Limited Company Solutions
Experience a new era of streamlined earnings with our specialist chartered accountancy services.
Industry Leading Accountancy Solutions
Futurelink Accountancy Services operates as the accounting division of the Futurelink Group, officially becoming a chartered accountancy practice in January 2017. While offering conventional accountancy services such as company formation and tax returns, the department has also developed its proprietary application. The division has attained the status of Quickbooks and FreeAgent Premium Partner, gained recognition as a Xero Silver Champion, and secured the role of a 2020 Group Virtual Marketing partner, as featured in the 2020 Accountex marketing literature.
Bottom line, Futurelink Accountancy has embraced all that is available in the 21st Century to provide the most efficient solutions possible. We are committed to consistently evolving and integrating the latest tools and technologies, ensuring that we deliver exceptional services tailored to meet the dynamic needs of all our clients.
Get in touch with us today to discover which of our payroll solutions is best suited for your needs, and how you can maximise your take-home pay.
Futurelink Accountancy provides the following support and services in Company Formations, Invoice Management, Back Office Support, Payroll, Tax Returns, Bookkeeping and a whole host of other accountancy services.
Those using the Limited Company Services benefit from:
We’ve put together some helpful information regarding Limited companies for you below…
Also known as a Personal Service Company, a limited company provides an individual with a legal company identity to engage in trade with other businesses, aimed at providing a credible service. Individuals contracting through a limited company typically pay themselves a small salary and receive profits in the form of dividends.
A limited company can have one or more people associated with it. However, it is essential for it to have its own company bank account and insurances. These aspects provide clients with assurances that the work provided will be carried out to a high standard and protect them against personal tax liabilities, including National Insurance.
For workers who establish a limited company, it offers improved tax efficiency compared to being employed under the PAYE status.
The IR35 legislation was established in 2000 to combat tax avoidance. Inland Revenue (HMRC) have scrutinised personal service companies in attempt to determine the legitimacy of the company and its director(s), ensuring full compliance with the various IR35 stipulations. The legislation evolved in recent years following its introduction to the public sector in 2017, and then to the private sector in 2020. Individuals typically pay Class 2 and 4 National Insurance (NI) contributions, but could be subjected to Class 1 NI contributions if found to be in breach.
With the additional reforms to IR35 in April 2020, the possibility for a worker to continue to contract through a limited company is determined by the end client and is based on turnover, assets and the amount of staff employed directly.
To find out more about IR35 and how we can help, click here or contact our team at .
Setting up and registering a limited company can be a very exciting time, especially with expectations of growth and the hiring of staff. As a director of the company, it is expected that you will be employed and take a small salary subject to tax and NI contributions. This means that personal income and business income are separate when it comes to paying tax – personal tax and corporation tax.
To set up a limited company you need to:
- Have a name and address for the company.
- Register the Company with Companies House.
- Have at least 1 director.
- Have at least 1 shareholder.
- Have articles of association (agreed rules about running the company).
- Set up company for Corporation Tax.
There are many benefits of setting up a limited company and becoming your own boss. If you are thinking of taking the leap, here are a few more advantages of forming one and having Futurelink Accountancy manage the process:
- Quick and easy to set up.
- FreeAgent, Xero or Quickbooks solutions to effectively run the business while on the go.
- Greater credibility and reputation, giving both suppliers and customers more confidence in using your services.
- Competitive tax advantages (corporate tax benefits).
- The owner’s liability is limited, protecting the shareholder(s).
You can see some of the lovely words from our clients below…
How Do You Get Started?
Futurelink Accountancy, which is an award-winning chartered accountancy service, can provide accountancy services for those who need to be paid through a limited company.