Moving from a permanent role to contracting
Moving from a permanent role to contracting If you’re thinking of moving to contracting there are a number of practical factors to consider before making the move from a permanent role. Considering these points will help make your transition to contracting life easier and smoother from the start. Leaving your current organisation Make sure you […]
Redundancy- can you claim redundancy from your own Limited Company?
Redundancy- can you claim redundancy from your own Limited Company? In the right circumstances a shareholder director / owner of their own Limited Company can claim redundancy payments from the company when they leave the company. Care needs to be taken that the different hats worn as a director and an employee are considered. This […]
Choosing a company name – what to avoid, what’s allowed and how to change it
Choosing a company name If you’re a contractor in the process of setting up your own Limited Company one of the first things to think about is what to choose as your company name. You may think that this is easy and you can basically choose any name you like. This isn’t quite the case […]
Company resolutions – ordinary and special
Company resolutions – ordinary and special It’s always useful for Limited Company contractors to know a little about some of the basics of the legal aspects of running their business. One important area to be aware of is how company resolutions work as these are used for doing a variety of things within your company, […]
Invoicing – what should you include on an invoice?
Invoicing – what should you include on an invoice? All Limited Company contractors will usually issue invoices to their clients for products or services supplied. Some aspects of invoicing are legally required, for example, if both the contractor and the customer are registered for VAT, by law an invoice must be issued for every single transaction. […]
What is the difference between an accountant and an auditor?
Accountant vs auditor At first glance it may appear that the two functions are almost identical. In fact there are several significant differences between the roles. At its simplest level it can be said that: Accountants – are concerned with the gathering, recording and analysis of the day-to-day financial transactions of a company within a particular […]
Closing your contractor company tax efficiently
Closing your contractor company tax efficiently There are a number of reasons why you may decide that you want to close down your company, and there are several different approaches you can take to make this happen. Choosing the most suitable option for your circumstances can potentially give you significant tax savings. Keeping the company […]
Companies House – what is it?
Companies House – what it is, what it does, director duties and obligations Companies House is the official UK Registrar of Companies, operating within the remit of the Department of Business, Innovation and Skills (BIS). It keeps records of all UK private and public Limited Companies. All new companies must register with Companies House and […]
When is the best time to convert from an Umbrella company?
When is the best time to convert from an Umbrella company? Some contractors choose the Umbrella route for accepting payment of their client fees. This can initially be an attractive option as all tax aspects are dealt with by the Umbrella, leaving the contractor free of almost all paperwork. However, setting up with an Umbrella […]
Is running a company really that hard?
Is running a company really that hard? If you are new to contracting or are thinking of switching from an Umbrella company you may be considering whether to set up as Limited Company. At first glance this might seem quite a complicated task and the idea of actually running it, from the accounting point of view, […]