Fusion Business Services has the perfect contractor accountancy service for you if you’re a contractor looking to flourish as the director of your own limited company. Whether you’ve been contracting for years or are entirely new to being the director of your own limited company – our accountancy service can be tailored to meet your exact requirements.
Backed by professionals with over 20 years of experience in the contractor payroll sector, Fusion Business Services offer a unique contractor accountancy service. Instead of offering multiple contractor accountancy options with varying prices, we offer one fully-customisable service to meet your precise requirements.
You may decide that you want a very hands-on approach with your limited company and don’t require much assistance from an accountant. If this sounds like you – we can tailor our service to ensure you only benefit from the features that you actually need, and this will ensure you receive excellent value for money. On the other hand, you may prefer a more comprehensive accountancy service that includes an array of features to help you with your limited company. If this sounds like you, we can run through your requirements with a free consultation and build the service that’ll help you succeed. You can also request a tailored quotation now by completing this short form.
Don’t worry – you are not tied to our accountancy service forever. You can change the features included in the service you receive from us at any time to suit your business’s requirements. For example, after using our service for 12 months, you may decide there are some aspects of the service you don’t require anymore, and we would be happy to update the service you receive (and save you money where possible). On the other hand, you may wish to add additional features you didn’t previously require – and this is fine as well.
Upon registering with us, your Account Manager will be your single point of contact, and they will be able to provide ongoing support as and when required. Our priority is to ensure you receive unbeatable customer service and always benefit from the level of accountancy service you need. If your circumstances change, call your Account Manager, and they will review your service with us and make recommendations to ensure you’re happy moving forward.
We can help with almost every aspect of your accountancy requirements. Please call our friendly Sales Consultants on 0800 229 4020Â for a free consultation and to discuss your contractor accountancy requirements with Fusion Business Services.
What are your responsibilities as director of a limited company?
As a limited company director, you are responsible for:
- Following the company’s rules, which are available in your article of association (more information is available on the government’s website)
- Keeping up-to-date company records
- Report changes to your company
- File accounts
- Company Tax Return
- Corporation tax
- Following the latest government rules and regulations
By hiring an accountant, you will be using the services of experts who can assist you with the running of your limited company. However, you are still legally responsible for your company’s records, filing accurate accountants and the running of your business.
What is a contractor accountant?
A contractor accountant is an accountancy provider specialising in services for contractors with a personal service company (PSC). A contractor accountant can help you run your limited company and provide accurate and trustworthy advice to ensure you withdraw money from your business in a tax-efficient and compliant manner. By offering proactive tax advice specific to your business’s requirements, being the director of a PSC can be made far easier and more manageable when you use a contractor accountant. This will allow you more time to focus on your contract assignments and less time worrying about your taxes and compliance with HMRC.
Do you need a contractor accountant?
A contractor accountant is entirely optional for contractors with a personal service company (PSC). However, hiring one could help you with several important aspects of running your business, including:
- Compliance with HMRC and legislation – highly qualified accountants will be up to date with the latest industry rules and regulations and can help you remain compliant now and in the future.
- Support – Having the ongoing support of a specialist accountant will provide you with ongoing peace of mind, and you can get answers to any queries you have throughout your time as a limited company director.
- Value – The best contractor accountants will provide a very good value service. For example, Fusion Business services provide an accountancy service that is entirely tailored to your requirements. Rather than pay a monthly fee for a package you don’t utilise, our customisable service allows you to choose what you do and don’t need – to ensure you only pay for the services you’ll take advantage of and none of the unnecessary extras.
- Time – Hiring an accountant can save you considerable time when running your business, which could prove extremely valuable. Rather than worry about all the intricate aspects of running your business, including bookkeeping, HMRC correspondence and payroll, your accountant could provide excellent assistance when required.
What services are included with a contractor accountant?
While most contractor accountants will offer very similar services, individual packages will vary within the marketplace. At Fusion Business Services, we understand that every contractor is different. Therefore, we do not offer set levels of services. Instead, you can let us know exactly what you want to be included, and we will provide a tailored quotation. Alternatively, you can schedule a free consultation with a Fusion Business Services professional to discuss your limited company and desired level of accountancy. We don’t want our clients paying for extra features they don’t need. Therefore, our accountancy ensures you get exactly what you’re after – including unbeatable value for money.
By hiring Fusion Business Services as your accountant, we can assist you with:
- Payroll and RTI
- Unlimited phone support
- Making Tax Digital (MTD) support
- Bookkeeping
- Company incorporation within 24 hours
- Registration for PAYE, VAT and Corporation Tax
- Dividend documentation support
- Quarterly VAT returns
- Mortgage and visa references
- Payroll and RTI for an additional employee
- 24/7 access to secure, mobile responsive client portal
- Unlimited email support
- Dedicated Account Manager
- Assistance with all HMRC correspondence
- Assistance with bank account set-up
- Software support – you can use any accountancy software you wish (if you want to), and we can support you with this (for example, Xero and FreeAgent)
- Year-end accounts
- Director’s Personal Tax Return and additional tax returns, if required
- Quarterly management accounts
- Confirmation Statement filing
- Year-end accounts completed within three months
- Access to services from our partners, including a Wealth Management Specialist
What should you do if you take a contract that is inside IR35?
Contracting through a limited company is popular when working on assignments outside IR35. However, if you decide to accept a contract inside IR35, you are required to be paid similarly to a full-time employee – with Pay As You Earn (PAYE – the government’s tax system for employees). In this scenario, using an umbrella company for your payroll is generally considered a better option because there are no financial benefits when using your limited company.
It is common for contractors with a PSC to keep their company running – ready to return for future assignments outside IR35. However, when using an umbrella company, you will become an employee of theirs for payroll purposes. You will be able to work on your assignments and submit timesheets (unless your agency has a self-billing arrangement with your client), and you will be paid PAYE in accordance with your agreed payment frequency. You will receive a payslip highlighting the legal deductions to your pay, including Employee National Insurance, tax, employment costs (Employer’s National Insurance and the Apprenticeship Levy) and the umbrella company’s margin.
There are many benefits to using an umbrella company. Firstly, there is no tie-in period. Therefore, if you accept a 10-week contract inside IR35, you can use an umbrella for ten weeks and then leave as and when you please. Umbrella companies generate revenue by deducting a small margin each time they process your payroll. Therefore, no margin will apply if you aren’t using them anymore. Once you have completed the short registration process, you have completed most of the associated administration. You’ll be required to sign and return a Contract of Employment, provide proof of your identity and right to work in the UK and a copy of your P45 or a completed New Starter Checklist which is available on the government’s website. Once you have provided the umbrella company with these documents, you can get on with your work while the umbrella manages your payroll.
Is it easy to switch contractor accountants?
If you are unhappy with your current contractor accountant, you should switch to a new provider at your earliest convenience. Please be aware there may be some administrative tasks associated with a transfer, and some accountants will charge a transfer fee depending on the amount of backdated work they are required to manage. However, in the long run, you are likely to reap the rewards of using an accountant you can trust, and the initial work required to transfer from one provider to another will be well worth it.
If you are interested in switching to Fusion Business Services from another contractor accountant, please call us on 0800 229 4020, and our friendly team will provide you with a free consultation which will include a breakdown of the processes involved when switching to us. We are on hand to ensure the transfer goes as smoothly as possible, and we’re confident you’ll be delighted you decided to move to us.