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Because of tax changes being implemented by recent Managed Service Company laws, it is advisable for all self-employed workers and sole traders to secure a limited company status. This will afford your company additional financial protection, and also give your business a professional boost.
Our Contractors Package is ideal for all self-employed of sole traders who would require:
Staring for just £39.99, the Trust Formations Contractors Package will arm your business with all the tools you need to make it as a successful limited company. With this package, you’ll receive:
Simply add the Free Bank Account on during checkout.
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As a sole trader or self-employed contractor, you may be negatively impacted by new Managed Service Company legislation. By forming a limited company, your business will be able to claim a more tax-efficient structure that allows you to keep more of your profits.
A limited company, or company limited by shares, is a legal entity owned by a group of shareholders. This is by far the most popular type of UK company because it limits the liability of shareholders to the value of their shares in a company. That means the assets of each shareholder will be fully protected if the company is unsuccessful.
PAYE is HMRC’s payroll system. If your company plans to hire one or more employees, you are legally required to register for PAYE. You must do this even if the company director is the sole employee. National Insurance Contributions and Income Tax will be deducted directly from your employee’s salaries following registration.
Your company must register for VAT if your company services are subject to VAT, and your annual turnover exceeds a threshold of £81,000 per year. However, if you think your company may meet that threshold in the coming year, you are also encouraged to register.
All UK companies are required to supply a registered office address to incorporate through Companies House. This can be a home address, but it will appear on the public register. Most business owners prefer to keep this address private, and instead opt for a professional registered office address. Trust Formations can supply your company with a prominent Glasgow office address. Simply add our registered office address service onto your package during checkout.
At Trust Formations, we do not believe in hidden costs. We take pride in 100% transparency, which means the price you see is always the price that you pay. Without the addition of extra services, our Contractors Package costs just £39.99 plus VAT. This price includes the £13 filing fee charged by Companies House.
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