Your accounts are prepared at the end of your accounting year and we require you to have paid the full accounting charge in order for us to prepare your accounts. Our fee for a set of completed accounts is £594.00, or £49.50 per month for 12 months.
For all package holders, each monthly payment represents part payment towards the total cost of preparing your annual accounts. If you start your monthly payments less than 12 months before the end of your accounting year, we will invoice you for the remaining amount due at the time of preparing your accounts, at the rate of £49.50 per month.
We can set up your company in 24 hours.
Setting up a business is one thing, but having an officially incorporated company is quite another. We’ll set up your limited company at Companies House, making sure all the details are accurate and all the formalities handled.
Because it’s all managed online, we can often complete the process within the same day you send us your forms. Just give us everything we need by 11am, and we’ll do our best to get your Certificate of Incorporation (as well as the Memorandum & Articles of Association, Share Certificates and Statutory books) to you before the close of business. All companies are registered with Companies House on the Proof scheme, which helps prevent any fraudulent access to your company records.
Your business will need to be registered with HMRC for the following compliance issues, and failure to do so can result in penalties. These are required in different circumstances
If you propose to take salary, then a PAYE scheme must be registered with HMRC. We can do this for you if you prefer.
Self assessment tax returns
It is a requirement for company directors to complete a self assessment tax return and include an employment page for that office. This requirement applies even where the Director has received no income from their office. If you are not already registered for self assessment, we can apply to HMRC to register you.
If your company is to be VAT registered, we are able to apply for a VAT number for you. If your company has an estimated turnover of £150,000 or less then you may be eligible to join the VAT Flat Rate Scheme.
VAT online submissions registration
Once your company is VAT registered, it will be necessary to register to submit VAT returns online. We will register your company with HMRC to file VAT returns and to receive a quarterly reminder a month before the VAT return is due. The FreeAgent software has an option to file VAT returns directly to HMRC, or you can file VAT returns via HMRC.gov.uk website
EC Sales list
Charging VAT on sales in EU countries
Business to business sales of services to other EU countries are deemed to take place where the customer belongs and therefore are outside the scope of UK VAT. These sales must be dealt with under the reverse charge mechanism. If your customer has multiple establishments then the place of supply is the place that benefits the most from the services provided. The customer has to declare and pay the VAT in their own country.
The reverse charge mechanism means that your invoices must not have any VAT on them but state ‘Subject to reverse charge: customer to pay the VAT’. It must also have the company VAT registration number preceded by GB and your customer’s VAT registration number preceded by their country code.
If you are using the FRS scheme these sales are excluded from Box 6 on your VAT return.
You must submit an EC sales list to HMRC each quarter, in addition to submitting your VAT return to HMRC. You will need to register online to do this and the EC sales list must be completed within 14 days of the quarter end.
Our clients enjoy preferential rates for FreeAgent.
While we work with all the major accounting platforms, we recommend FreeAgent to all our new clients – and it’s included in our Professional and Premium plans.
It’s been designed for consultants, contractors, freelancers, interims and all independents offering their services through a limited company – so it’s no surprise that’s it’s the most popular platform among our client base.
While it’s powerful enough to offer everything you need from accounting software, it’s also beautifully simple and easy to use, giving you quick access to the tools and functions you need to run your business:
- Dashboard with at-a-glance reports including cash flow, recent projects and profit & loss
- Project management and time tracking
- Business address book
- Live feed of your business bank account
- Customisable invoices you can send straight to the client
- Basic payroll
- Expense tracking
- Automatically generated VAT returns
- Quick completion of self assessment returns online
We can set up your FreeAgent accounting software for you.
We can offer a good first step with FreeAgent, saving you the time and inconvenience of the initial administrative tasks – like linking up your business bank account so you can take advantage of the live bank stream.
Our four-step security package keeps your business addresses private.
Companies House keeps two registers – one private and one public. We can ensure that any of your personal details are kept off the public register, which not only cuts down on any junk mail or unwanted contacts, but also helps protect you from identity theft. We do this in four ways:
- We use our own office address as your “Single Alternative Inspection Location” or SAIL address – which is the one that appears on the public record and shows where your company records may be inspected
- We use our office address as your Director’s Service Address, keeping your home address off the register of directors in the Companies House public register
- We register your company under Companies House’s “Protected Online Filing” (PROOF) scheme, which is designed to protect you from corporate identity theft (by filing a fraudulent change of address, for example)
- We act as your Company Secretary and Registered Office, so all your official, statutory and unsolicited mail is sent to us.
Every year, to check that the details are still accurate, Companies House sends an annual return to the registered office – which we’ll prepare and file on your behalf.
We can help you review your finances and pay yourself in the most tax-efficient way – starting with a free, no-obligation consultation with our financial services partner.
When you swap permanent employment for owning a business, there are many subtle yet significant financial issues to consider. Without Expert help, you will almost certainly miss opportunities to reduce the tax you have already paid and indeed, the tax that you will pay going forward.
We work with City Capital Analysis, a financial services company that specialises in looking after independent professionals. They’ll take you through a review of your financial position, before devising a remuneration strategy that suits your business.If you have been a high earner and have unencumbered assets – and particularly if you’ve received a substantial severance payment recently, you should seek advice as soon as possible.
Costs depend on what kind of service you need – though an initial telephone consultation is free of charge.
We work closely with City Capital Analysis, a FCA Regulated financial services company that specialises in looking after independent professionals. They can take you through a review of your financial position, before devising a bespoke remuneration strategy that suits you and your business.
If you have been a high earner and have unencumbered assets – and particularly if you’ve received a substantial severance payment recently, you should seek advice as soon as possible.
Costs depend on what kind of service you need – although an initial telephone consultation is free of charge.
HMRC investigation fee protection is offered at a preferential rate of £10/month.
HMRC has powers to “request information” and “make visits” to investigate company and personal tax. Sadly, the number of random checks into personal services businesses has risen year on year. If you’re selected (whether or not it’s justified), there will be an extra cost to defend your position.Our investigation insurance protects you from those unexpected and unwelcome costs, and guarantees that you’ll have experienced tax specialists to represent you. The scheme not only covers the cost of an HMRC investigation into the company, but also into directors or spouses (as long as we have prepared their tax returns).
This covers you in the result of negligence while working on client’s affairs.
Working independently can come with risks that you don’t have as an employee. Professional Indemnity Insurance protects you from the costs of litigation for negligence or mistakes when working on a client’s behalf – including any claims made of loss or damage, together with the legal costs.For some professionals like solicitors, architects and financial advisers, PI Insurance is mandatory for their professional authorisation. For others, including advertising & PR professionals or designers, it’s something that clients require – or it simply offers peace of mind.
How much cover you need depends on your line of work, but an amount in the range of £250k-£500k is sufficient in most cases – though ultimately it depends on how much potential damage you could do if something went wrong.
Our insurance partner is Dallas Kirkland, who offer excellent value, though you may find it wise to approach a broker specialising in your industry.