Do Forbes Young charge me each time I contact them for advice or if I have a tax question?

No, we do not charge by the hour or the minute! Our clients pay a set monthly fee and this covers all services. You will know who your accountant is and be able to contact them at any time.

Do you have a standard service?

No – we listen to what our prospective clients would like, then tailor the service to suit their requirements. Advice is given at this stage of course as to the statutory obligations from a personal as well as a company perspective – and the fees for additional services agreed.

How do I know if I am outside of the IR35 Regulations?

The only way to be sure whether your contract falls inside or outside IR35 is to have it reviewed by a specialist. We would be happy to give you our opinion – please email us a copy of your draft contract.

How many dividends can I take per year?

It is entirely up to you, funds permitting in your company’s bank account. We of course assist you in calculating how much to take and let you know the simple procedure of how to draw dividends.

How much do you charge?

We charge £95 + VAT to set up the limited company initially if needed and our monthly fees depend on those sought by our clients. There is no charge to transfer from your current accountant to us.

How much will I take home working through my own Limited Company?

Typically, professionals working through their own limited company take home between 75% and 80% of their contract value. This will vary and be determined by the level of turnover of your company,VAT FRS, your allowable expenses and the choices you make regarding salary, dividends and pension contributions.

How often can I meet up with my Accountant?

All clients receive an initial meeting should they ask for one. Thereafter, you can meet up to 4 times per year, depending on the service levels agreed with us.

How soon after my year end will I receive my company accounts?

Within one month of you submitting the relevant information to us.

How will I know the various deadlines?

Your accountant will provide you with the deadlines you need to be aware of but also keep in regular contact, including reminders of key dates.

Insurances

We recommend that all businesses have professional indemnity, Public liability and Employer’s liability insurance to lessen commercial risk and strengthen your position from an IR35 viewpoint.

For business insurance we recommend QDOS, a specialist insurance broker: forbesyoung.qdosconsulting.com

Is Forbes Young one of the cheapest specialist contractor accountants in the marketplace?

No – we offer a prestige service to clients who appreciate the importance of using an experienced/qualified accountant.

What are the differences between the normal VAT scheme and the Flat Rate scheme?

On a normal VAT scheme a company charges VAT at 20% and pays this VAT to HMRC at less the VAT paid out on expenses. Brought in to help small business, the Flat Rate Scheme allows eligible businesses to calculate their net VAT liability as a flat rate percentage of their total turnover, inclusive of VAT. If you do not have many expenses to put through your company on a monthly basis, you may very well benefit from this.

What do I do about business insurances?

We advise you set up business insurances to lessen your commercial risk and to strengthen your position from an IR35 viewpoint -we strongly recommend you set up business insurances before you commence work on a contract. For business insurance we recommend QDOS – contact them for a quote on forbesyoung.qdosconsulting.com .

What do I do with pensions and personal investments?

We will provide an expert I.F.A. who will meet up with you and give you free advice.

What expenses can I claim?

You can claim back anything that is “wholly necessarily and exclusively” incurred to carry out the running of your business. Examples include business travel, insurance, accountancy fees, computer hardware and software, mobile telephone, stationery, home office, marketing and training. Your Accountant will advise you specifically as to what you can and can’t claim, so that you are as tax efficient as possible.

What if I decide not to use my company after a few months and stop trading?

You have the option of making your company dormant or closing it down. However you will still need to file annual accounts with Companies House. Our fees will reduce in order to continue assisting you with your company while you are dormant and you will pay additional fees should you want us to close down the company.

When do I have to pay my VAT to HMRC?

Your VAT is payable to HMRC four times a year, one month after the quarter end. We will calculate your VAT for you and advise you how much to pay and how to pay it. We will also submit your company VAT return to HMRC on your behalf each quarter online.

When do I need to submit my bookkeeping record to Forbes Young?

You need to submit these to us each quarter to correspond with your company’s VAT quarter end, by the 15th of the following month eg April’s reports to be sent to us by 15th May.

When do my company accounts fall due for filing at Companies House?

Your company accounts are due at Companies house 9 months after your company’s year-end. We will prepare these for you and then send them to you for acceptance.

When is my company’s Corporation Tax payable?

Your Corporation Tax Payment is due at HMRC 9 Months + 1 day after your year end. We will advise you of the amount payable and how to pay it.

Will I be allocated an inexperienced unqualified Account Manager to “look after” me and my company?

Certainly not – you will be allocated an experienced/qualified accountant to provide you with specialist, expert advice.

So how can we help?

Download our free reports, “Ultimate Starter Guide” and
“Considerations before Contracting”.

Download Report