Need to go Ltd?
...let RIFT get you off the blocks
Working for yourself in construction means making some important decisions right from the start. The way you set your business up makes a big difference to the kind of work you can get - and what you can earn from it. While being a Sole Trader is a little cheaper and easier at first, there’s a point where you start to outgrow this way of working. As a rule of thumb, that point comes when your profit exceeds £40,000 a year. The moment you hit that level, you’re probably better off running a Limited Company.
The thing is, setting up a Limited Company can be a little scary. If you need to get it done quickly, it’s easy to get snarled up in paperwork and waiting times. Limited Companies can open up a lot of opportunities in construction. In fact, some jobs have insurance rules that mean you can’t even get on-site without one. When you’re working against the clock, RIFT Formations has you covered.
A Limited Company takes time to set up. It needs its own Unique Taxpayer Reference (UTR) number, for one thing. That alone can take weeks for HMRC to organise –and it’s only the start.
With RIFT Formations, you can get your company up and running in just a couple of days – because we’ve already done the paperwork. All you have to do is choose a company name, provide us with some information, such as a copy of your passport and address confirmation, and we will convert one of our “off the shelf” limited companies into your chosen name, and you become the director and shareholder. A new UTR will be available straight away so you can hit the ground running. You can do it at any point in the tax year and still get the benefits – and those benefits could be huge.
If you’ve been claiming tax relief for your work expenses – and you absolutely should be – you might’ve noticed your refunds starting to drop as your profits grow. Your expenses, on the other hand, aren’t going down at all. By switching to a Limited Company set-up, you are potentially better off.
A ready-made Limited Company is also a great option to discuss for those who:
RIFT Formations will take a close look at your tax situation to check whether a Limited Company is right for you.
We’ll talk you through it all so you know exactly where you stand. We’ll also point out any areas where you’re already missing out. For instance, a lot of people have partners who aren’t using their full tax-free Personal Allowance.
We’ll explain how to get the most from your circumstances, staying 100% within the HMRC rules.
If a Limited Company would be a good fit for you, we’ll get you set up with a company UTR straight away. There’s no hassle and no weeks of waiting for HMRC’s wheels to turn, so you get that all-important site access immediately. It also means you can start working, invoicing and getting the insurance you need with no delay. We’ll set you up with the ideal RIFT Accounting package for you, so all your paperwork and number-crunching are taken care of from the very start.
It costs just £50+VAT to get your Limited Company off the ground with RIFT Formations, and you can be up and running in 2 days. We will then agree the most appropriate accounting package for you going forward.
Depending on your situation, we’ll then handle any other tricky details - like helping with registering you as a subcontractor with HMRC, if needed. In every case, we make sure you get the exact service you need, so you’re never left without support or paying for unnecessary extras.
RIFT Formations is about making sure you get the best possible start for your new business. It’s never been easier or quicker to set up a Limited Company. We’re the UK’s leading experts in tackling the taxman – and that’s why you’re always better off with RIFT.