Limited Company Frequently Asked Questions

The main benefit of working as a limited company contractor is the increase in take-home pay. A limited company contractor can usually take home more of their top line income compared to PAYE or an umbrella service.

There are certain criteria that a contractor has to meet in order to work in this way, the most important being that they shouldn't fall inside IR35. There are also other considerations such as length of contract and pay rate. Our new business consultants will discuss your circumstances in detail and where required carry out an IR35 review of your contract and working practices to make sure they comply with the legislation.

To find out more, see our IR35 guide.

As you become the director of a limited company you do have certain responsibilities such as deciding how you're going to be paid, whether to register your company for VAT and preparing and filing your statutory documents. If all this seems a little daunting, don't panic - at PayStream you'll have a dedicated accounts team who'll help with all of the above, including preparing draft accounts for you to sign and filing them at Companies House on your behalf.

Call us for an initial chat about what we can offer you, and if you like what you hear, if you aren't already set up with your own limited company, it can be up and running in as little as 2 weeks.

For more detailed information on what's involved in the setup process, call our new business team on 0808 164 4460 / 0161 923 0201 (option 1).