Accountancy Services

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For Contractors working outside of IR35, running a Limited Company is often seen as the most sensible option for providing your services on contract. In many cases by running your own Limited Company you can take home a larger proportion of your income than you would through an umbrella company. This is because you can benefit from lower National Insurance contributions, the option to claim back tax on a wider selection of business expenses, taking a portion of your income as dividends rather than all salary and the Flat Rate Vat Scheme.

Although as the director of your own Limited Company you gain additional responsibilities, including the requirement to complete and submit annual accounts, corporation tax returns and, if registered, VAT returns. In addition to this there is a requirement for bookkeeping and managing PAYE.

However a good Accountancy Company can help you effectively undertake these additional responsibilities and reduce the administration burden on you.

Some of the benefits that your Accountancy Company can provide include:

Assistance with opening a Company bank account
Provision of client invoicing services
Registering your Company for PAYE
Provision of debt collection services
Recording and storing records of you expense receipts
Calculation of your pay including salary and dividends
PAYE calculations due on your salary (due to HMRC)
Output calculation for your Company VAT returns (due to HMRC)
Provision of annual accounts spreadsheets for your Company
Completion of monthly and annual PAYE returns for your Company
Registering your Company for VAT / Flat Rate Scheme
Completion of your Company quarterly VAT return
Providing advice on Expense Guidelines
Arranging Liability and indemnity insurance for your Company
Completion and filing of your Company annual returns
Completion and filing of your Company year-end accounts
Completion and filing of your Company corporation tax returns
Completion and filing of your director’s self assessment tax return

There are many good quality accountancy companies, see our guide to choosing the right professional advisor to help you make the right choice.

Find out more about the specialist Limited Company Accountancy Services tairlors to the Freelance Contractor that Independent Contractor Services can provide by contacting them directly on 0800 195 3750 or visit their website www.ics.me.uk

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