Limited Company Options

Operating your own Limited company comes with a plethora of responsibilities, and unsurprisingly many contractors can become overwhelmed by the prospect of taking on the role of company director. This is unfortunate, since it means that many contractors lose out on the benefits associated with operating their own company.
With the correct guidance, operating as a Limited company needn’t be as daunting as it first appears. 

Liberty Bishop Accountancy Services offers a range of accountancy services to ensure that our clients’ needs are met. We operate three standard packages (Gold, Silver and Bronze), each one designed for contractors having different service requirements. We also offer our clients the freedom to go “off piste” and develop a bespoke service tailored to their specific needs.

Included with any of the below packages you will gain access to our easy to use Online Portal, here's an overview of how it works.

We also have a selection of other "How to" videos to help you along via our YouTube channel here:

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Our Packages

  Bronze Silver Gold
  £70 per Month* £130 per Month* £165 per Month*
Company Formation £100.00 Free Free
HMRC VAT & PAYE registration      
Formal engagement      
Face to face or telephone consultation      
Access to Online Portal      
Live Bank Feed      
Preparation on Financial Accounts      
Preparation of Company Tax Return (CT600)      
Dedicated support team      
Monthly Bookkeeping      
Bank Reconciliations      
VAT Returns (quarterly & FRS)      
Payroll processing (up to 3 Ee's)      
Payroll year-end reporting      
P9D and P11D submission      
Expense reconciliations      
Electronic reminders      
Tailored monthly calculations      
Dividend vouchers & COSEC duties      
Telephone & E-mail support      
Annual return (inc. filing fee)      
Mortgage & Visa applications (1 per year)      
Change company name      
Invoicing (up to 10 per month) £10.00 £10.00  
Self Assessment (Directors only) £150 per year ** £120 per year **  
Registered Office £10.00 £10.00 £10.00

* Prices are exclusive of VAT, ** Price for a basic tax return, Other bespoke packages are available on request

As a client engaged with us on our Gold package, we are able to offer insurance free of charge, if required, and subject to eligibility,

Eligibility criteria includes the following:

  1. Your company must provide services via a recruitment agency (i.e. not directly to an end hirer).
  2. Offshore activities are not covered.
  3. Activities involving asbestos are not covered.
  4. Activities involving safety-critical rail work are not covered.

Limits of cover are:

Employer's Liability £10m any one cause, but limited to £5m any one cause in respect of claims arising from acts of terrorism.
Public Liability £5m any one occurance.
Professional Indemnity £1m any one claim, but excluding defence costs.

Further details of insurance eligibility and details of how to request cover will be provided as part of our client on-boarding process.

Step 1 - Company Formation

Forming (or “incorporating”) the company is the first step in the process of operating as a Limited company. Our accountancy services provide you with reassurance in this area by checking and registering your company name with Companies House, providing you with appropriate templates for your company’s Memorandum and Articles of Association, delivering share certificates to registered shareholders and issuing you with your company’s certificate of incorporation.

Step 3 - PAYE & VAT Registration

Step 3 is to register your company for PAYE & VAT. Registering for PAYE allows the company to act as an employer and make payments to employees, and registering for VAT allows your company to charge VAT on invoices. Based on turnover you may be required to register for VAT, but even if you aren’t there are still some very good reasons to consider doing it. Our dedicated account managers will help you make the right choice for you.

Step 4 - Timesheets & Expenses

Once you’ve incorporated your company, opened a bank account, and registered your company for PAYE (and potentially VAT), you’re now in a position to start invoicing for the work that you’ve done. Simply send through your timesheets to your Liberty Bishop accountant, and they’ll raise an invoice on behalf of your Limited company and send it through to your agency or client. Payment will then be made directly into your business bank account.

When sending through your timesheets you can also send through confirmation of any expenses that you’ve incurred.

Step 5 - Payment & Accountancy Advice

Once you receive funds into your company bank account, your accountant will be on-hand to answer any questions that you may have and keep you fully up-to-date on your tax liabilities and when tax payments are due.

Accessible Online-Portal

We don’t charge by the hour, so there’s no need to be afraid of asking any questions as and when they arise. Your account manager is always on call, and you’ll also have 24/7 access to an online portal to enable you to review all of your company information in real-time.