The main alternative to the Umbrella trading option is to set up your own limited company.
A limited company offers great tax efficiency but has a larger administrative burden than working via SmartWork. Although it can sound a little daunting at first, running a limited company is not that difficult.
Our sister company, MyAccountant, has over 20 years of experience in helping contractors make the most of their limited companies (Personal Service Companies or PSCs) with a focus on delivering a personal service, whether you are just starting or transitioning from being an umbrella employee.
MyAccountant’s accountancy packages offer complete accounting services handled by their team of ACCA-qualified personal Accountants and backed by an FCSA accreditation. 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.