Here at SeavorChartered, we can help you whether you’re about to start contracting or are a seasoned professional
Everyone wants to be organised when it comes to their finances and doesn’t want to pay more tax than they need to, this is where SeavorChartered can make the difference. As contractor accountants, we can give you the tools you need to help manage your income and costs, in a way that works for you. We are qualified advisers and are experienced working with contractors to ensure you and your company pay no more tax than you need to.
We will take time to get to know you, we will always take your calls and we will provide you with prompt and professional service.
What we do to get you started
Nowadays anyone can set up a company, however, we ensure this is done correctly and consider your current and future position to ensure you don’t get a large unexpected tax bill in the future.
We ensure you are set up for VAT and PAYE in the most tax-efficient way and register you with HM Revenue & Customs.
Business Bank Account
We can advise on the best business bank accounts, which offer the best online services and ensure you benefit from a period of free banking.
Once you’re set up
We will help you understand how your new company works and what to do to ensure your take-home pay is as high as possible. We’ll run through the following with you:
Running your own Limited Company
Owning and running your own limited company especially if you are new to contracting can be a difficult, daunting task. However, with the support of SeavorChartered who are qualified experienced advisers, we can make this simple, efficient and inexpensive.
IR35 “Getting it Right”
IR35 is a complex area of legislation and case law. IR35 is legislation brought in by HM Revenue & Customs (HMRC) in April 2000, to counter what HMRC class as disguised employment. There is a significant difference in the amount of tax payable for companies caught within and outside IR35. We can advise on whether your company is inside IR35 and the corresponding tax implications.
Travel & Subsistence Expenses
The tax position of travel & subsistence has been hot in the press recently. However, you can claim the cost of travel to and from your temporary place of work and you claim actual meal costs whilst you are working at a remote site (round sums are not allowable). We run through this with you to ensure you get it right.
We ensure you know what other business costs qualify for tax relief. Generally “Wholly and exclusively” expenses incurred in carrying out the day to day running of your business are allowable for tax. We will ensure you get tax relief on all your allowable business expenditure.
What we are – Qualified Accountants & Tax Advisers
Being qualified advisers with Chartered Status means you can have absolute peace of mind that we deal with your accountancy and tax affairs in an honest and professional way. We have access to the very latest changes in accountancy and tax to ensure we can advise in a timely manner of changes that will affect you.
What we’re not – Call Centre Accountants
Reading from a list and following a script can’t ensure your finances are in order and you are paying no more tax than you need to. SeavorChartered offer face to face meetings with qualified advisers that can apply the accounting and tax rules specifically to you and your business.
We currently act for a number of contractors, here are some of the most frequently asked questions:
How much will I take home?
Typically, contractors working through their own limited company take home between 75% and 80% of their contract value (after-tax)
Am I caught by IR35?
This depends on a number of factors and these are different for every contractor. Determining whether you fall inside or outside IR35 requires more than a review of your service contracts, but also consideration of the actual day to day relationships with your customers.
What expenses can I claim?
If you are outside IR35, you can claim back anything that is “wholly and exclusively” incurred to carry out the day to day running of your business. This includes insurance, accountancy fees, travel and accommodation expenses, motor expenses, computer hardware and software, telephone, stationery, training etc.
How do you bill your fees?
Our fees are charged monthly by Direct Debit to ensure you never receive a surprise bill.
SeavorChartered’s service will include:
- Face to face meetings at a time to suit you
- Preparation of Company Year-End Accounts
- Preparation of Registrar Company Accounts and filing with Companies House
- Preparation of the Director’s personal tax return
- Corporation Tax Computations and Returns
- Quarterly VAT Calculations
- Dealing with HM Revenue & Customs
- Dealing with Companies House
- Running of the company payroll including Real Time Information (RTI)
- Completion of a P11D form if required
- Advice about the company’s IR35 status
- On-going tax and accountancy advice throughout the year
We’re here to help you
If you would like to discuss the accounts for your business why not give us a call on 01228 904904