UNLIMITED COMPANIES

Also know as Artists' Companies for their simplicty

If you are an artist, a craftsperson or another professional, making your living by selling or from commissions, you can save a lot of money on tax bill by forming a company. Most artists do not want a formal structure of a Limited company, which may alienate their regular clients. But our accountant Frank Selkirk has come up with an ideal solution - forming an unlimited company. Advantages of an un-limited company:

• Your name ‘Arthur Somebody’ will remain the same, there is no need to add the word 'Limited' which is required when forming a Limited company.
  
• You can still enjoy the benefits of low NIC and low income tax, like a Limited Company. These benefit are not available to sole traders or the partnerships.
  

• You creditors may not ask for a separate personal guarantee, as it is case for directors of a Limited Company.
  
• There is no need to file an end of year Balance Sheet and most other Companies House returns, therefore the company finances remain private, from competitors and other outsiders.
  
• You will be responsible for any losses of your business, as you do now being self-employed.
  
• Your business will be little more formalised, which in itself is a good thing anyway, but you tax benefits will definitely overweigh any additional formality it may bring.

Note: An unlimited company is not suitable format for a general trading compnay, where profits and losses are higher which are sometimes beyond your control. A selfemployed professional is always responsible for his/her profits and losses, that remains the case for an unlimited company. (Apply now)

We also offer Peace of Mind Pack for artsts who are familiar or do want to deal with formalities of maintaining a Company

Read more about companies