Frequently Asked Questions
We have compiled a list of questions we often get asked by our customers.
Q. How do I set up my own Limited Company?
A. We can set up your Limited Company for you. All you need to do is complete our short “New Client Form” and return it to us. Your company could be incorporated within as little as 24 hours of us receiving your completed form.
Q. What administration work is required in setting up a Limited Company?
A. We can take care of most of this for you, however, inevitably there will be some paperwork you are required to sign, as you will be Director of the Limited Company. We will take care of as much of this as is possible, leaving you free of the often time consuming admin involved in setting up a Limited Company.
Q. What advantages are there of trading through a Limited Company?
A. There are various advantages to trading as a Limited Company, such as:
- It can be a more tax efficient way to work than under PAYE
- You can give a share of the business to others
- Limited Companies can allow you to “plan your tax” – money earned can be left in the Limited Company and taken as income in future years
- Obtaining bank loans can be easier
- Some companies will only deal with other Limited Companies
Q. Can you help me in setting up a Limited Company bank account?
A. As soon as your company has been registered at Companies House by us the next stage is opening a bank account for the company. We can help you with this if you choose to use one of our two recommended banks. We will either arrange for Barclays to give you a call to arrange an appointment with your local Barclays Business Manager, or help you to complete the application forms if you choose to use Cater Allen Private Bank. Alternatively, all high street banks offer Limited Company facilities.
Q. What is IR35?
A. IR35 is the government’s process to determine your employment status. In short, it is there to determine whether you are a genuine contractor or whether you should be employed and are avoiding paying PAYE on your full earnings.
Q. I already have a Limited Company, can I still use your services?
A. Yes, all you need to provide us with is the name of your current accountant (if you have one). We will do the rest! If you do not have an accountant, simply provide us with the following documents:
- A copy of your Certificate of Incorporation
- A copy of your Memorandum and Articles of Association
- A copy of your latest accounts