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Strategy for success
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| Portstaff
provides the resource for all independent contractors and is recognised
by all recruitment agencies for the quality of service they provide,
which is why their services are recommended to sub contractors. As
a company we specialise in managing limited companies, so that they
operate within the UK Company and Tax law. Independent contractors
can pay less tax by operating as a limited company, if they are aware
of the tax efficient advantages available to them.
Portstaff can provide this and undertake the overall company administration, so removing the burden of this from the contractors. Portstaff utilise an individual company arrangement on an employee/shareholder basis, which allows independent contractors to enjoy the advantages of limited company status without the administration and legal responsibilities normally associated with limited companies, and the contractors concerned can enjoy the benefits of employee/shareholder status without the restrictions associated with directorships. Net pay can substantially increase compared to the alternative PAYE arrangement provided the contract and the characteristics of the engagement are capable of passing the self employment test. Portstaff's experience in the field of independent limited companies will save contractors tax and time. Operating as a limited company contractor this enables you to divide your income between salary which is subject to tax and national insurance contributions and dividends. This also enables you to allocate your income in a tax efficient way, utilising what tax allowances are available to you. Every contractor is entitled to tax relief on certain expenses, for instance
and part of the benefits of your affairs being dealt with by Portstaff is that you can also receive advice with regard to pensions, life insurance and mortgage applications through an associated company offering this specialist independent advice. Portstaff will also assist you in completing your annual tax return incorporating the sources of income derived from your limited company but also any other income. All you are required to do is provide details, and this together with the other advice referred to above is included in the set limited company administration cost. We will also publish at regular intervals clear guidelines to help contractors understand how to deal practically with any changes in tax regulations which might effect them, i.e. changes to tax deductable expenses and self employment issues. This will be expanded in the future to provide advice with regard to other issues associated with pensions, mortgages and life insurance. Portstaff will keep you fully informed of all issues that may effect you or your status. For all this support Portstaff charge just £15 per week plus VAT, and this fee is only payable when you are working. We arrange to send you your money by same day transfer when we receive cleared funds from your agency, normally the best method because it is the quickest. There are no hidden extra costs. You can also be sure that operating through this system all your PAYE/NIC liabilities will be up to date and you will be entitled to your full pension rights on retirement.
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