Limited vs. Umbrella
Contractors often consider setting up their own limited company. Should you require advice on setting up your own limited company why not phone for some impartial advice from one of our qualified Chartered Accountants.
The table below illustrates some of the aspects of running a limited company and illustrates the differences between having your own limited company and being a member of MoneyBox5.
LTD COMPANY |
MONEYBOX5 |
- Contractor is faced with responsibilities of being a company official, each company must have at least one shareholder, one director and a Company Secretary
|
- No company officials required mitigating such responsibilities
|
- Invoices to be raised and general book-keeping to be performed by the contractor; or an accountant at additional cost.
|
- Complete your on-line timesheet and expenses form and we do the rest for you
|
- Company needs to be registered as an employer and maintain a payroll to pay wages
|
- We run a payroll so that you don’t have to
|
- Annual accounts to be prepared and submitted to Companies House at your cost
|
- No accounts required – no cost
|
- Annual tax return and tax computations to be filed with HM Revenue & Customs at your cost
|
- No company tax returns required – no cost
|
- Personal self-assessment tax return to be filed each year
|
- Self-assessment tax return not required if all your income has come from a payroll scheme
|
- Employer and public liability insurance at your cost
|
- Employer and public liability insurance provided by MoneyBox5 free of charge
|
|