What business insurance do I need?
It is essential to obtain the correct level of cover to protect yourself and your business. It is vital that you check all contractual obligations in regards to insurance and ensure the level of insurance you have meets the demands of each assignment.
The usual requirements are as follows:
- Employers’ liability insurance
- Public liability insurance
- Professional indemnity insurance
Where can I obtain business insurance?
Just like with many insurance products, there are several providers available. We recommend comparing providers for the best offers available.
When are my annual accounts due?
Annual accounts are due for filing at Companies House nine months after the end of your company’s financial year.
Will I be informed when my tax is due?
Yes, we will endeavour to give you as much advance notice as possible so that you can make a payment before the deadline.
Do I need to complete a self-assessment tax return?
If you are a director of a limited company, you are required to complete a self-assessment tax return.
Will you complete my self-assessment form?
Yes, MyAccountant can assist you with completion of this. Please contact us for details of our fees.
Do I have to file any other forms?
A company Confirmation Statement needs to be submitted yearly at Companies House together with the applicable fee. Our Company Secretarial team will prepare this and submit it online for you.
How long does it take for an invoice to be paid?
Payment terms are dictated entirely by the contract you hold with your agency/end-client. Therefore it is best to check with them for an accurate time frame as to when your invoices will be paid.
What expenses can I claim?
A wide spectrum of expenses can be claimed via your limited company. Please refer to our Expenses Guide, available in the resources section of our site, for examples.
If I use my home for maintaining my business records, can I claim an expense via the limited company?
As there is only minor use, HMRC would allow a small claim of £6 per week.
If I use a room at my home for business use, can I claim an expense via the limited company?
Generally speaking, you can only claim the additional cost incurred as a result of working from home. As this area is quite subjective, you should contact your Accounts Manager for more information.
Will you produce a monthly payslip?
If you instruct us to run payroll, we will issue your employees a payslip at the end of each pay period.
What are dividends?
A dividend is a distribution of company profits to its shareholders.
Do I have to register my company for VAT?
You are obliged to register for VAT if your gross turnover exceeds the threshold of £85,000 (rate effective 1 April 2021) over a rolling 12 month period. However, you can voluntarily choose to register below this threshold. At your request, we can guide you through the process.
Why would I voluntarily register for VAT?
The advantages of registering for VAT are that you can reclaim the VAT on any VAT-able business expenses incurred. The disadvantages are that you would have to charge VAT on your sales invoices and pay this over to HMRC. There are different VAT schemes available. MyAccountant can explain the different types of schemes available.
How long will VAT registration take?
VAT registration usually takes less than a week.
Do MyAccountant.co.uk offer contract reviews?
We do not offer contract reviews.
Do MyAccountant offer IR35 insurance?
We do not offer IR35 insurance.
How often will you issue invoices for your services?
We issue monthly invoices, which you may choose to pay by Direct Debit.
What fees will I be charged for periods when business is not actively trading?
Even when your business is not actively trading, for example, when it is not making any sales, you are still required to submit accounts and make submissions to Companies House. Therefore we will agree fees to cover those monthly services even when your business is not actively trading.