As a self-employed worker, you are allowed much more in the way of subsidies, allowances and claims for work-related expenses, above that to which you are also allowed on a personal level. You will be assesed at a lower rate of income tax and pay a cheaper class of National Insurance to that of employed personnel and company directors, so it is important to maintain your self-employed status and to register yourself with the relevant tax authorities as a self-employed worker.
You will need to be registered with the tax authorities in your domiciled jurisdiction as 'self-employed' for tax purposes. You will also be solely responsible for any tax liabilities for which you will be required by your relevant tax authority to complete an annual, or bi-annual self-assessment form.
Intermediary Limited (Umbrella) Company Services
Among other accounting services, Priority Accounts Limited also offer our Limited Company status to individuals to use as if they were that Limted company entity. This saves you all the inherent costs and hassle of running your own Limited Company as well as protecting your self-employed status and with Priority Accounts Limited, all at a fraction of the cost of other service providers.
An intermediary limited company is a Limited Company used by many individuals who have no obligations to the status of the Limited Company, are not required to file company accounts or annual returns, are not a Director or Shareholder and, are not an employee. This gives you the power to operate as a Limited Company, but at very minimal cost whilst maintaining certain benefits.
It is important to understand that you are not an employee, director or shareholder of Priority Accounts Limited. This is to allow you your maximum tax benefits operating as a 'self-employed' contract worker.
Priority Accounts does not process your expenses, so although you will not use expense receipts at source (on a weekly or monthly basis), you must keep a record of all your work and accommodation related expense receipts so that you may use these to offset further, any tax liability incurred through your earnings.