The latest private sector business statistics have been released by the Department of BIS. There are a record 4.8m private enterprises operating in the UK, of which around 27% are private limited companies.
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limited company
The CIOT is the latest organisation to voice its opposition to the Government’s ‘controlling persons’ proposals, which would force organisations (both private and public) to tax consultants who currently work via their own limited companies, at source.
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The controversial use of limited companies by some high profile public sector workers has resulted in new Government proposals to reduce the number of ‘off payroll’ assignments across all departments.
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A leaked letter from Danny Alexander, Chief Secretary of the Treasury, to Chancellor George Osborne has revealed that over 2,000 public sector workers are being remunerated via their own personal service companies.
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Once you’ve decided to become a contractor, there are a number of steps you will need to take before you can embark on a successful contracting career.
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SIC (Standard Industrial Classification of Economic Activities) codes are used by Companies House to group companies by the type of business activities they carry out. New company SIC codes took effect from 1st October 2011.
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Over the past few months, following revelations that many high-ranking public sector officials have been remunerated via their own limited companies rather than the payroll, many articles in the mainstream press have unfairly portrayed small limited company owners as ‘tax dodgers’.
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If you want set up your own limited company, you need to decide whether to set up the company via your accountant, through an intermediary (such as a company formations firm), or apply online and do it yourself.
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