Crunch accounting creates new simple and cost-effective service to incorporate new limited company for small businesses
From today, freelancers, contractors and small businesses can quickly, easily and for only 14 GBP, set up a limited company with GoLimited – www.golimited.co. GoLimited is owned and operated by Crunch, the online accountancy service for freelancers and small businesses – www.crunch.co.uk.
GoLimited enables individuals and small businesses (up to two directors for now, four later), to register a limited company at Companies House and fulfill its legal administration duties through a new online automated service. The service helps business owners operate tax efficiently and minimise set-up costs. The 14 GBP fee for GoLimited includes delivery of all required legal documents including Articles of Association and Certificate of Incorporation.
On explaining why GoLimited was created by Crunch, its founder, Darren Fell explains: “For too long, and despite a tough economy, it has cost way too much for small businesses and freelancers to become incorporated and operate more tax efficiently. With modern technology, we’ve automated the process to support Britain’s entrepreneurs and encourage the creation of more small businesses with a fast online service.
“The software behind GoLimited was originally created for internal use at Crunch, where we incorporate a large volume of new companies. We decided to make it available to everyone, whether or not they’re a Crunch customer, to help more British businesses,” added Darren.
Advantages of going limited, rather than operating as a sole trader, include:
• Liability – Limited liability means if your company goes bust, your personal property can’t be touched. Your maximum losses can only be up to what you put into the company in the first place – meaning you only stand to lose what you invested.
• Employability - many clients, especially big corporates, will be more inclined to do business with limited companies. In fact, many large companies (usually financial institutions) refuse to do business with sole traders.
• Profitability - as a sole trader, you’re taxed on your income. This means you pay income tax and national insurance contributions on everything you earn, which means a higher tax contribution as your earnings increase. By operating through a limited company you pay corporation tax of 20% (assuming your profits are less than 300,000 GBP), and pay yourself through a combination of low wage (to minimise PAYE and NIC outgoings) and dividends. This will result in more of your earnings in your pocket.
Forming a limited company also brings certain additional duties to the company owners and directors. It is highly advisable to read more about the Director’s Fiduciary Responsibilities before going limited – https://golimited.co/directors-fiduciary-responsibilities.
More advice and information is available at www.golimited.co, which launches today and is offering free incorporation to the first 100 clients.
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About Crunch Accounting, owner and operator of GoLimited
Crunch Accounting combines a team of expert accountants available on the phone with easy-to-use online accounting software. Designed specifically for freelancers, contractors and small businesses, Crunch Accounting is more than just accounting – it’s a business tool. The accountant and software service is available for a fixed monthly fee of 59.50 GBP. For this, users can invoice, add expenses, have their annual accounts and returns prepared and see the exact health of their businesses instantly with a fun, innovative and simple-to-use website with banking grade security. Crunch is founded by online entrepreneur Darren Fell, with investment from Bebo’s co-founder Paul Birch and former Skype Chairman Michael van Swaaij.
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