Personal Service Companies
If you are a contractor then running your own Limited Company, also known as a Personal Service Company ("PSC"), can often be the most profitable way to be paid.
Often your free time is too valuable to spend it processing your accounts, completing forms or worrying about your tax and deadlines.
This is where PayMatters Accountancy Services can help. As an accountancy firm we can perform various accountancy services for you (while also ensuring that you do not fall foul of Managed Service Company and IR35 legislation).
At all times the limited company ("company") remains your property and under your control. You even choose the name for it which can help you build your own brand.
For a monthly fee we can, at your request, take care of the following for your company:
- Company Formation and set-up;
- Act as your Registered Office;
- Register for VAT, Corporation Tax and PAYE;
- Advise on your preferred remuneration package;
- Advise on business expenses;
- Advise on setting-up a Business Bank account;
- Process your Payroll and provide returns (i.e. payslips,P35's and P11D's);
- Prepare Monthly Management Accounts, Annual Financial Statements, Quarterly VAT returns and Quarterly/Annual PAYE returns, along with advice on how much to pay;
- Provide support on Secretarial matters i.e. drafting minutes and annual returns for you to approve and submit; and
- Through our business partners you can ensure you have adequate insurance cover such as Employer and Public Liability, whilst you can utilise tax efficient savings through a Pension Plan.
We can also provide help in these areas on an ad-hoc basis rather than as a whole.
Areas we cannot help your company are:
- Acting as a Director or Company Secretary;
- Managing your bank account;
- Credit Control – chasing unpaid invoices; or
- Providing any tax loss insurance or guarantee in the event of an HMRC enquiry.