This is a list of the most frequently asked questions we receive.
Please feel free to contact us, if you have anything that is not here or if you wish to discuss things in more detail, then we are happy to do that.
Company start-ups, contract reviews, accounts transfers, tax planning, fully qualified staff, award-winning service.
What will be my take home pay?
Not surprisingly, this is top of the list of questions we receive. As a general rule of thumb based on correct tax planning, you will be able to take home between 75%-80% of your contract rate.
Whats the admin involved in running my own limited company?
Its true that you need to allocate a regular amount of time to admin tasks such as entering your income and expenses into our online system But averaged out, this should amount to less than an hour each month.
Should I use an umbrella company?
It is your choice as to whether you opt to run your own limited company or just use an umbrella. However, the tax advantages of having your own company far outweigh the small amount of extra admin involved. As a ballpark figure, on a rate of £300 per day, you could be better off by around £1,000 per month by running your own limited company.
In general terms, umbrella companies only really make sense if you plan to contract for a short period of time, so only want to incur charges for the months you work.
What expenses can I claim?
You can claim all expenses that are incurred wholly and exclusively as part of running your business. These include purchase of hardware and software, travel and accommodation, professional fees, office expenses etc. As a new client AccountsNet will provide a detailed list of expenses that you can legitimately claim to offset any tax due.
What is the Flat Rate VAT Scheme?
The FRS was introduced to simplify checking of returns by HMRC. Although It is an optional scheme, we advise most of our clients to join, as it can result in a substantial saving each quarter. However, as always, we look at each individual circumstance to ensure that the timing is correct to move to the scheme.
How do I get paid by my company?
You can take money from the company by claiming expenses, paying a salary and topping up your income with dividends. On an individual basis, we will advise you on the most tax efficient strategy.
Why should I choose AccountsNet
We offer traditional service levels coupled with new technology. For example, when you call you will always deal with qualified accountants rather than ‘contact managers’. We will always reply to emails the same day. We have over ten years experience working with contractors in all sectors. In addition, we have a fully online system which will hold a permanent record or income, expenses, payroll, reimbursements, vat returns, year end completions and much more.
