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Limited Company Options for UK Contractors

Limited Company Options for UK Contractors It is very important to look at the Limited Company Options for UK Contractors and what they include. There are two options. Firstly they can get a Plain Jane personal service type of limited company, called a personal service company for one man band UK contractors. Contractor Accountancy Services You get yourself an accountant who sets you up with a limited company and you operate through one. The Contractor Accountant will do your books at the end of the year and claim all sorts of expenses against tax for you to cut your tax bill. [caption id="attachment_899" align="alignnone" width="225"] Freelancer Limited Company options[/caption] Efficient Tax Planning Using Limited Companies The alternative is to operate through one of those tax effiicient limited companies that uses efficient tax planning to cut contractors' tax bills. Operating through an Accountant, the contractor will moremally keep about 85% of his, or her income, from which can ne deducted the Accountant's annual fee. Using a limited company with effiecient tax planning could mean that the contractor would keep 85% or more of they money he, or she, earns - and without the Accountants's fee. For the average contractor, this could amount to saving an extra £10,00 a year in tax and NI conntributions. So, it is well worth looking at the limited company options for UK contractors. [caption id="attachment_912" align="alignnone" width="208"] Limited Company Options for UK Contractors[/caption] It is also worthwhile UK contractors looking at limited partnerships for contractors  too.

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