Frequently Asked Questions

CAN I CHOOSE THE NAME OF MY COMPANY?

Yes! It’s your company after all; we will ask you for your preferable name when you sign up and subject to availability and approval from Companies House we will form your Company in that name.  You just need to pick a name we will do the rest! This is included in your monthly fee.

 

HOW LONG WILL YOU TAKE TO REGISTER MY COMPANY?

Due to the interaction with Companies House this can vary however, 99% of our clients have their fully formed Company within 48 hours at the most. 

 

ARE THERE ANY ADDITIONAL CHARGES FOR THE FORMATION OF MY COMPANY?

No, we include all formation costs in our package.

 

DO YOU REGISTER MY COMPANY WITH HMRC?

Yes, we register the Company for Corporation Tax, VAT and PAYE. We also register us as your Agents so HMRC will deal with us directly and not trouble you. This is all included in your monthly fee.

 

DO I NEED TO BE REGISTERED FOR VAT?

Your business is not required to be VAT registered until turnover exceeds £81,000 but you can register voluntarily if turnover is below this limit. In most cases it’s preferable to be VAT registered and operate the flat rate scheme.  Again we can discuss what will suit you best when you sign up with us, but rest assured we will do all the registration for you. This is included in your monthly fee.

 

HOW DO I GET PAID FROM MY COMPANY?

In addition to the reimbursement of expenses you will receive a regular salary which will be tailored to meet your personal needs.  You will also receive dividend payments which we will base on your level of income and your personal requirements. You can transfer these amounts from your company bank account to your private bank account. They should always be made as separate transactions.   Once you have signed up we can tailor your payment schedule to your needs.

CAN I CLAIM MILEAGE FOR BUSINESS JOURNEYS

Yes, HM Revenue and Customs allow you to claim an allowance of 45p per mile for the first 10,000 miles in the tax year and 25p per mile thereafter. You have to keep detailed records of each journey but you do not have to keep receipts for petrol/diesel/car repairs etc.  We can take you through the process to make it as painless as possible. This is included in your monthly fee.

 

CAN I CLAIM FOR OTHER EXPENSES?

This depends on the nature of your business, generally you can claim for mileage, travelling, telephone, advertising, printing, stationery, internet, business bank account charges, public and employer’s liability insurance, expenditure on equipment, subsistence costs, wages paid to employees and our fees.  We can talk through your typical expenses and work out the full extent as to what you can claim for.

WHAT WILL I HAVE TO KEEP FOR MY EXPENSES?

Each month you will need to send us your bank statements, copies of sales invoices and any expense receipts you have, we will sort these and ensure that they are properly dealt with. This is included in your monthly fee.

WHEN ARE MY ACCOUNTS DUE?

We do everything in regards to this including managing deadlines.  Under normal circumstances your accounts are due to be filed with HM Revenue and Customs and Companies House within 9 months of your period/year end. We will aim to have your accounts finalized within 2 months of your period/year end so you do not have any worries.  We will talk through your accounts and get authorisation from you prior to filing so you have a full picture of what is being reported. This is included in your monthly fee.

 

WHO FILES MY VAT RETURN?

We do. We prepare your VAT return on a quarterly basis and provide you with a copy for approval before we file online. The amount due will then be taken by Direct Debit from your company bank account. Your VAT Return is included in your monthly fee.

WHEN DO I PAY MY COMPANY TAX (Corporation Tax)?

Corporation tax is due 9 months after  your Company’s year end

WILL I HAVE TO COMPLETE A PERSONAL TAX RETURN?

Yes, but we will do this for you. The Return is due by 31^st January each year.  We will take you through what is required, fully complete your return and then file it after you have authorised it. We will ensure that you meet the deadline and don’t incur any unnecessary penalties. This is included in your monthly fee.

DO I HAVE TO COMPLETE AN ANNUAL RETURN FOR COMPANIES HOUSE?

Yes, we complete and file the form on your behalf. This is included in your monthly fee.

 

WILL I HAVE TO ADMINISTER MY OWN COMPANY ONLINE?

No.  Unlike other services who expect you to administer your own Limited Company whilst they advise, we carry out all your administration for you.  You just need to concentrate on your day job whilst we do the rest.

WHAT DO YOU CHARGE?

Our flat fee is £120 per month + VAT.  You can offset our fees as legitimate Company costs so the actual costs are far less in real terms.

WHAT DO I GET FOR MY FEES?

Check out our Services Page, based on a Limited Company with 2 employees (including Directors) EVERYTHING listed is included in our flat fee.  There are no hidden costs and charges.  If you have a bigger Limited Company requirement or you need access to other services, we can discuss and tailor a package to you.