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We assist with the setting up and managing of limited companies making the process as quick and simple as possible.
Setting up a Global Tax Back Limited Company
Historically, the majority of contractors in the UK worked through their own personal Limited Companies. The tax advantage of working via a Ltd company far outweighed all other methods. With the introduction by HMRC of IR35 some of these tax advantages could have been removed if a person fell within the all new IR35 "rules" or outside the rules. As a general rule of thumb, a person who fell outside of IR35 rules are more likely to be better off using a personal Limited Company rather than be paid under PAYE.
The options available to curently you are:
1. Your own personal Limited Company
The vast majority of UK contractors are working through their own Ltd Company.
If you wish Global Tax Back to set up your Personal Limited Company, we can help you to complete the process on our website within just a few minutes, Global Connect can have your Personal and brand new Company set up ready to trade from within just a few hours. Via our online systems you can login and complete your own timesheets, this will automatically invoice you agency when you are ready. You can even select a special name for your Limited company if you require. Alternatively, you can leave it all to us to apply for your limited company directly from UK Companies House.
Once you have formed your Personal limited company, it is standard practice that you appoint a company secretary, to fulfill certain legal requirement. They must record company meetings and then perform administrative duties. In practice, this role is minimal of effort to a people who know how to do such things and should take up no time at all during a company year. Many UK contractors appoint their spouse, or even a parent as secretary. At Global Tax Abck if you wish we care happy to perform this duty for you.
2. PAYE through an Agency
Some UK recruitment agencies allow contractors to become "PAYE" through their own payroll systems.
This is the leastbenefit to you under current UK tax Law as a contractor. PAYE means as you pay full tax and (N.I) national insurance contribution on your earnings. This can account for a loss of income in the region of 30% in come cases. In addition the PAYE option does not let a contactor claim for valid business expenses that they are entitled to which would help to reduce the tax and NI liabilities even further.
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