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A step-by-step guide for contractors and entrepreneurs in the UK
No. There is no legal requirement for an accountant to be appointed. However, given the red tape involved in filing company returns, preparing accounts and dealing with HMRC, even small companies find an accountant by their side to be invaluable.
Yes. But just check that your employment contract doesn’t restrict you from running a business. It’s a good idea to let your employer know that you have another job or business on the side.
As a director of your own limited company, you will be taxed and pay National Insurance Contributions on any salary or wages you pay yourself. Your limited company will act as your employer and account for the taxes to HMRC. A Tax Code will be assigned to your company by HMRC reflecting your main employment.
As the director of a limited company you can set your salary at any level because directors are not subject to the National Minimum Wage or National Living Wage. As a shareholder you can also take profits from the company in the form of a dividend.
You will be employed by your limited company as a director – you will not be classed as self-employed.
It is always advisable to have Employers’ Liability, Public Liability and Professional Indemnity cover and you are free to approach any broker for a competitive quote. Alternatively, we can introduce you to the insurance experts, Kingsbridge Contractor. Contact us for more information.
We recently had the pleasure of speaking with Tabatha Rose who has taken the exciting step of setting up a limited company and, as a result, is now a director of her own business. We wanted to know how she has got on over the past six months.