As you may be aware, all employers in the UK are required to automatically enrol their employees into a workplace pension scheme. Unfortunately, while auto-enrolment laws tend to benefit workers in the long term, there are several myths circulating about pensions and how best to fund one’s retirement. To help set the record straight, we’ve busted some of the most common misconceptions about auto-enrolment and the workplace pension:
The world of contracting and subcontracting can be complicated enough without the complex matters of tax introduced. If you work in the construction sector, you have likely heard of something called the Construction Industry Scheme, commonly abbreviated as CIS. We'll be answering some of the commonly asked questions about CIS, including what it is and the eligibility criteria to receive a CIS refund.
What is the CIS?
One of the key elements of running a business, but one that is often overlooked in its importance, is payroll. Paying employees, understanding how much tax needs to be paid and also calculating National Insurance contributions is crucial. If done incorrectly, it can result in fines, unhappy staff and could, if handled particularly poorly, lead to bankruptcy. So, with that in mind, it makes sense you ensure everything associated with your company’s payroll is handled effectively, which means understanding what exactly payroll involves and how accountants can help.
The IR35, the HMRC's name for off-payroll working and subsequent taxation, had significant changes due to come into force in April 2020. However, with the Coronavirus pandemic occurring, they chose to delay it until April 2021. If you're a contractor, it's important that you're fully aware of what IR35 changes mean for you.
1. IR35 legislation developments
Accountants routinely get something of a bad rap. In Hollywood films, accountants are often regarded as synonymous with the words ‘dull’ or ‘humdrum’, but this is of course nonsense; one cannot be accurately defined by their job role alone, regardless of what it happens to be.
This is the most obvious and commonly spouted myth about accountants, so let’s take a look at a few others so that they can be settled once and for all.
1. Accountants are mathematics whizzes
Start-up
£
60
/ Month (+VAT)
This price plan is suitable for the start-up companies who are not VAT registered.
- Year-end accounts preparation and submission
- Corporation Tax returns
- Payroll & RTI submission for 1 employee
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- Assisting with correspondence from HMRC and Companies House
- Unlimited face to face advice and email support
- 1 Director
- 1 Shareholder
- Annual turnover should be less than 80K
Recommended Plan
Limited Company
£
100
/ Month (+VAT)
This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission for up to 2 employees
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- MTD VAT returns submissions – quarterly
- Unlimited face to face advice and email support
- 1 Director
- 1 Shareholder
- Annual turnover should be less than 100K
Company Pro
£
150
/ Month (+VAT)
This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.
- Company formation (if required)
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission for up to 5 employees (Free)
- MTD VAT returns submissions – quarterly
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- Unlimited face to face advice and email support
- 2 Directors
- 2 Shareholders
- Annual turnover should be less than 200K
Company Premium
Let's talk.
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This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.
- Company formation
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission all employees
- MTD VAT returns submissions – quarterly
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for the all Directors (Free)*
- Unlimited face to face advice and email support
- Flexible and can be discussed
- Annual turnover should be more than 200K
- Personal Tax Returns
This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.
If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.
- Tax Investigation
- Business Legal Support
- Company Formation
- Business Mentoring
- ARA accounting services for ATOL & ABTA travel companies
Our commitment to you is that we’ll ensure all the information we’ve submitted to the Civil Aviation Authority is up-to-date and accurate.
