Transition Limited Company (TLC) or Basic Ltd.
This service is being withdrawn as of Sept 1999 as a PSC is likely to only be relevant for high earning consultants/contractors operating outside of IR35.
Your Limited company provided free of any set up costs with a business bank account fast!
The Transition Company Is a simple “BASIC LIMITED COMPANY” which provides FAST TRANSITION for new contractors and contractors relocating to the UK or those transitioning their career from permanent to contract work, to give them the flexibility they need. It’s new and legal and completely logical!
You still need to appoint an approved accountancy practice, but the company is already sitting there ready for you. You just need appointing as a Director and given your shareholding and then open up your business bank account in the companies name with your name for authorisations.
The basic simplicity of the company set up means that you pay lower accountancy fees but do not need detailed tax planning and if you have moved from abroad can claim relocation costs back through company expenses.
Claim your flights and accommodation and subsistence expenses back (aprox. 8K over 1 or 2 tax years)! With low admin. costs for new contractors! You must have a business bank account in the name of the company and this can be supplied free to you within 1 week when in many cases it takes 6 weeks – All payments are monthly against the invoice you send for your services. Contact us!
Excellent expense allowance for overseas contractors
If you are from overseas and have not yet started work you may be able to claim many extra expenses through the relocation and living away from home allowance to reduce your tax bill.
The BITE and its Associate company offer the opportunity to be in a position to help minimise the tax you pay through legitimate relocation and living away from home expense claims in an employment program that is unaffected by any IR35 or MSC legislation and any changes to visa rules for example.
These expenses include
- The cost of your flight over to the UK
- One return flight home per year
- Cost of accommodation (rent) whilst living in the UK
- £50 worth of food a week
- BITE relocation support
*All expenses need to be receipted legitimate business expenses
Simply, it’s a Limited company that employs new contractors as full PAYE employees. It provides contractors with all the benefits of a traditional umbrella and most of a PSC without the initial responsibility of setting up their own company, yet increases net income (take home pay) by over 20%.It can then be “transitioned” to provide further income benefits. Once the contractor is comfortable with contracting, the company can be transitioned into a PSC, with all the traditional benefits of contracting through a limited company, and more.
Initial benefits include a reduced monthly tax bill and a complete relocation package: flights, accommodation, rent and food for up to 2 years plus weekly travel costs, to the value of £8000. These benefits can be increased by simple “Transition” into a PSC but with the added benefit of a full relocation package. Your TLC (or Basic Ltd company) maximises both convenience and net income. We make it all so simple! Our services provide: no administration, just great net benefits!
- 24% Savings increase in your net income with running costs equivalent to that of a traditional umbrella service.
- Your TLC is immediately available and comes with its business bank account already open. No delays, no personal administration.
- Inclusive payroll service provided with the company administration.
- All bookkeeping provided by Sweeting & Smedley Ltd, professional accountants and taxation advisers of more than 25 years’ standing. All annual returns administered on your behalf.
VAT and corporation tax
- VAT and corporation tax returns all completed on your behalf by S&S.
Free set up and no close down costs
- Increases the flexibility and convenience.
All for a competitive monthly fee! Supported by a qualified accountant and tax specialist. Why not enquire how you can benefit and gain a free quotation.
All provided in conjunction with Sweeting and Smedley qualified accountants.
BITE OFFER CAREER ADVICE so that you can make the right decision for your personal circumstances and backs this up with the opportunity of qualified independent accountancy, financial and legal advice on your contract, employment, financial, pension and visa services. BITE provides PAYE Supply services, all Limited Company ( Transition and PSCs ) must be incorporated via a firm of qualified / chartered accountants.
No Job no Training costs guarantee disclaimer: Under the 10 step job search program, we can’t help you get a job unless you regularly visit our offices, attend coaching and mentoring sessions, utilising the support provided to you. We work face to face with real people and you must work with us to help you. If then you don’t gain a job in the agreed time having attended the whole 10 step career coaching programme and used our job search database correctly we won’t charge you a penny and will refund the cost of any training you have undertaken that we have advised you to invest in!
The Three Day CV Marketing Personal Brand Plan does not carry a no job no training costs guarantee.
However If you purchase one of our training modules separately, attend and are not satisfied with it we will refund your money.
BITE Compliance covers: IT Contracting London UK, IT Consulting London UK, IT Contract work London, IT contract Jobs London, Temporary IT work in London, Temporary IT Jobs in London, working with Freelance Interim Consultants for professional jobs and IR35 and Limited company or PSC Compliance services.
BITE also offers: Contractor marketing and advertising services, CV Marketing services, with how to write an IT Contract CV to produce a Killer contract CV with, IT CV templates and IT CV examples. Your Jobsearch in our London office provides access to the hidden contract job market, career coaching for contractors, and contractor career management services .
BITE is not a visa or employment agency.