New to Contracting: Trading Options

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Your Own Company

An individual can form their own Limited Company; this is a fully-fledged Limited Company, typically wholly owned by the company's director. The Director would completely control the business; be the sole signatory on the bank account; typically claim travel and subsistence expenses on engagements; offset the cost of capital equipment required by the business and other business costs. Decisions on an appropriate level of salary and dividend are also controlled by the Director. The benefits of contracting using your own company are shown in the diagram below:

 

Benefits of trading through Limited Company

The 1st Option rating for this trading option is 5 stars for all but one category; 'Simplicity', purely on the basis that running your own company using 1st Option to service your accounting will take up to  an hour a month of your time. Trading using your own Limited company gives you;

• absolute control of your destiny
• the highest possible earnings from your work
• the flexibility to grow and change your contracting business, for example by employing others or outsourcing tasks to other companies.

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1. New to contracting
2. Benefits
3. Trading Options
4. - Your Own Company
5. - PAYE Employee
6. - Umbrella Employee
7. - Self Employed
8. - Summary
9. Running Your Company
10. - Getting money in
11. - Expenses
12. - Payroll
13. - Bookkeeping
14. Costs
15. Next steps
16.  

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