0345 557 1287
Office Hours: 9am to 5.30pm
0345 557 1287
Office Hours: 9am to 5.30pm

SME Accounting Services at a Fixed-Rate

If you require small business accounting services, why not try them at fixed rates? One Click Group are noted for our transparency and are ability to provide a host of umbrella employment solutions for freelancers and contractors. We have now been serving our clients for over five years and are able to provide the first-class personal and professional service that you are looking for.

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Are You Inside or Outside of IR35?

Many contractors don’t know whether their activities fall inside or outside of IR35.

IR35 status determines whether you are self-employed or not, and many companies have found themselves in hot water after enlisting the services of people that work on a full-time basis for them but treating them as if they were self-employed. One Click Group has written a full IR35 guide.

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Inside and Outside IR35 – What You Need To Know

IR35 was introduced by HM Revenue and Customs (HMRC), established to combat tax avoidance in the provision of personal services. Following this, the definition of self-employment was outlined. This way, disguised employees couldn’t take advantage of the tax benefits of self-employment. However, those who falsely identify as self-employed also enjoy the security of being a permanent employee.

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Sole traders and IR35

If you are a sole trader working as a contractor for a company, it’s vitally important to be aware of the rules surrounding IR35. IR35 was first introduced by HMRC around the turn of the millennium and was designed to clamp down on tax avoidance.

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IR35 cost

If you are outside IR35, you would typically take a small salary from your company which will allow you to benefit from statutory payments whilst minimising the amount of Employer’s and Employee’s National insurance and tax. The rest of the income you take from the company would be paid in the form of dividends which come out of the company’s post-tax profits.

The advantage of this is that dividends do not attract National Insurance and are taxed under the Corporation Tax regime.

If however you are caught by IR35 on an engagement then the majority of your income would be treated as “deemed salary” and subject to the same levels of taxation as a normal employee. There may still be some benefits of working via a limited company even if IR35 caught such as flat rate VAT and certain expense allowances but the financial advantages are less.

You can find more IR35 information here

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