you switch agencies it is highly likely that you will need to change the Umbrella provider No growing room An Umbrella company will not support your business plans should you want to develop beyond working as a contractor. You are an employee of the Umbrella company. Other Income is more difficult If you earn income outside your contract you will need to find a way of being paid - be it a new Umbrella, limited company or self-employed. More difficult expenses claims Dependent on your Umbrella arrangements you may need to claim tax relief on your expenses separately through a self assessment tax return More personal liability There are some less scrupulous operators out there who claim to be “Umbrella Companies”. You need to make sure that any deductions are being paid to HMRC and you are not going to be left with an unexpected tax bill. Remember, if your take home pay sounds too good to be true - it probably is and this could be a tax avoidance scheme that may unravel in the future. Beware!
Your own personal bookkeeper
Your tax & VAT returns done
Speak to the same person every time
Receive monthly reports
We build a relationship with you
Unlimited help & support
We liaise with HMRC for you
Free expert accountancy advice
No fixed term contract
Rolling 30-day agreement
No need to worry about upgrades
Free cloud-based software
Military grade security
Access from any device
Free online accounting software
Quick, smart and simple to use
Online summary dashboard