Typically, contractors operating via their own limited company take home between 75% and 80% of their contract value. This will vary from person to person and be determined by your eligible expenses, the choices you make regarding payments and other factors, pension contributions, salary, etc.
The only way to be sure whether your contract falls inside or outside IR35 is to have it reviewed by a specialist. We would be happy to advise you on this. Click here to email us for further details.
You can claim back anything expenses, as long as it is "wholly and exclusively" incurred to carry out the day to day running of your business. Examples may be business travel expenses insurance, accountancy fees, motor expenses, computer hardware and software, telephone, stationery, home office, training, etc.
Your Year End Accounts are due at Companies house 9 months after your accounting year end. We will prepare this for you and then send it to you for signature and submission to Companies House.
Your Corporation Tax Payment is due at HMRC 9 Months + 1 day after your accounting year end. We will advise you of the amount payable based on the monthly records you submit to us.
On a normal VAT scheme a company charges VAT at 20% and pays this VAT to HMRC at less the VAT paid out on expenses. However the 2002 Budget saw the introduction of an alternative to the normal method of VAT accounting. The Flat Rate Scheme allows eligible businesses to calculate their net VAT liability as a flat rate percentage of their total turnover, inclusive of VAT.
Assuming you do not have many expenses to put through your company on a monthly basis, it is very likely that you may very well benefit from this. You can still claim expenses, however the vat on the expenses cannot be claimed back.
You need to submit these to us each month, ideally by the 14th of the following month. E.g. January's reports to be sent to us by 14th February, including copies of your bank statements.
This depends on when you submit all the relevant reports to us. We will ensure they are prepared in time for all deadlines and give you plenty of notification of any Corporation Tax liabilities to pay.
Your VAT is payable to HMRC four times a year, each quarter, one month after the quarter end. We will calculate your VAT for you and advise you how much to pay and to whom. We will also submit your company VAT return to HMRC on your behalf each quarter.
No, we do not charge by the hour. Our clients pay a set monthly fee of £85 and this includes all services. You can contact us at any time.
You have the option of making your company dormant, however you will still need to file annual accounts with Companies House. Our fees will reduce to £45 per month in order to continue assisting you with your company while you are dormant.
We will help you in setting up a monthly standing order against your company bank account when you sign up as a client of ours.
It is entirely up to you how you manage your company, but we recommend that you draw one dividend per quarter from your company.
Company law states that you do not have to appoint a secretary. However you can appoint anyone of your choice. However in the event you cannot decide on a suitable person we offer a Company Secretarial service where we act as the secretary for your business.
Form: Authorising your agent
Form: P46 