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Chartered Accountancy Services
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Futurelink Accountancy Services is the accounting arm of the Futurelink Group which became a Chartered Accountancy practice in January 2017. While the division provides typical accountancy services like company formation and tax returns, it has developed its own application, become a Quickbooks and FreeAgent Premium Partner, a Xero Silver Champion and a 2020 Group Virtual Marketing partner as featured in 2020’s Accountex marketing literature.
Bottom line, Futurelink Accountancy has embraced all that is available in the 21st Century to provide the most efficient solutions possible.
Futurelink Accountancy provides the following support and services in Company Formations, Invoice Management, Back Office Support, Payroll, Tax returns, Bookkeeping and a whole host of accountancy services.
For those using the limited company services benefits from:
Also known as a Personal Service Company, a limited company provides an individual/s with a legal company identity to trade with other businesses for purposes of providing a credible service. An individual contracting through a limited company will typically pay themselves a small salary and receive profits in the form of dividends.
A limited company can have one or more people associated with it. However, it should have its own company bank account and insurances to provide its client with assurances that works provided will be carried out a high standard, and protect their client against personal tax liabilities including National Insurance. For the worker who sets up a limited company, it allows for improved tax efficiency compared to employed PAYE status.
The IR35 legislation was introduced in 2000, in a bid to counteract tax avoidance. Inland revenue (HMRC) have scrutinized personal service companies, determining if the company and its director is working legitimately, and can comply fully with the various IR35 stipulations. IR35 has evolved in recent years from the introduction to the public sector in 2017 and anticipates that the private sector will follow suit in 2020. Individuals typically pay Class 2 and 4 National Insurance, but could be subject to Class 1 NI contributions if found to be in breach.
When further reforms are made to IR35 in April 2020, It will be possible for a worker to continue contracting through a limited company. This will be determined by the end-client, and expected to based on turnover, assets and the amount of staff they employ directly.
To find out more about IR35 & how we can help click here.
Setting up and registering a limited company can be a very exciting time, especially with expectations of growth and the hiring of staff. As a director of the company, it expected that you will be employed and take a small salary subject to tax and National Insurance. This means that personal income and business income are separate when it comes to paying tax. These are personal tax and corporation tax.
To set up a limited company you need to:
• Have a name and address for the company
• Register the Company with Companies House
• Have at least 1 director
• Have at least 1 shareholder
• Have articles of association (agreed rules about running the company)
• Set up company for Corporation Tax
There are many benefits of setting up a limited company and becoming your own boss. If you are thinking of making the leap here are a few more advantages of forming one, and having Futurelink Accountancy manage the process:
• Quick and easy to set up
• FreeAgent, Xero or Quickbooks solutions to effectively run the business while on the go
• Greater credibility & reputation - It gives both suppliers and customers more confidence in using your services
• Competitive Tax advantages (corporate tax benefits)
• The owner’s liability is limited – protects the shareholder/s