Tax as a Limited Company
Most sole traders who register as a Limited company do so, to take advantage of the benefits of tax planning and the ability to limit their own liability and enjoy greater security for their own assets. The tax position as a director of a Limited company, is more complicated than that of a sole trader. However, considerable savings can be achieved through paying yourself a minimal salary, and withdrawing dividends from your company.
You are required to submit tax returns, for your business once a year, and pay any corporation tax due, as well as personal tax returns for anyone named as a director of the company. You will also need to, pay VAT where applicable, ensure that any employees’ taxes and NICs are paid and submit accounts to Companies House.
What can we do for you?
At Numerix Accountancy we can help you, to make the most of the tax efficiencies available to you as a Limited company.
If you are thinking about becoming self-employed, either as a freelancer or contractor you are in the right place. Whether it is helping you to decide the best way of working, providing expert advice, helping you manage your business finances, or guiding you through the compliance maze, we are here to help you at every stage of your self-employment journey.
Importance of Face to Face meetings with your contractor accountant?
UK Taxation is complicated. Of course there is scope to manage your tax affairs both personal and corporate over the telephone or online but, and it is a big but, what happens if you need to discuss something sensitive or complicated face to face?
That’s why at Numerix Accountancy we meet clients face to face at least once a year. In fact, we strongly encourage at least 2 face to face meetings during the year (one interim, and one at year end). This enhances better understanding of your business and facilitates accuracy, and efficient tax planning.