Stuart called Clearways Accountants on a Friday with just a week to form a company, review the contract and get ready for business. Tight timings!
Setting up new contracting companies is something we do on a regular basis and so we set to work. After obtaining all the application information we discussed the shareholding structure.
This analysis involves checking the income of both spouses and looking to see whether the contractor will be doing all the paperwork and bookkeeping or whether, in this case, the wife will be providing assistance.
A quick turnaround with Companies House
Once the shareholding structure was determined, Clearways Accountants completed the on-line application with Companies House using Clearways Accountants as the registered office. The incorporation was processed over the weekend and the new company was set up by the following Monday.
Stuart asked Clearways Accountants to review the contract and produce an IR35 report. We prepared the report and the contract was signed. Stuart came round and we dicussed bookkeeping and how to use our bookkeeping spreedsheet, what expenses could be claimed and next steps. Stuart have now started his contract.
Clearways Accountants have continued to provide help and assistance by registering the company with HMRC and for VAT (and the flat rate scheme).
Although Stuart will not take a salary in the first tax year, Clearways Accountants has registered the company for PAYE and having obtained the reference numbers we have applied for a PAYE dispensation.
We have also provided paperwork for dividends that the Company is paying to the shareholders.
Stuart has now asked us to set up a Company childcare voucher scheme.
If you need help to setting-up your new company, sorting out the share structure and registering for taxes then Clearways Accountants can help, just call us on 01737 244298.