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If you are just starting out as an IT contractor or you have been working self-employed for some time and looking to restructure the business, have you considered setting up a limited company?
More and more IT contractors and freelancers have started trading through a limited company because of the flexibility, tax efficiency and security. There are various business structures which you can implement when turning solo but a limited company is becoming the front leader for its numerous advantages. You may also find our limited company vs umbrella page useful.
The demand for IT contractors is soaring and as the popularity increases and your business grows, it is important that you have the proper business structure. Soon enough you won’t have the time or resources to take care of the taxes accordingly but with a limited company and accountancy service sorted, you can have peace of mind that all your tax affairs are in order.
There are a number of issues which need to be taken into account when running your own limited company from the setting up, dividends, accounts and taxation. What matters is that you have control over your finances and we can help you ensure all the requirements and obligations are complied with.
Nixon Williams can assist in all aspects of limited companies from the naming, benefits, drawbacks and formation. Limited companies have a separate legal entity from the owners even if you own 100% of the shares; profits are extracted by dividends, rather than as salary. Dividends are not subject to National Insurance contributions thus the savings are beneficial.
If you are considering a career in IT contracting, take into account the trading options available but bear in mind that limited companies are the most tax efficient and compliant with tax laws. We have the knowledge and wealth of experience to help you make the process more straightforward so you can be confident that your freelancing will become a success.
We are leading accountants that specialise in the IT sector so for professional advice and guidance and help to form a limited company, look no further than the experts.
If you have any questions about contracting or would like any further advice on becoming an IT contractor, please call us on 01253 362 062.