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Take home gold with Intouch Accounting


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Take home gold with Intouch Accounting

Maximise your take home pay – Go Limited

Introduction

Whether you’re already contracting through an Umbrella company, or you’re in permanent employment and ready to take the leap into contracting, going Limited is the most proactive trading model for serious contractors who are looking to maximise their take home pay and see contracting as a long term career choice.

How do you know if Limited Company contracting is for you?

  •  You want to take home 75-80% of your pay
  •  You expect to earn more than £17p/h or £130p/d
  • You’re looking to contract for more than 6 months
  •  You want greater tax relief on expenses

How can Intouch Accounting help?

From forming your Limited Company within 24 hours, to helping you set up a business bank account, register for VAT and PAYE and give you great pointers about sorting your business insurance – our team of experts are here to help you be a success as a Limited Company contractor.

 From the moment you’re a client, you’ll benefit from:

  • Unlimited expert advice from your dedicated Personal Accountant
  • IPSE accredited specialist contractor accountants
  • Everything you need
  • 24/7 access to our secure cloud-based online portal
  • Everything you need to run your Limited Company smoothly, including advice on accounting and taxation matters

Find out more about our monthly service today.

Calculate how much you could earn as a Limited Company contractor

Expenses – Take home MORE

Introduction

Limited Company contractors’ range of claimable expenses are much greater than those who are contracting under an Umbrella. So if you’re serious about your career as a contractor and rely heavily on expenses (or will do once you get started), then it’s time to go Limited.

What can Limited Company contractors claim for?

Travel and Subsistence (T&S)

If you rely heavily on claiming your travel and subsistence expenses, or see yourself doing so in the future, then you should go Limited. Umbrella workers cannot claim T&S unless they are able to prove that they are not subject to Supervision, Direction or Control, whereas Limited Company contractors will only need to prove they are outside of IR35.

Concerned by IR35? Don’t be! With our monthly – service, you’ll get unlimited IR35 contract risk assessments Find out more about our services and how we can maximise your take home pay today.

Expenses and mileage

Since the start of the 2016 tax year, Umbrella workers have lost almost all of their tax relief on expenses and mileage. This is due to the introduction of the salary sacrifice and Supervision, Direction or Control (SDC) tests. With such scrutiny over the ways in which Umbrella contractors claim expenses, it’s worth asking yourself whether you’d really be better off using an Umbrella, or going Limited.

Worried about expenses? Our Personal Accountants are on hand to offer our clients tailored expert advice when it comes to their expenses, to ensure they’re claiming everything they’re entitled to.

Increased flexibility

Limited Company contractors can enjoy increased flexibility on expenses, which are not available to Umbrella contractors. These include:

  • Removing the requirement to report general business expenses
  • Replacement of all dispensation with a general reporting exemption
  • Greater opportunity to claim flat rate subsistence benchmark scale rates if you have a checking system in place
  • The introduction of tax free trivial benefits

What does this mean for you? Try out our free take home pay calculator – simply enter your expenses and salary to see just how much you could take home as an Intouch Accounting client.

Your accountant could be costing you money

Introduction

Having the right accountancy support is essential to being a successful Limited Company contractor. You deserve one that’s always looking for ways to maximise your take home pay, whilst keeping you compliant. So what if your current accountant or chosen accountancy method isn’t doing either? It’s time to consider switching.

Is your current accountant guilty of any of the following:

  • Hidden charges
  • Misleading information
  • Late submissions to HMRC/Companies House
  • You manage them
  • Automated, untailored advice Passed from pillar to post
  • Paying over the odds for a substandard service

What advice should you take when switching accountant?

  • Try to switch at your company’s yearend to avoid any catch up service fees (if they exist)
  • Know exactly what you get for your money and keep an eye out for hidden charges
  • Your old accountant should pass all of your details over to your new accountant, making the process smooth
  • Switching over all details can take up to a few weeks, but your new accountant should be ready to advise you during this time period
  • Find what’s right for you – consider what you need now and in the future from your accountant.

Download our full supplier checklist to ensure you get the accountancy relationship you need.

How can Intouch Accounting help?

If you’re looking to switch from your current contractor accountant, or are ready to appoint one, then Intouch can help: