Despite HMRC’s effort the world of contracting seems to be thriving. although much of the tax advantages of having a Limited company has been eroded, the flexibility contracting offers makes this a better option for most in today’s world
At Valentis, our aim is to make things simple, come up with a plan and make sure it works for you and let us do the boring bits, while you do what’s important.
Our straightforward pricing will make sure you’re not out of pocket and always in control.
Main Considerations As A Contractor
IR35 legislation in summary was designed to ensure that you are indeed a contractor and do not fall within the realm of being an ‘employee’.Every contract is different, though it may be with the same employer so review each contract on its own merits and ensure the work you are engaged to carry is that of contractor.
It important to have insurance in place before you start, examine your contract to ensure that you have the appropriate cover to take the contract on
Invoicing (Self Billing)
This is simply ensuring you send out bill on a timely basis to make you get paid. This could not be any more-simpler with our cloud based solutions and training.
Registration Of Taxes
There are several taxes you are required to register for as follows
- Corporation Tax
However, we will take of this on your behalf and ensure all deadlines are met
Sounds simple, but this can very go out of control. Keeping records organised and available is important and failure to so can in some cases lead to penalties. We will set up a system of capturing all your expenses.
Knowing what to claim is crucial, but equally as important is knowing what you cant claim as an expense.
If a place of work is considered permanent, then travel to and from your permanent place of work in not an allowable expense. How is a permanent place worked out, generally it is expected that if 40% of your time in particular place in 24 month period that would be considered a permanent place of work.
If Travel is to different location, then generally you do nothave anything to worry about. However one you be aware that if you buy a season ticket for example you accpunt for a a small percentage of private use.
Expense Description Amount
How We Work?
The philosophy is simple, to ensure that we take the burden of your compliance, so you get on with what important, and that’s running your business.
As well as having an open-door policy, we help contractors in the following way
Fixed Pricing Structure
We believe in ensuring that you are always in control, and this should also extend to knowing what you are paying us for and ensuring that you are getting what you paid for! As such we recommend our annual fees be paid via a monthly standing order, this will provide our clients the opportunity to manage their cash flow evenly throughout the financial year instead of having to pay a lump sum and we will not change our fee unless it is agreed before hand.
Free Registered Office – We will register your company at our offices so that all HMRC and companies house documents come directly to us, this we can take of all your paperwork. However do not worry we will not authorise or implement in changes without prior approval from you.
Xero Cloud Accounting - For all contractor that require it we will set up your Xero account. This will enable you to raise invoices and we will have direct access so need for you to keep separate records
Extraction Planning – We have learnt that although contractors operate in the same from industry to industry, each client is different. We will sit down with your and work out the best solution that suit your individual needs whilst keeping in mind the best way to minimise your tax burden.