My husband was made redundant in January and has been contracting ever since (he works in IT). He is currently paid through an umbrella company but they take chunk of his money in fees, so I'm thinking about setting up a limited company. He's been looking for permanent work but there doesn't seem to be any so we're now thinking that contracting is how it's going to be for the foreseeable future.
So my questions are :
1/ Does anyone on here deal with contractors / limited companies?
2/ How will he be affected by IR35, if at all?
3/ Would he simply be paid his personal allowance through payroll (which I'll obviously do!), then the rest as dividends?
4/ I would obviously do the bulk of his paperwork so I'd just want someone to do the voting of dividends / year end accounts, etc., as I'm not confident enough (and my skills in that area are a little rusty!) but the companies I've seen advertised on the internet charge rather a lot! Anyone on here willing to quote me a fee?!!!!
I have several companies/ directors on my books that I do this for -they take a salary each month and they are also in flat rate vat scheme for ease
I can do the ct return -if you want to email my I can send you a quote -I am back from holiday on the 1st April
I see that you are local to me and I also have several Ltd Companies as clients. Sample fees are quoted on my website at www.tragor.co.uk so if these are of any interest to you please contact me and we can discuss your queries further.
Again, I have a number of clients in the same situation as your husband. If you would like a quote, please contact me either by email or to have a chat on the phone. I work with clients remotely, so distance doesn't cause any problem.
2. Will depend on what he does and how his contract(s) are set up. Would advise a review from an IR35 viewpoint to make sure you have all bases covered.
3. Will depend on a number of factors. But usually the most tax efficient way is to take salary of £10k from tax year 2014/15 with the rest being taken as dividends.
4. Fixed price fees on our website for year end statutory accounts and filing at Comp House, company tax returns and filing with HMRC, personal tax return and filing with HMRC, monthly payroll for up to 2 employees, preparation and submission of annual return with HMRC, fee protection insurance to cover our costs should you ever be subject to an investigation/enquiry from HMRC.
Have a look at our updated website www.stewartaccounting.co.uk (you may need to typed it into the brower rather than using the link below) which gives more information about what we do. Contact details are also there.
We deal remotely with clients so not a problem to deal with you.
We are not the cheapest in the world but then again as with most things in life you get what you pay for.
My husband was made redundant in January and has been contracting ever since (he works in IT). He is currently paid through an umbrella company but they take chunk of his money in fees, so I'm thinking about setting up a limited company. He's been looking for permanent work but there doesn't seem to be any so we're now thinking that contracting is how it's going to be for the foreseeable future.
So my questions are :
1/ Does anyone on here deal with contractors / limited companies?
Simple answer is yes.
2/ How will he be affected by IR35, if at all?
Need to review his working conditions. Yes, we can review to see if his contract for services is OK with regards to IR35 but you then have ask whether that contact matches his actual working conditions.
3/ Would he simply be paid his personal allowance through payroll (which I'll obviously do!), then the rest as dividends?
No. If you really wanted to cheeky (which is what HMRC think) then you would pay up the Secondary Employer NI Threshold (2013/14 : £7,696). That way you do not pay any PAYE nor national insurance on the salary but still get an NI credit for state benefit purposes. Don't forget the new employer allowance is coming in from 6th April 2014.
4/ I would obviously do the bulk of his paperwork so I'd just want someone to do the voting of dividends / year end accounts, etc., as I'm not confident enough (and my skills in that area are a little rusty!) but the companies I've seen advertised on the internet charge rather a lot! Anyone on here willing to quote me a fee?!!!!
£600 a year which includes accounts, minutes of meetings, dividend vouchers, contract reviews, Corporation Tax and personal tax returns.
