Planning on setting up your own limited company?
What is a limited company?
Setting up your own limited company is the most tax efficient way of being remunerated. By paying yourself as a director you can receive salary as well as dividends and reduce your tax liability. At Generate we pride ourselves in offering the highest standard of customer care to provide advice and assistance to all of our contractors working through their own limited company.
Be a director of your own company and become tax efficient.
Who is it for?
This product is for contractors who are outside the IR35 rules with at least a 6 month contract and if earning over £15 per hour. At Generate we have helped set up limited companies for contractors within the IT &Telecoms, Healthcare, Construction, manufacturing, Engineering sectors, among many others.
The golden rule for all expense claims is that you can only reclaim for expenses which have been incurred wholly, exclusively and necessarily in the course of running your company. Additionally, you cannot claim for expenses which have a dual purpose, both domestic and business.
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What are the benefits of using Generate?
Limited Company formation and Set Up
Generate take the stress away from you by performing the tasks related to company formation.
Act as your registered address
Generate Limited Company will provide you with registered business address to simplify your application process.
Registration for Statutory Payments
Generate take accountability to register your Limited Company for all substantial statutory payments, including VAT, Corporation tax and PAYE.
Process your payroll and provide returns
Weekly or monthly Generate will run payroll to keep your accounts up to date.
Take care of all the Financial Management Accounts
Prepare monthly management accounts, annual financial statements, quarterly VAT returns and quarterly/annual PAYE returns, along with advice on how much to pay.
Provide advice on IR35
Generate provide IR35 review to all new contractors and advice as to whether IR35 applies to any new assignment.
Help and advice on your preferred remuneration package
Director’s remuneration can be complicated and hard to understand, hence why we have a dedicated team to aid you through the process.
Advice on business expenses
Business incur various running costs, these can be used to reduce payable tax.
Advice on setting-up a business bank account
Generate share great relationships with various banks to ensure this process is as seamless as possible.