Whether you’re a contractor, just starting out or running an established business, we’re sure you’ll appreciate our value for money alternative to a limited company bank account. And, your account could be up and running in minutes – complete with an Account Number and Sort Code.
It pays to set-up a limited company
More and more start-ups are finding that there are many advantages to setting up as a limited company, including:
- You’re likely to pay less personal tax than a sole trader
- You’re not personally liable for financial losses – as long as fraud hasn’t taken place
- Once your limited company’s name’s registered with Companies House, no-one else can use it
- You can issue shares – and sell stakes in the company
- Employees’ executive pensions become a business expense
Should contractors set up as a limited company?
For many contractors, the answer’s yes, because it’s the most tax efficient way of working. That’s because you can claim back a wide range of expenses (from accountancy fees and equipment to travel). And you’ll be entitled to use the Flat Rate VAT scheme, which can mean a lot of extra profit per year.
Just choose a (unique) company name and register your limited company with Companies House, which will automatically contact Her Majesty’s Revenue and Customs (HMRC). HMRC will then send you a handy information pack and a form to complete and return, confirming that you’ve started a new business.
Once your limited company’s set up, you may want to consider using an accountant or solicitor to help with managing tax and accounts, but you’ll find plenty of valuable free advice online.
Next, you’ll need to set up a business account. It’s a legal requirement for limited companies to use one, as business transactions need to be kept separate from personal finances.
The Cashplus Business Account – our answer to a limited company bank account
Don’t waste weeks waiting for a High Street bank’s approval for a limited company account – with a 100% instant online decision, you could be up and running with a Cashplus Business Account in minutes. And besides, you probably just don’t need the complexity and cost of a High Street Business Account.
There’s no interview needed, or credit checks to open an account – just apply online.
Get your business off to a great start, with a Cashplus Business Account:
- No monthly fees
- It’s free to receive bank transfers
- Pay in cash at over thousands of locations
- The account will be set up in your business’ name
- Includes a Cashplus Business Mastercard®