![]() You will also be required to complete your timesheet weekly and have it approved by the client. However in order to get paid, your company will invoice CK Associates weekly, fortnightly or monthly. Funds can only be paid into your company bank account and not directly to you personally. The overriding rule is that you can only claim a deduction for expenses that have been incurred wholly, exclusively and necessarily for your business. Effectively you will be employed by us, so the 13.8% Employers National Insurance requirement and 12% paid holiday element will be paid to your limited company on top of what would have been the PAYE rate.īe aware that you will incur costs for setting up the company, for provision of your own insurance cover, for annual returns and an accountant’s services. If you work as a limited company contractor, CK Group will have a contract for your services with your limited company, reflecting the contract we have with the hiring company or client. You will be the named consultant on the contract. ![]() We strongly recommend that you speak with a qualified accountant and legal advisor before settling up a limited company. If the contract does not fall within IR35, the contractor may continue to operate via their limited company, as usual, collecting gross payment from the end client and paying corporation tax on the profits of their limited company after deducting permissible expenses. ![]() ![]() Setting up your own limited company may be a worthwhile option if you are looking to contract long term and your earnings bring you into the higher tax bracket. The Gig Economy Tax Center streamlines various resources, making it easier for taxpayers to find information about the tax implications for the companies that. ![]()
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