Frequently Asked Questions. If you have a question, it just might be answered here...

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1 Frequently Asked Questions If you have a question, it just might be answered here...

2 a How do I engage goaccounting as my accountant? FAQ Becoming a client of goaccounting is easy. Simply call and speak to one of our team of friendly specialist advisors on Alternatively send an to info@goaccounting.uk and one of our dedicated consultants will call you back at a time convenient to you. What fees do goaccounting charge? From as little as per week for limited company services, goaccounting will provide you with access to your own expert accountant, a dedicated personal account manager who will be on hand to assist you with any questions or queries, 24/7 access to state of the art cloud accountingsoftware and completion and filing of all your statutory ompany returns. What insurances will I need? When operating your own business you need to consider whether you need, or are required by law contractually or otherwise to take out any type of business insurance. This may include maintaining policies for professional indemnity, public liability or employers liability throughout the lifetime of your business or any contract term that you fulfill for a client. Can goaccounting help me with insurance? If you require business insurance, then goaccounting can help you arrange the right policy for your business needs. All clients of goaccounting are entitled to receive specialist contractor insurance at substantially discounted rates through our insurance shop. If you are unsure if you need insurance or not, simply send us a copy of your agency/client contract and we will be happy to advise you for FREE info@goaccounting.uk

3 Forming a limited (ltd) company is a quick and simple process with goaccounting. Just give us a call, we ll run through a few questions with you and once we ve got all the information from you that we need, we ll arrange to have your new ltd company set up and ready for you to begin trading within a matter of hours. In fact, the typical turnaround time is just 3 hours! long does it take to setup a ltd company? What expenses can I claim for? The basic rule of thumb however is that you only claim for those expenses that have been incurred wholly, exclusively and necessarily in the performance of your duties. If you would like to find out more about what you can and cannot claim for, then speak to one of our advisors today, on who will happily discuss your personal circumstances with you in more detail. Subject to IR35, there are a number of different business expenses you can claim for, including but not limited to the costs of business travel, professional subscriptions, books, stationary, insurance, software, computer equipment, tools, temporary accommodation, mobile phones, internet and training. You can even claim back the cost of our accountancy fees! 3

4 FAQ What are dividends? A dividend is a share of a company s profit that is paid to its owners (the shareholders) as a return on their investment. Dividend income is not subject to National Insurance or Income Tax deductions if you are a basic rate tax payer, although Income Tax will be payable on dividend income above the basic rate threshold. How much admin is involved? Our all inclusive accountancy packages are aimed at reducing your admin burden down to the absolute minimum. choose our go pro package and all you will need to do each month is submit a timesheet, a bank statement and your expense receipts to us and we will do the rest! What happens if I stop contracting? You can leave your ltd company dormant in case you decide to return to contracting at a later date or you can close the company down. We can assist you either way. Which is better, limited or umbrella? Both options have their pros and cons depending on your contract status and long-term goals. At goaccounting; we provide both limited and umbrella company solutions, so you can rest assured that the advice you receive from us will be completely unbiased. This means that the service from goaccounting will always be perfectly suited to your individual circumstances info@goaccounting.uk

5 What is IR35? IR35 refers to a piece of HMRC tax legislation that affects all contract workers. IR35 should not be overlooked and should be given serious consideration if you are going to succeed in the world of contracting. IR35 allows HMRC to tax a contractor who is operating through their own limited company, as if they were an employee of the end user client. IR35 applies to each contract you undertake, rather than the company, itself; therefore IR35 may apply to one or a series of contracts, or none at all. In determining your IR35 status, you ll need to consider the terms and conditions that relate to the formal contract in additon to your working practices. This can be quite complex and we would advise ALL contractors to undertake a full IR35 review to ensure full compliance in this area. What if I am caught by IR35? Even if your contract is caught by IR35, there are still many advantages to operating as a limited company contractor. For example; you can claim 5% of your turnover to cover the company s administrative costs. There are HMRC filing incentives to be gained by using the Flat Rate VAT scheme and you ll get to retain any interest your money makes in your business bank account Can goaccounting help me with IR35? Absolutely! We have a team of IR35 specialists ready to assist you. Whether its a full review, a working practices review or both, goaccounting can help. We ll assess your contract and tell you if your contract and/or working circumstances pass or fail IR35. More information is available on the website or by calling the team on www. goaccounting.uk 5

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