Company set-up can cost from around £100 using either an accountant or one of the many Company suppliers who advertise in the trade press. |
| Alternatively, you can apply
for a Personal Service Company direct from Companies House, which is
a cheaper option although the process does take longer and requires
you to take on the burden of administration. |
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As part of a package, some accountants
may be prepared to set-up your company for you.
Once you have formed your Personal Service Company, you will need to appoint a company secretary,
who will fulfil the legal requirement to record company meetings and perform administrative duties. In practice, this role is minimal and should not take up much time during the company year. Many contractors appoint their partner, or a parent. |
| You can check to see if your preferred Company Name is available at the Companies House web site http://www.companieshouse.gov.uk/info/
You will then be responsible for issuing invoices to your client/agent, running a payroll, issuing dividends, registering and accounting for VAT, and various other tasks. You normally would appoint an accountant to perform some of the following duties on your behalf - make sure you check what is included in your monthly fee before signing up: |
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Processing of PAYE / NI payments to the Inland Revenue |
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Preparation of Company Year End Accounts
Personal Taxation - completing your self assessment forms |
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Completion of VAT returns |
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Completion of P11D, P35, P60 and other forms on your behalf |
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Tax Planning Advice (e.g. Dividend Planning) |
Typically, you will expect to pay £60 - £100+ per month for a reputable firm. Make sure you find out what this fee includes - beware of hidden 'extras' (such as a £15 monthly charge simply for having a company car).
Many contractors have tried several accountants over the years
before making the decision to stay with one in particular. At some stage, you may feel the need to move accountants for whatever reason - the best time to do this is after a company year end, since most outstanding paperwork should have been completed by this stage. So, you should ask other contractors for advice.
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D J Colom & Co are a specialist firm of Chartered Accountants, providing services to computer consultants and other agency contractors. They provide both the one-person company solution and also umbrella company solutions for those contractors who do not wish to be bothered with the responsibilities of being a director of their own limited company.
D J Colom & Co’s distinguishing feature compared with other firms servicing computer consultants, is their high level of personal service and reliability. Their fees are highly competitive and a 10% discount on their standard
setup fees is available to any contractor who simply mentions that they looked at the IT Consultants Direct website. www.djcolom.co.uk
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