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What is a limited company?
So, what is a limited company?
A limited company is the most common form of business structure. It’s a legal structure whereby the shareholder is protected from any liabilities the company may incur. Meaning it’s a separate entity for income tax and legal purposes from its shareholder(s) and director(s).
Limited companies in the UK are governed by the rules and regulations contained in the Companies Act 2006, and all company registration and records are managed by Companies House.
If you’re looking to set up your own limited company, or are simply looking for a new limited company accountancy service, then PayStream can help. View your options here.
A limited company allows you to pay yourself a mixture of salary and dividends, however in order to work in this way you will need to demonstrate that you fall outside IR35. Limited company contractors receive their income in gross which is a huge plus for lots of workers. You can also claim tax relief on allowable business expenses. It’s easy to set up your own limited company, you usually just need to provide some basic personal information and your company name to get started. The tricky and time consuming part of running your own limited company are the administrative aspects, as well as understanding how to complete and file your statutory returns accurately and on time to avoid any penalties. With the support and advice from our dedicated team here at PayStream, it has never been easier to run your own limited company. We can help you throughout the entire process of setting up your own limited company and can continue to provide you with advice and accountancy support once you’re up and running too.
Ready to set up a limited company?
Think you're ready to set up your limited company? Let us guide you through the process.