If you are thinking about doing freelance work but would like to set up your own limited company, then most accountants would agree that this is the most tax efficient way to work. However, running a limited company rather than working as a sole trader can seem a bit of a daunting prospect with the additional paperwork and administrative responsibilities. Limited company taxes are indeed more complicated but people are often put off by the terms and jargons used. Don’t let this put your off from forming your own limited company as there are several clear benefits to your income. This course is designed to go through in detail what it means to set-up and run limited company, what the tax savings are and how you can reduce your tax bill through several strategies and therefore retain more of your company income/profits and pay less tax to the HMRC.
Having graduated with a PhD, I moved into Project Management and have gained so far 8+ years of experience. In the last couple of years, I set up my own limited Company and worked under it as a Contractor/Freelancer. By working through my own company I have very much enjoyed the flexibility and control I have on my income and my Tax liability. I didn't like relying always on my Accountant to tell me how much money I can and can't take out of the company, what's tax deductible, how much tax, VAT, etc I have to pay every year, and not to mention the high fees the Accountants charge for all this work. A lot of the information available on the UK HMRC website and other sources use technical language which makes it very difficult for some to understand the UK Tax system. So I made it my mission to learn as much as I can about the UK Tax System, do the Tax returns and Accounts filing myself to save money on the hefty Accountancy Fees. I also decided to explain it simply to those who want to learn and have more control over their Limited Company finances.