Working through your own limited company is often seen as the best way for the self-employed to work. You get to keep more of your take home pay, you’re in charge of business decisions, and you get to choose how you work. However, this does mean that you have to take on additional responsibilities.
If you’re considering setting up your own limited company, there are responsibilities to be aware of before getting started. Contracting through your own limited company means you have to appoint a company director to run and manage your business, with most contractors appointing themselves as the company director.
Once you have set up your limited company, as a director you are responsible for:
- Filing your accounts and tax return
- Paying Corporation Tax
- Keeping company records
- Staying compliant, a legal requirement for contractors is to have Employers’ Liability Insurance
We’re here to help
Visit our limited company page to download more guides you may find useful.
If you have any questions about contracting or would like any further advice please contact our New Business Team on 01442 275789 or email: firstname.lastname@example.org.