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Setting up a Limited Company is one of the smartest way to get paid for your work.
With your own limited company you get to define your brand, own everything you do, run your business in the most tax-efficient way and pitch for work you wouldn’t be able to get as a sole trader. Check out Crunch’s beginners guide to Limited Companies to see what it all entails.
Most business owners will choose to work either as a sole trader, through an umbrella company, or start up their own Limited Company. If you decide to go the company formation route, here’s what you need to know.
There are two types:
Most freelancers, contractors, startups and small businesses will opt for an LTD, as PLCs must have a share capital of minimum £50,000, at least two shareholders, two directors and a qualified company secretary.
This is the part of the process which many people consider to be tricky or bureaucratic – but it’s actually really simple. You can go online and set up your limited company yourself in about ten minutes for the cost of a takeaway pizza. You just have to supply certain personal details to help Companies House identify you as a company director, and you’re good to go. Companies House will often have your limited company formed in a few hours.
Companies House is responsible for all limited company registration in Britain. Their website provides detailed information.
The following documents must be completed and returned to Companies House in order to complete the incorporation process. Often your company formation agent or accountant will complete these on your behalf.
As a limited company director you have certain legal responsibilities. These include:
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