Seven reasons to choose limited when contracting

Higher take home pay

You will typically take home around 75% - 80% of your contract by working through your own limited company, you can take home as much as £15,000 per year more on a £350 daily rate compared with using an Umbrella Company. 

Claim on a wider range of expenses

Anything that is solely classed as a business cost can be claimed back on expenses. Trading through a Limited company means you can claim on a wider range of expenses such as accountancy fees, equipment, software, phones, travel, the Internet and much more. 

Entitled to the Flat Rate VAT scheme

The Flat Rate VAT scheme can generate thousands of pounds of extra profit a year, with most contractors choosing to apply for this VAT scheme. It’s also easier to understand and manage than standard VAT.

Personal assets are covered

As a non-limited business, personal assets can be at risk if the business fails, but this is not the case for a limited company. As the shareholder you cannot be held personally liable for the debts of a limited company, meaning your personal assets are not at risk.

Complete Control of your Business

You keep complete control of your financial affairs meaning you do not have to worry about your money with any third party administrator.

Ease of use

Running your own business isn't difficult. Working through your own limited company does require a certain level of commitment but typically most contractors tell us they spend around 15 – 20 minutes per month managing their company as the online software takes care of most of the time-consuming tasks.

Greater opportunity for tax planning than PAYE Umbrella

It goes without saying that working through your own limited company is more financially rewarding, which is only fair bearing in mind the extra responsibilities and loss of full-time employment benefit.

To find out more about working through a limited company, please call us on 01296 468 185 or email accountancy@orangegenie.com.

Why Orange Genie Accountancy?

Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, so they can give you bespoke, high quality advice.

We will always keep you informed about anything that could affect you and your company. Our relationships with our clients are extremely important to us so we'll be in touch often, whether it be face to face, over the telephone or email.

Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as:

  • Unlimited accountancy support
  • Face to face meetings so we can get to know you and understand your contracting goals
  • Proactive contact
  • Director and employee payroll
  • Annual Return
  • Self-Assessment Return
  • A fully compliant service so you are safe in the knowledge that you are meeting your legal obligations
  • Access to the Freeagent Software, which is updated in real time so you can always see how your business finances are looking

​And much more, includingaccess to wealth management advice, IR35 reviews and pensions planning. 

If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email accountancy@orangegenie.com

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