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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Why You Need Small Business Accountancy Services

Having a small business can be hard enough without having to worry about your accounts, which is why many SME’s choose to outsource to specialised accountancy services. There is no legal requirement for you to appoint an accountant, but for many it provides peace of mind having an accountant to guide you through to each step of your accounts.

For a small monthly fee, companies such as One Click Group will provide you with access to professional bookkeeping systems that will track your monthly and quarterly returns, whilst you receive professional advice on the financial direction of your business income.

Why use accountancy services?

As mentioned, using an accountancy service is not mandatory, but there are many reasons why most limited companies in the U.K use accountants to direct them on their finances, especially with IR35 legislation throwing a spanner in the works.

What small business accountancy covers

Those who have not used accountancy services before aren’t aware of what exactly the service involves, and it is a lot more than simply compiling your reports at the end of each year and submitting tax returns. To start with, there is the matter of registering your company with all the necessary departments such as VAT, PAYE and others you may not have even considered.

There is also the setting up and running of your company payroll system, as well as ensuring it complies with all the current regulations. Accountants help provide any dividend admin and tax planning advice you may need, as well as bookkeeping services, handling company related correspondence with HM Revenue & Customs and providing you with references.

Naturally when owning a business, you want to spend your time and energy focusing on ways to grow and profit, which means dealing with the admin side can add unnecessary time and stress to your life. An accountant on the other hand, is happy to handle every financial aspect of the business.

Time is money

They understand the nuances of handling tax and HMRC, so know exactly what to submit and when. Any advice you require regarding your expenses, tax or otherwise can be easily answered and then advised. Your accountant ultimately wants to ensure you are earning as much of your hard-earned money as possible and will continue to do so in the future.

Despite all of this, you may decide that you would prefer to handle this alone, but in doing so you will need to ensure that you are properly maintaining all your accounts and that they are adhering to all the current guidelines. All your account information must be submitted on time, be presented correctly and must have complete accuracy to ensure you are meeting all your business’ obligations.

There must also be a consideration of how much time you estimate you will have to spend preparing all your accounts, maintaining bookkeeping and dealing with any HMRC enquiries. In business, time is money, and it is an accountant’s job to save you on both.Your job primarily is to focus on your business without constantly worrying and undoubtedly utilising accountancy services will achieve this.

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.

Why might someone be outside of IR35?

Failing a few status tests doesn’t automatically mean you will be treated by HMRC as if you are inside IR35. If you do not receive employee benefits, do not feature on a business’ list of employees and are permitted to choose your own hours, you are likely to fall outside of IR35.

This may also be the case if you buy your own equipment with your own money and if a business is able to terminate your services without giving you any prior notice.

Am I inside IR35?

If a business is obligated to provide you with work and you don’t have the right to provide a substitute when your services are unavailable, you may fall inside IR35.

You may also be deemed to part of IR35 if you only work for one client. It’s vital to get the wording right if you are signing a contract to provide services for a client. The contract should state that it is a business-to-business agreement to provide such services.

Why One Click Group?

At One Click Group, we can come to your assistance if you need advice on IR35.We have more than two decades of experience in the contractor services sector, and are wholly compliant with all relevant tax and employment legislation.

We offer a host of accountancy services for the contractors of today, and you can get in touch with us by calling 0345 557 1287 or by using the contact form.

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.

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