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.
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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
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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.
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