Our experienced team have helped hundreds of contractors break free from umbrellas by forming limited companies. Your dedicated account manager will guide you through your company’s start up in detail, but here’s a brief overview of the process.
Notify your umbrella
You’ll need to notify your umbrella company that you wish to leave. They will then issue you with a final payslip and a P45, which details your earnings and the tax you’ve paid.
Once we’ve received your application form and ID, we’ll form your limited company within 24 hours. You can now officially start trading.
Business bank account
Once your company has been formed you can open a business bank account. The process to open a bank account is straightforward – just pop into your local branch and chat with a business advisor.
PAYE scheme registration
We’ll contact HMRC and register your company for PAYE. This enables you to create payslips and pay a salary to you and your employees. This process typically takes two weeks.
If your company requires VAT registration we will contact HMRC on your behalf and arrange registration. This process takes two to four weeks.
Flat rate VAT registration
Once your VAT registration has been confirmed, you may apply to use the Flat Rate VAT scheme, if required. This process takes two weeks.
Authorisation with HMRC
The final step is to complete a simple form to authorise inniAccounts as your tax agent. This allows us to discuss and manage your tax affairs with HMRC.