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Ltd company accounting services for contractors

Tailored to suit your needs our flexible accounting service ensures you get the support you want.
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1.

Sign up.

Whether you already have your own limited company, or if you need us to help you get one started, we will help ensure you're correctly setup and registered.

2.

Open a bank account.

We can help you open a business bank account quickly and smoothly with HSBC, or else stick with your preferred banking provider.

3.

Get working.

Before you know it you will be set-up and successfully contracting, ready to take advantage of our referrals programme to reduce our service fee.

Club Gold service

  • Our most comprehensive service
  • Meets all statutory reporting
  • Live Profit and Loss account
  • Accounts reconciled monthly
  • Track your personal tax position
  • Regular auditing of expenses & invoices
  • Monitor personal tax thresholds
  • VAT registration/reporting available
Our most popular
£105monthly (+VAT)

Gold service

  • Our basic service
  • Meets all statutory reporting
  • Live Profit and Loss account
  • Accounts reconciled annually
  • Track your personal tax position
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A steal of a deal
£85monthly (+VAT)
  Gold Club
Free limited company formation *
Monthly RTI filing with the HMRC for your payroll
Use our acclaimed cloud-based accounting software - we made it ourselves :)
Unlimited phone and email support for all accounting/tax matters
Unlimited face-to-face meetings
We are your registered office with Companies Houuse
Dealing with general HMRC and Companies House enquiries
LIVE Profit & Loss straight from your homepage
Completion of year end accounts and company tax returns
Administration/submission of all PAYE returns to the HMRC
Plus loads of other things like address changes with Companies House, mortgage & tenancy references, completion of National Statistical Office questionnaires.
VAT registration and quarterly VAT returns if requested or required (inc flat rate vat)
Personal earnings updated/confirmed by us to help you monitor personal tax thresholds
All transactions reconciled by us at least every quarter (usually monthly)
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The steps to success.

The initial setup

Regardless of whether you approach us with your own limited company already set-up, or if you need us to help you get one started, we will help you ensure your limited company is correctly setup and registered with Companies House, and if need be, we can help you open a business bank account with HSBC, or Metro Bank.

Once these basic elements are in place, we will ensure your company is correctly registered with the HMRC for Corporation Tax, and PAYE. We can also advise you on VAT registration.

Week to week operations

Once you become a No Worries client, we set you up with your own online book keeping account which allows you to record expenses, generate invoices, manage contract details, review/update company information, and review quarterly Profit and Loss statements (Club Gold only). (For more information please read the attached document How It Works).

On-going reporting requirements

Companies House and HMRC require various filings over the course of your company's trading year. We will keep you informed of the due dates, and will prepare all the documents required. It is important to remember that it is you, the company director, who is ultimately responsible for all your filing obligations.

Paying us

We require you to set up a Standing Order to pay us. Once you begin actively trading using our accounting service, we will email you will all the payment details. It's easy.

Help is on hand

We are always willing to help answer your questions in plain English. Feel free to call us, email us, or drop by our office if you have any questions regarding your company, tax, or our accounting service.

Ways to pay us less.

A lot of our clients pay us less than our standard rates, by taking advantage of our referrals programme and fee holiday policy.

Referrals!

We offer a 10% discount on our rates for each new customer you refer to our accounting service. This discount applies from the first month that we receive a full monthly fee to the last month we receive a full monthly fee from your referral. Just ask your friends/colleagues to mention your name in the final page of our online sign-up form.

Fee holiday

We recognise that there is the possibility of extended periods between contracts, or that some contractors like to plan extended holidays after finishing long or exhausting contracts. For this reason for every full month you are not contracting (up to 6 months!), we will not charge you our monthly accounting fee. Please note, to take advantage of this fee holiday you need to make sure you inform us before these periods commence. So if you take a one and a half month break, you will save one month in accounting fees, and if you take a three and a half month break you save three months is accounting fees. We will however continue to monitor your account to ensure all statutory filing/payment deadlines are met. If this period of non-working extends beyond 6 months, please refer to our Non trading section under 'Other charges' below.

The finer points about our fees

We're not in the habit of hiding fees or adding small print to our service. Here are the additional costs you need to know about.

Company formation

£FREE. Yep, its free. BUT (there is always a 'but'), please check our T&C's here as a couple of very reasonable conditions apply.

Payroll set-up

£FREE payroll set-up - This work covers a review of your personal circumstances to advise you on the best salary structure that suits your needs, and to also establish your company PAYE records within our system. If your company is not already registered for PAYE with the HMRC we will also complete this work, as well as set ourselves up as your authorised agent with the HMRC.

