|Free limited company formation (subject to our our fair use T&C's)|
|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|
|Enjoy access to our Knowledge Base|
|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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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.
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.
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 'Periods when you are not working' section under 'The Finer Points About Our Fees' below.
The finer points about our feesWe'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.
IR35 - What you need to knowEvery 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.
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 are various contract review services available to contractors. Bauer and Cottrell have an 'unlimited' contract review service, where for a fixed annual fee starting from £399 + VAT, they will undertake as many contract reviews as you like (the product is called Contractor Guardian).
Some important notes for you
A contract review should not only include a review of the written contract - it is also essential that it includes;
- a questionnaire to pick up your actual working practices
- discussions between the reviewer and the contractor to clarify points
- 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
- The fee for your contract review is tax deductible for your business;