Sarah had been made redundant and had decided to start contracting. The market for computer contractors was quite buoyant and she felt she could earn more on this basis with the experience she had gained at a large consultancy firm.
While Sarah was waiting for her first interviews she took advantage of the Clearways Accountants free consultation and we discussed all the administration she needed to go through to set up her company. We advised her on the number of shares the company should issue and after discussing her personal circumstances we determined who should be shareholders and directors of the new company.
Once the company was incorporated and registered with HMRC we advised Sarah on how to register the company for PAYE and then we helped Sarah set up her company childcare voucher scheme. We talked Sarah through the process of setting up the scheme and helped her with the documentation. One month after setting the company up and shortly after starting her first contract the childcare voucher scheme was up and running.
Later that year, we advised Sarah on registering for the VAT Flat Rate Scheme and we also checked her first VAT Return – which was well worth the time as Sarah had not re-read her contract and so she had not added VAT to the correct amount; short-changing herself by 20% of her day rate.
If you would like advice on setting up a company, registering for PAYE, setting up a a childcare voucher scheme or registering and sorting out your VAT – then contact Clearways Accountants through the email contact form or by calling us on 01737 244298.