When you go self-employed, there are a few different ways in which you can operate. Perhaps the most common business structure for contractors is to operate through their own limited company.
If you’re unsure about exactly what working through your own company entails and what your responsibilities as a director would entail, we created a comprehensive guide to provide you with all of the information necessary.
What do I need to know about contracting through my own company?
There are a few key considerations you will need to be aware of when you work for yourself, including:
How to form a limited company
Before you can begin operating, you will need to form your company. We have laid out the process and what you need to consider.
Setting up a business bank account
Your company is a separate entity and its finances will need to be kept separate to your personal account. Find out what to look for in a business account and what transactions this will be used for.
Your financial obligations
As a limited company director, there are certain financial responsibilities which you must fulfil, including VAT, taxes and filing your accounts.
Taking funds out of your company isn’t as easy as just withdrawing a salary. Learn about the difference between a salary and dividends and how to maximise your take-home pay.
What’s in the guide?
Inside is all you need to help you start your business and keep things running smoothly:
Understanding legislation – what is IR35 and what could it mean for your business?
Maximising your expenses – find out what business costs you can expense through your company.
Making your business a success – a look at how to manage your time, market yourself and make your business a success.