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All you need to do is inform your umbrella company that you no longer require their services, and then go on to form your limited company.
If you’re working through an umbrella company you will take home less of your contract value when compared with your take home amount through your own limited company.
The Government’s Flat Rate VAT Scheme enables you to keep a percentage of the VAT you charge your agency/client. A £50,000 contract over one year will be worth £1,700, while a contract for £100k will gain you £3,400. Additionally, because you are saving to pay for your tax, you can also expect to make up to several hundred pounds a year in interest.
Accountancy fees are similar (if not lower) than those charged through umbrella companies. SJDs accountancy fees start from just £120 plus VAT per month; this is a fixed fee and a fully inclusive service. Don’t forget that our charges are transparent and backed by our customer promise. We are the appointed accountancy firm to over 15,000 contractors and have won numerous awards. You're in good hands.
The process below explains everything you need to know. You can move to limited at any point, even mid-contract. Becoming a client and setting up your own company takes only a few minutes via our online facility, from then on we’ll work with you to manage your VAT and tax affairs.
Our fees are fixed and we’ll provide a proactive, prompt and efficient service; all we ask you to do is a small amount of monthly admin which typically takes no more than 15 minutes and we’ll do the rest, leaving you to enjoy the rewards from your contract work.
It’s no wonder that more contractors are running through their own limited company than ever before.
If your contract and working practices look like you are inside IR35, you can still benefit from the Flat Rate VAT Scheme, and receive interest on the funds held within your own company. Any other work deemed outside IR35 could also be put through your existing limited company. Download our free guide to expenses.
The only way to be sure whether your contract falls inside or outside IR35 is to have it reviewed by a specialist.
The first thing you’ll need to do is form a company using our limited company formation service.
Your company will be set up within two hours, and all documentation will be sent out by first class post within 24 hours. There is a one-off charge of just £125 plus VAT, for setting up your limited company. This process includes opening a Company Bank Account, VAT/PAYE tax registration and advice on share structure (some companies charge extra for these).
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Appointing an accountant can save you time and stress when starting up on your own. If you would like to speak to someone about any of the above information or any other queries you may have, arrange a callback and a member of the team will be in touch.