- A personal service company (PSC) is a Limited company set up in the UK, giving you the independence to handle your own affairs. This method of working is for contract work in the UK and abroad.
Forming your own company means that you will be running your own business. You will decide on the name of the company, operate the company bank account and be responsible for the affairs of the company.
- If your contract is not caught by IR35 legislation, this can be a very tax efficient way of working.
- You have complete control of your financial affairs and company matters.
- You are running your own business so you can undertake other work outside your normal contract role.
- You can legitimately claim a wider range of expenses (training, equipment, software, etc).
- Contractor status, as you will be seen to be “representing” the company and “running a business” with its own trading name.