subject: Frequently Asked Questions About Using Limited Company Services [print this page] Limited company services are offered by accountancy-based providers to freelancers or contractors, to support them in managing all tax related and administrative aspects of starting and running their own limited company. Below are some frequently asked questions on the subject.
How much will I save by using limited company services?
Depending on your circumstances, the pay you receive will vary. Some limited company service providers offer an online calculator to give you an illustration of how much money you are likely to receive. Alternatively, most reputable limited company service providers can discuss your particular circumstances with you in greater depth.
Are there any reasons why I wouldn't be able to use these kinds of services?
In order to use one of the various limited company services available, it is a requirement that you are a contractor who is working on a fixed or a short term, and are not affected by IR35 legislation.
Will there be a lot of forms to fill out if I sign up to such a service?
Those who are considering setting up a limited company may assume that there will be a large amount of time consuming or complicated paperwork to fill out. Most providers, however, will try to ensure that there is as little form filling as possible. In some cases, you will find that only a single form is required to set up your limited company, which is very easy to fill in.
What else will I need to do to have my registration processed?
You will need to give the chosen limited company service provider some form of photographic ID, or a certified copy of photographic ID. Examples of photographic ID include passport, national ID card or driver's licence.
In addition to this, you will need to provide a letter or document to prove that you live at the address you claim. A recent utility bill or bank letter/statement would be ideal for this purpose. If you are not a UK resident, there will be other requirements necessary for the successful processing of your registration. You will find that any good provider of limited company services can take you through these upon registration. Finally, all registrants will need to provide their P45 or P60.
How long does registration take?
Once your provider has received your completed registration form and suitable identification, accounts are opened and ready for use within a 24 hours. Registration may even be completed sooner than this and you could be registered by the end of the day on which your documentation has been received.
