subject: What Benefits Do Freelance Journalists Get By Using Limited Company Services? [print this page] Media, like many other industries, has seen hard times recently, and many journalists have entered the freelance market in order to take advantage of the writing opportunities available. But the process of becoming freelance requires administration and organisational skills that might not have been called upon before, something that can be a little daunting to some. In this article we'll look at the benefits such a professional would gain from using limited company services.
While many freelance journalists manage to keep their affairs in order initially, the constant need to keep on top of remaining compliant with tax rules and regulations can sometimes start to encroach on their time. Limited company services can help to alleviate this pressure, leaving the journalist to focus on doing what they do best, and delegating their tax affairs to people who are equally suited to the job. In order to keep their finances in order, freelancers usually opt to work as a self employed individual or choose to set themselves up as a limited company.
What's Involved with limited company services?
There are a wide range of companies that offer limited company services and there are varying levels of service associated with these firms and the packages they offer. In the more comprehensive packages, you might receive, among others:
Bookkeeping services
Complete company administration
Taking care of VAT registration
Assistance with completion and filing of Self Assessment Tax Returns
Company bank account advice
Full business insurance
Unlimited support and advice
It is likely that you will have optional extra services focusing on IR35 reviews, contract extension reviews, tax planning, second contractor invoicing, company close-down and tax returns.
Many people, not only freelance journalists, find that paying what is normally a nominal fee is worth the peace of mind that hiring a professional limited company specialist provides. Perhaps more importantly it helps to ensure that the freelancer can spend more time working, rather than dealing with taxation and legal paperwork.
The amount that a freelance journalist can expect to receive after all taxation and expenses have been taken into account can vary depending on the person's particular circumstances. Some good limited company service providers provide you with a calculator on their website, which can be used to give an indication of how much will be paid.
Ensuring that the journalist's work keeps coming can be a job in itself, and having an expert take over the running of these day to day aspects of running a limited company can be very beneficial.
