Take advantage of its tax benefits
Limited company status: an alternative to umbrellas
The following is an introduction to limited companies. If you prefer, you can jump ahead to find out specifically about the Cascade Limited Company Service.
The term limited refers to the fact that the company's finances are separate from the personal finances of the owners.
Shareholders (the owners) have "limited liability" which means they are liable only for the amount they have invested in the company and are not responsible for company debts.
All new businesses need to be registered at Companies House before they can be set up as a limited company or become "incorporated". In addition limited companies have to fulfil a number of requirements. Whilst these may seem a bit daunting, you can do what most contractors do and employ the services of an accountant to carry out these responsibilities for you.
Is a limited company right for you?
A limited company payment structure suits contractors who:
- Want to take advantage of its tax benefits
- Are happy to take on the administration – namely keeping records / expense registering and dealing with VAT/PAYE & Corporation Tax – and ongoing accountancy fees (Cascade can relieve you of this burden, as you'll read below)
- Want to take control of their financial affairs
- Want to structure themselves as a legitimate contracting business.
To find out more general information about limited companies, please contact Cascade.
Cascade offers you a Ltd Company Service (In association with Kingston Smith)
If, after your consultation with Cascade, you decide that Ltd company status is right for you, we can offer you two options:
A non-VAT registered service (if your turnover is less than £73k per annum)
This service costs £115 (+ VAT) per month and includes:
- Access to and use of the Just Accounts bookkeeping package
- Review of bookkeeping entries on an annual basis and reconciling control accounts
- Preparation of statutory financial statements
- Preparation of corporation tax return
- Conversion of statutory financial statements into iXBRL format for submission to H M Revenue & Customs
- Preparation and submission of the Annual Return (excluding the filing fee of £14 per annum)
- Preparation of the annual payroll, a year in advance
- Preparation and submission of the P35
- Preparation of the director's personal tax return
A VAT registered service (if you expect your turnover to be between £73k and £100k per annum)
This service costs £139 (+ VAT) per month and includes:
- Access to and use of the Just Accounts bookkeeping package
- Review of bookkeeping entries on a quarterly basis and reconciling control accounts
- Preparation of quarterly VAT returnsPreparation of statutory financial statements
- Preparation of corporation tax return
- Conversion of statutory financial statements into iXBRL format for submission to H M Revenue & Customs
- Preparation and submission of the Annual Return (excluding the filing fee of £14 per annum)
- Preparation of the annual payroll, in advance at the start of the tax year
- Preparation and submission of the P35.
- Preparation of the director's personal tax return.