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We have received a large number of queries from contractors in relation to the closing of limited companies due to the fact their chosen service provider is in the process of being dissolved or whereby the contractor’s provider is based offshore and hasn’t been paying employer's National Insurance contributions.
Each individual situation is different however if you decide you no longer need your limited company, Transition will review the most cost-efficient and compliant way to shut down your limited company to ensure you’re not hit with a tax bill when you return to New Zealand or Australia. In some instances contractors have been quoted in excess of £650 to close down their existing limited company!Assuming the company is not in financial difficulty, a contractor’s limited company that has been used only to provide the services of the contractor can be struck off if, in the previous three months it has not:
There are various insurance policies which are available to protect you in the event of an accident at work, or claims against you for negligence.
IT, Finance, Engineering and Consulting contractors provide professional advice which is relied upon by others clients to add value to the business. This means if you make a mistake in your work you have a direct financial responsibility to your client for the errors. Whilst you may consider the possibility remote, it does happen.
Increasingly, some clients are insisting on evidence of professional indemnity insurance and having this protection will prove to your clients that you are professional in your approach and will help in obtaining future work. These policies are reasonably priced and will also provide peace of mind. In the event that something does go wrong and is your fault when on client site and you are not insured, then it is very likely you will find yourself exposed to a very expensive writ!
Here at Transition we provide all relevant insurances as part of the service, and all to required market rates, including Professional Indemnity, Public Liability, Employers Liability & General Liability.
Simply click here for a quote!
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