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Accounting and tax

Information
about limited companies

What is a limited company?
If you're looking for a textbook definition of a limited company, then: A limited company is just a company.

It has all the things you would expect a company to have, like a bank account, a boss or director, shareholders and maybe a few employees. It can be as big or as small as the owners want
it to be, with a turnover ranging from very little per annum to millions.

The most important thing about a limited company is that it is its own legal entity and is therefore treated as a separate taxpayer. This has a particular bearing on contractors who work through the company. The owners of a limited company are shareholders. Usually, at least one share belongs to the director who started the company. The director is often the only shareholder, therefore owning 100% of the company. If you channel your income through a limited company, you can gain significant tax savings - as long as the right structure is applied and the right advice is followed.

In particular, retained earnings (i.e. your company’s profits) can be paid out to shareholders in the form of dividends, which are treated differently to salaries in terms of tax. At Sable International, we can maximise your limited company tax savings by tailoring the right structure and advice to your personal circumstances.

Is a limited company my best bet?

A limited company is not for everyone. There are advantages and disadvantages to limited companies. If you're uncertain, we suggest that you speak to one of our advisers; they will help you to decide whether it is the best option for you.

How do I set up a limited company?

Once you have decided that a limited company really is the way to go, our advisers can have everything set up for you in one working day. Our all-inclusive accounting services include the set-up of the company as well as the initial advice, which is free of charge.

How much admin is involved?

As with the running of any other company, a limited company comes with the responsibilities of meeting your statutory filing obligations, paying taxes, etc. Sable International can relieve you of the day-to-day hassle of limited company administration. We provide comprehensive accounting services and advice. We also like to give our clients all the details, so that they understand why we suggest certain structures. Our quarterly "health check" meetings are designed so that you don’t have to worry about much admin on a daily or weekly basis.

Why use Sable International to set up my limited company?

• We have been operating in the contracting professional market for over 15 years and are well-established and well-respected in the industry.  

• Sable International is one of the only contractor accounting specialist firms that offers face-to-face quarterly meetings with our pay-monthly clients.

• Our suite of services includes accounting, financial advice, insurance and limited company tax planning, designed to assist contracting professionals through every step of their business journey.

• Sable International works closely with Sable Wealth, our independent financial advisory arm, to ensure that the tax advice and planning we provide is the most up-to-date and accurate in the industry.

South Africa

Cape Town

Regent Square
Doncaster Road
Kenilworth 7708 +27 (0) 21 657 2120

Durban

25 Richefond Circle
Ridgeside
Umhlanga 4320 +27 (0) 31 536 8843

United Kingdom

London

Castlewood House
77/91 New Oxford Street
WC1A 1DG +44 (0) 20 7759 7514

Croydon

5-7 Selsdon Road
South Croydon
CR2 6PU +44 (0) 20 7759 7581

Australia

Melbourne

9 Yarra Street
South Yarra
VIC 3141 +613 (0) 8651 4500

Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

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