Fee for additional working Directors

If there is more than one actively trading Director through the same limited company, there will be an additional fee due. This additional fee will be 40% off our normal full monthly fee rate, and applies while there is one working Director paying a full monthly fee (and if this Director is no longer due to pay us a full monthly fee, the 40% discount is removed to ensure there is at least one Director paying our normal full monthly fee). Both parties can get a referral discount for referring a friend, and it will be the same, based on the full monthly fee due. Remember, the more friends you refer to our services, the cheaper your accounting fee will be!

VAT registration and administration

£FREE VAT registration and administration. We don't offer this has standard for our clients, but all you need to do is ask to be VAT registered :)

Closing down your company

As an existing client we charge a one-off fee of £185 + VAT to help you close down your limited company. We will prepare all the required documents and forms. The £10 fee payable to Companies House when you apply to have the company struck off the register is included in our closedown fee. Please note if you are closing down your company our monthly accounting fee stops in the last month that your company trades. Regardless of the number of days you trade in the last month, the full monthly fee is payable for that month.

Switching to our Accounting service

£FREE, provided your accounts are up to date. If they are not, and we need to complete some work for you to get you up to speed, we'll provide you with an absolutely free quotation on how much this will cost. Costs vary, but we love getting new customers, so we avoid charging like wounded bulls. Please note: while we do not expect any fees for switching over to our services, the first monthly fee is due on your transfer date, and we will not start processing your information before this fee is paid.

Personal self-assessment tax return

If you sign up for our personal tax return service, our fees start from £75. Alternatively we provide a free guide that explains how to do this yourself. And don't worry, we'll always remind you when your personal tax return is due.

Fee for additional employees

Where there is more than one additional employee in the limited company, we charge £10 + VAT, per additional employee to run the monthly payroll.

Gold clients only

If you want us to bring your account up to date at any point during the year (for example for production management accounts, visa earnings, mortgage reference etc) where we will need to reconcile your account up to date, an additional fee of £10 + VAT will apply for every month that we will need to update.

Periods when you are not working

If your company stops trading (and you want to keep it) we will continue to provide our usual accounting services for up to 6 months free! If however you require our support to continue after 6 months, then the following fees will be due (a) single payment of £150 + VAT for the six month period just elapsed, and (b) an on-going monthly fee of £25 + VAT.

Confirmation Statement

This is a simple document required by Companies House once a year. Each annual submission costs is £13 (no VAT) and we just charge that cost onto you.

IR35 - What you need to know

Every contractor using a ltd company needs to know about IR35. This legislation is designed to prevent contractors hiding in permanent employment, but getting the tax benefits of using a ltd company structure.

"IR35" is a piece of tax legislation announced in 1999, which took effect from April 2000. HM Revenue & Customs (HMRC) intention was to tackle tax and National Insurance (NIC) avoidance schemes through the use of intermediaries, such as a Limited Company.

All Contractors need to consider the IR35 issue, the application of which depends upon the engagement and the individual contractor's business. As you would expect, most contractors do not have a strong understanding of employment law and the principles involved, making it very difficult to determine whether you are 'caught' by IR35 or not.

The best approach a contractor can take to show they operate outside of IR35 is to be seen to be in business on their own account. There are a number of ways to do this, and there is professional guidance available to ensure you minimise the risk of your company operation being caught by IR35. If you would like to know more, please download the below documents. Again, if after reading this information you have any questions or concerns, please get in touch.

Once these basic elements are in place, we will ensure your company is correctly registered with the HMRC for Corporation Tax, and PAYE. We can also advise you on VAT registration.

No Worries operates on the basis that all our clients using a limited company do so with an awareness of the issues surrounding IR35.

Downloads

IR35: information for contractors regarding the issues surrounding IR35

IR35 contract reviews

As we mention here, IR35 is a complicated piece of legislation and it is often difficult to get a black and white answer to your IR35 status. If you are unsure about how your next contract fits within the IR35 framework, we suggest you engage the services of a professional to help you understand your position. IR35 is all about employment law after all, and is not a tax or accounting matter.

There various contract review services available to contractors. Bauer and Cottrell have an 'unlimited' contract review service, where for a fixed annual fee starting from £199 + VAT, they will undertake as many contract reviews as you like (the product is called Contractor Guardian).

Some important notes for you

  1. A contract review should not only include a review of the written contract - it is also essential that it includes;
    1. a questionnaire to pick up your actual working practices
    2. discussions between the reviewer and the contractor to clarify points
    3. a review of all the documents provided with the contract, including schedules, codes of practice, self-billing arrangements, confidentiality requirements etc. Ideally where there is a job specification, written by the client, this too should be reviewed
  2. The fee for your contract review is tax deductible for your business;