The main alternative to the Umbrella trading option is to the set up your own limited company.
A limited company offers great tax efficiency but has a larger administration burden than working via SmartWork. This can sound pretty daunting however our sister company MyAccountant have over 15 years’ experience in contractor-accounting and working closely with us to ensure that you receive the best service whether you are just starting out or transitioning from being an umbrella employee.
Their accountancy packages offer complete accounting services that are handled by their team of ACCA-qualified personal Accountants. Services are covered by a fixed monthly or annual fee, with no hidden extras.
| Services provided | MyEssential | MyExtra | MyBespoke |
|---|---|---|---|
| Limited Company Incorporation | FREE* | FREE* | FREE* |
| Business bank set-up assistance | |||
| Telephone and email access to your fully qualified ACA/ACCA Personal Accountant | |||
| Full Year – End (HMRC) and Abbreviated (Companies House) Accounts, including Bookkeeping | |||
| Full Company Secretarial (compliance with HMRC Companies House) | |||
| Monthly Payroll Submissions and Year End Returns (RTI) | |||
| Personal Tax Advice | |||
| Corporation Tax Computations and Returns | |||
| All correspondence with HMRC and Companies House | |||
| Access to cloud accounting software (FreeAgent) | |||
| Registered Office Address | Optional | ||
| Administration and submission of Payroll (up to 5 instances per month) | Optional | ||
| Quarterly Management Accounts | Optional | ||
| Invoicing | Optional | ||
| VAT Advice, Registration and Quarterly VAT Returns | Optional | ||
| Backdated work required | Optional | ||
| Advanced Personal Tax Guidance | Optional | ||
| PRICE: | £105.00 +VAT | £140.00 +VAT | Individual pricing upon application |
For more information visit: MyAccountant.co.uk
Within the above packages at no extra cost to you MyAccountant will also provide:
- Changes to accounts
- VAT discrepancies
- More than one individual dealing with payroll
- Changes to shares/shareholder details
- Corrections to information that has been supplied
- Business set-up assistance
- IR35 advice
- 10% discount on QDOS Contractor’s IR35 services
If you are considering a limited company or would like some more information, please contact your Business Manager or check out our handy comparison tool.