Real stories: Setting up a limited company

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Blog, Business advice

For many people the idea of contracting for the first time can be a scary prospect. After all, you’re leaving the comfort of full-time employment with its guaranteed income and none of the accountancy concerns associated with running your own business.

In this article we hear from the people who’ve fulfilled the dream of starting up their own limited company with Crunch online accounting. You’ll be surprised at just how easy they’ve found it!

There are a number of reasons why people might be reluctant to set up their own limited company, such as:

* The perceived hassle in setting one up

* The amount of time spent doing your accounting

* Having an accountant who costs a bomb and is impossible to get hold of

These are all legitimate concerns, and it means that choosing the right accountancy service is absolutely key. Fortunately, software developer Steve Calvert is one of those who got it right…

Setting up a limited company can take just a few hours

Steve made the leap from employee to self-employed and was startled by just how quick and easy it was to set up his limited company with Crunch. Our links with Companies House means that Crunch can get you set up in no time.

“I found the setting up process to be extremely fast and efficient – I had a half hour chat with Crunch in the morning, and the company setup confirmation came through in the afternoon,” he said.

The process took just three-and-a-half hours!

Running a limited company can be ridiculously easy

The combination of on-tap accountancy advice and ridiculously easy-to-use software can make running a limited company a breeze. As healthcare professional Jays Shortt discovered when he set up social network Cocoon Health.

“Crunch is very easy to use. The online system is presented and worded in a very common sense way, and if you do need an explanation, your Crunch account manager is on hand to nudge you in the right direction. In fact, my account manager does most of the work for me!”

And you don’t have to pay extra for the privilege.

“Paying month-by-month means that you can spread your costs over the year rather than have to pay out an extortionate lump sum upfront. I’ve been quoted for £1200 for a basic service with other accountancy firms, and that’s not including any extra fees. I know that Crunch has definitely saved me money.”

Limited company accounts needn’t be an unfathomable mystery

For many freelancers, contractors and small business owners, running a limited company can seem like a dark art full of obscure references and mind-numbing jargon. Why would you want to get involved?

The truth is that limited company accounts needn’t be like that.

Roland Harwood launched innovation agency 100% Open with Crunch, and immediately reaped the benefits of having a transparent, real-time and easy-to-follow accounting system.

“It’s particularly useful to be able to see your incomings and outgoings so you always know exactly where you stand as a business,” he said. “Normally with accountants, you’d only get this information available to you at the end of the year. But now I feel like I’ve got more control over my finances. I feel confident that we’re up-to-date with our bookkeeping and accounts.”

“The fact that it combines accounting and a bookkeeping service means that it pulls together all the different business functions. A service like Crunch should have been around years ago,” he added.

A limited company means unlimited opportunity

One of the key benefits of running going limited are the opportunites it can open up. In many industries it’s a pre-requisite to landing work. BAFTA award-winning game designer Andrew Smith took the opportunity to set up Spilt Milk Studios with Crunch.

“At 27 years-old I felt the next step in my career should be the big one. I feel that going freelance is a way of growing projects faster, and the opportunities are there with the digital market being a lot less expensive than it used to be,” he said.

So, why Crunch?

“One of the main things that attracted me was the monthly price set-up. It’s a very flexible way of doing things which I like because you’re always wary of extra charges and hidden extras. This way, if there are any problems, I’m not tied down for a long period,” he continued.

What all this proves is that in the 21st Century, setting up and running a limited company needn’t be a burden. Our unique combination of brilliant online accounting software and expert accountants (not to mention our lovely account managers who do most of the legwork for you) make running a limited company a breeze.

And we haven’t even mentioned how having a limited company is the most tax-efficient way to run your business!

  • Diana

    Hi,

    I am a social worker and will be working as a self employed and would like to find out your service.

    Thanks