As accounting experts, we are more than qualified to assist you with setting up your limited company.
There are many benefits to operating through a limited company. These include:
Tax Efficiency – Typically, operating through your own limited company will see your take home pay increase. Use our calculator above to get a quick guesstimate of your expected take home pay.
Expenses – Ability to claim a wide array of expenses which ultimately can be used for corporation tax, again, resulting in more take home pay for you. For information on what expenses you can claim, visit our Guide to Expenses page.
Protection – Limited liability means your personal assets (home, car, investments) should be protected in the event the Company becomes insolvent.
Freedom – Running your own limited company allows you to have a greater work life balance.
Flexibility – Your limited company can be used for all types of contracts – short/fixed/inside and outside of IR35.
We understand that setting up a limited company may be a new experience for you. Thankfully the Gorilla Accounting team have done these thousands of times and can assist you every step of the way. We could even have your company formed the very same day!
Before you start our formation process you will need to pick your company name. You can check if the name is available here. Alternatively, give a member of our New Business a call on 0330 024 0406.
The fee to set up a limited company is £50+VAT and includes the following:
Here comes the hard part - choosing your company name! You can pick any name you like provided that it isn’t already being used and isn’t illegal. You can check the availability of your company name at: www.companieshouse.gov.uk/info
As the limited company is a separate entity from you, it will require a business account. The amount held in the business account will belong to the business, and only become yours once it has been paid into your personal account.
We have a partnership with Metro Bank and Cashplus who can offer a business bank account to ensure that you experience a streamlined, hassle free application process. To find out more, see our Business Accounts page or contact us on 0330 024 0406.
If you decide to set up a business account with your personal bankers instead, the Gorilla Accounting team will happily assist in providing any information required.
Newly formed companies may need to register for VAT. Many contractors have heard of VAT but don’t really understand the benefits it can bring to their own limited company. We have prepared a VAT guide to help make things clearer for all of our clients.
Gorilla Accounting offer a Company Formation service including Share Certificates, Statutory Books, VAT Registration and a Business Bank Account, all for just £50 + VAT. If you are ready to form your limited company, click here to complete the Formation Questionnaire.
Download our free contractors guide that’s packed with tips and advice for running a limited company. It details rules and regulations around running your own business as a contractor or freelancer.
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