Yes, we use an online portal which means that you can access your records at anytime, anywhere in the world, provided you have internet access.

Generally speaking yes, as a small salary and dividends would result in no personal tax liability on the income and the company only paying 20% corporation tax on the profit generated (to enable the dividends to be paid).

As such the saving made is the NIC that would have been payable if salary had been received, this would be 12% as an individual and 13.8% in employers NIC.

When you get into the higher rate the difference is reduced as you will pay an effective rate of 25% on the dividends received, however on salary you would be paying 40% and 2% NIC with the employer playing 13.8% as well.

For historical accounts there will be an agreed fee before work commences, based on your current bookkeeping and accuracy. Mid-year sign ups will be charged a minimum of ten months’ fees to prepare the accounts. There are no minimum contracts or leaving fees.

There are a few other things we would look for when review a contact. We would suggest that a contract includes one or more of the following clauses (or similar):

1. Right of Substitution

The contract should be between the client and your Limited Company. You might be named as a consultant on the contract but it is a good idea to have a clause to say that the main consultant can substitute himself/herself for someone of similar qualifications and or experience.

2. Mutuality of Obligation

Mutual obligation should not exist in a contract outside of IR35, so basically is should say somewhere that the client is under no obligation to provide work during or after the current contract. You are also under no obligation to complete work if it’s offered.

3. Lack of Control

As a consultant, your method of work should be your own (as long as the job is complete) and it’s a good idea to add this into the contract. Beware of any clause that says that you need to comply with any ‘reasonable requests’ as this could be anything.

Obviously, any clause that’s added or amended would need to genuinely reflect your working conditions.

It’s quite simple; if you know that you are never going to be a contractor again as you are re-entering the world of permanent employment, relocating or retiring, TSA can help you to wind up your company in the most tax efficient manner. If it looks as though you may only be pausing or taking a break from contracting, please contact us and we can go through the options available.

Yes, we have a number of qualified staff who can provide all references as and when required.

It’s probably the most common question we get asked, and the honest answer is, we have no idea. It is like us asking you, “I am travelling to Australia, how much will it cost?”.

There are so many ways of running a Limited Company and everyone is unique as the individual that owns it. Hence you will never find a ‘take home pay’ calculator on our site. They are mis-leading and total nonsense.

We will however provide bespoke tax planning sessions with you to ensure you pay as little tax as possible and set the correct path very early in the tax year.

The allowance you can claim in Childcare Vouchers is £243 per month. It doesn’t matter if they are paid per term or month, as long as the total claim in your company financial year doesn’t exceed £2916.

The payment must be made from the business bank account directly to the registered Childcare Provider and never is paid into your personal bank account or paid in cash.

An Annual Return is a simple administration form requested by Companies House. Do not get this confused with your financial statement submission, aka accounts.

No financial information is needed and we suggest you complete the form yourself as you know your most up-to-date shareholdings and current address.

Don’t forget there is a £13 charge, so have a credit card ready to pay Companies House.

Once you are registered for VAT, you may want to join the Flat Rate Scheme.

If you register for VAT and join the Flat Rate scheme you can benefit from being VAT registered.

If your net sales figure was 50000.00, the VAT on this would be 10000.00 giving a gross total of 60000.00.

On the standard scheme, the 10000.00 VAT amount would be paid over to HMRC, less any VAT paid out on any expenses.

On the Flat Rate scheme, you would pay over a percentage of your gross sales relative to your trade. So for example, IT Consultancy is currently at a percentage of 14.5% (you also receive a 1% discount for your first year of registration) so with the figures mentioned above, you would pay over 8100.00.

This is a saving of 1900.00; this saving would be declared as profits in the company.

In order to get the same effect whilst on the standard scheme, you would need to have 1900.00 of VAT on your expenses – so gross expenses of approx 11400.00 – all of which must have VAT included.

As a contractor, it is very unlikely that you will have such a high value of vat-able expenses and therefore we would advise that the Flat Rate scheme is the best way to go for you.

Yes, you can take a Director’s Loan from the company.

We wouldn’t advise taking anymore than £10,000 as this would be considered a beneficial loan and you would be taxed on this. The only way to avoid the benefit is if you were to repay the loan with an element of interest (say 4%) then it wouldn’t be considered a benefit in kind and you wouldn’t be taxed.

When you take a Director’s Loan, you have until we submit your accounts (within 9 months of your company Year End) to repay the loan without having to pay additional section 445 tax on it (25% of the loan amount added to your corporation tax).

As our systems prepare accurate monthly management accounts, you can pay yourself a dividend based on the profits from the company accounts.

Generally speaking yes, as a small salary and dividends would result in no personal tax liability on the income and the company only paying 20% corporation tax on the profit generated (to enable the dividends to be paid).

As such, the saving made is the NIC that would have been payable if salary had been received, this would be 12% as an individual and 13.8% in employers NIC.

When you get into the higher rate the difference is reduced as you will pay an effective rate of 25% on the dividends received, however on salary you would be paying 40% and 2% NIC with the employer playing 13.8% as well.

When you want to pay someone dividends, they have to be a shareholder. If you’re a TSA customer, you will be set up as the only shareholder, owning 100% of the business.

If you wanted to pay your spouse dividends, you would have to transfer shares over to them. The shareholding she takes denote how much they receive. So if you made them a 50% shareholder, you would be equal so you would therefore have to take the same amount of dividends.

You may need to increase the issued share capital or allocate existing share capital, so please contact us and we will talk you through the next steps.