1st Option ensures Limited Companies become accessible to lower-end contractors

1st Option ensures Limited Companies become accessible to lower-end contractors

1st Option – one of the UK’s largest Financial Management Groups - has adopted a new approach to accountancy provision with an offering targeted at a wider cross section of the contractor community and specifically including lower to mid level earning freelance professionals.

The national advisor, which had previously targeted its offering at mid to senior level consultants, has recognised that the Agency Workers Regulations 2011 will increase demand for limited company services from consultants at all levels.  This includes those who might previously have used alternative trading formats (such as an umbrella company or agency payroll), but who now wish to ensure that they remain outside of the scope of the regulations.

Many of the industry’s freelance professionals earning lower hourly rates, often between £12 and £20 per hour, had previously avoided administering limited companies as their remuneration was generally too low to create the kinds of tax efficiencies sought by mainstream contractors.

The newly organised service, which allows contractors to select the features and benefits that are most appropriate to their needs, has charges from as little as £16.66 per week (plus VAT). By deploying its existing accountancy teams, technology infrastructure and processes, built up over the last 15 years, 1st Option is able to ensure that personalized services continue to be delivered to the bespoke requirements of every client.

This set up will offer a logical alternative for a far wider range of freelancers including those that wish to establish a longer term contracting solution and retain full control of their corporate finances. This latter point will be especially resonant to those freelancers that have been frustrated by payroll queries, processing delays or worst of all fallen victim to one of the numerous 3rd party umbrella services that have latterly gone into administration.

Commenting on the newly evolved service, Managing Director David Mount said: “1st Option recognizes that there will be a far greater demand for limited company services during 2011 and beyond. With the development of our new service we aim to fulfill the needs of freelance professionals at all levels without compromising our reputation for compliance, personal service, or our attention to detail”