Should I set up a Ltd company?
This depends on your hourly / daily rate. Normally if you are earning above £15 an hour then trading via a limited company may be beneficial for you. However, it also depends on your personal circumstances such as the amount of expenses you are eligible to claim and length of your contract.
Should I register for VAT?
In most circumstances yes – by registering for Flat Rate VAT Scheme you may be able to accrue an additional gain. However, your annual income needs to be below £150,000 for you to be eligible for Flat Rate VAT scheme
What expenses can I claim?
When contracting, normally your place of work is considered to be your home and therefore you could be entitled to claim your travel expenses as a business expense. You may also be eligible to claim your mobile phone as a business expense if the contract is in company’s name. We offer a comprehensive expenses guide in accordance with HMRC guidelines once you sign up for our services
What does your fee cover? Are there any hidden charges?
Our iPlan Basic fee package includes filing of year end accounts, VAT returns and Company’s tax returns, while iPlan Plus includes book keeping services. This fee does not include filing your personal tax returns which is priced at £100 plus VAT per tax return. Please also note that Company’s House requires each company to file an annual return which is a confirmation of company’s and Directors personal details. If you want us to file this return we charge an additional fee of £43 which includes Companies House filing fee of £13. There are no hidden charges, any additional work we undertake will be with your permission and fee for any additional services will be agreed with you beforehand.
Can I take dividends on a weekly or monthly basis?
No, we do not recommend this. Normally dividends are paid out after company’s financial results have been reviewed by the Director(s) and they are of the opinion that company has surplus profits to distribute to shareholders. Therefore we recommend quarterly dividends which should be backed up by appropriate paperwork to show you have complied with the requirements for paying dividends
I don’t have time to input my income and expenses on to the accounting system, can you help?
Yes, if you are working long hours or do not have the time or inclination to input your expenses on to our online accounting system then you can choose iPlan Plus package. You can then simply send us receipts for your expenses via email or post and we will do the rest for you.
I want to buy a property through my company, can you help?
Yes, we can advise you on whether you should purchase a buy to let property in your personal name or in company name and pros and cons of both these approaches. We can also take care of any additional accounting implications arising from such transaction(s)
I want to start another business, do I need a separate company?
Not necessarily. You can use your existing company to start up a new business in most cases. However, there could be VAT implications specially if you are going to import or export goods or deal in goods that may VAT exempt or zero rated. Please call us and we will be able to advise you on the best option for you.
I want to switch to using your services – how will it work?
It is quite simple. We agree our terms and conditions in writing with you. Once you have signed and accepted these, we take care of the rest. We will contact your existing accountants and HMRC on your behalf and deal with all the necessary paperwork. We advise you of your pending filing deadlines and then your Account Manager will work with you to ensure the filing deadlines are met and work transitioned over to us without any delay.
Can I have my life partner as a shareholder in the company?
Yes you may, if they are assisting you with the running and managing company affairs. This could be dealing with company’s paperwork, booking your appointments or dealing with agencies etc on your behalf. However, their shareholding or salary needs to be in line with the level of contribution they are making in running the business.
Are you open at weekends?
No we are closed at weekends, however, we do offer after work appointments on week days so if you need to discuss any matter face to face you can pop in to our office on your way back from work with prior arrangement. Alternatively you can arrange a phone call to discuss any specific matters relating to your company’s affairs.
12. What happens if I stop contracting or have a break between contracts?
We only charge our full fee for the months you have been contracting. If you decide to take a break or you are in between contracts we can offer you a significantly reduced monthly fee to ensure VAT or any PAYE returns if required are filed in a timely manner. If you decide to stop contracting all together then we will work with you to either close down the company or make it dormant. Additional fee may apply in these circumstances.