guide to running a limited company

www.nixonwilliams.comCall us on tel: 01253 362062 or email: [email protected] 1

Guide to

Running a Limited Company

www.nixonwilliams.com


www.nixonwilliams.comCall us on tel: 01253 362062 or email: [email protected]

Guide toRunning a Limited Company

Online Accounting for ContractorsA real-time financial overview of your limited company

See 9 for details

1. Company Set-up 5

Bank Account 6

Register for Taxes 7

Business Insurance 8

Appoint an Accountant 9

2. Trading as a Company 10

Invoicing 11

Expenses 12

3. Extracting money from the Company 18

Salary 19

Pensions 20

Dividends 21

4. Taxes 22

PAYE / NIC 23

IR35 24

VAT 26

Corporation Tax 27

Self-Assessment 27

5. About Nixon Williams 28

What our clients say about us 28

Nixon Williams Vantage 29

Nixon Williams services 30

Contents




Congratulations on forming a new limited company, this is the first step towards working independently as a contractor. You should now check that the company has been formed as you wanted; the main areas to check are:

2. DirectorsThese are the people who are appointed by the shareholders to take care of the day-to-day running of the company.

1. ShareholdersThese are the owners of the limited company, they are entitled to a share of any distributions made from the company’s profit and to a share of any residual assets on winding up the company.

3. Registered OfficeThis is the legal address of the company. One of the most important things to keep in mind is that the company is a separate legal entity from those that own/manage it. In the case of most private companies, the shareholders and directors will be the same people.

We are pleased to provide you with our Guide to Running a Limited Company with the compliments of Nixon Williams.

The purpose of this guide is to explain the first steps that you will need to take in setting up your limited company; we will also highlight some of the compliance issues that you will need to navigate once the business is up and running.

For more information, please feel free to speak to a member of our New Business team on 01253 362062 or visit www.nixonwilliams.com

1. Company set up



1.2 Register for taxesThere are three main taxes which you will need to ensure that the company is registered for: PAYE; VAT and Corporation Tax. In addition to this, any directors or shareholders (where dividend income stands to exceed £10,000) will need to register for self-assessment.

PAYE and VAT registrations can be completed online via HMRC’s website immediately. Shortly after incorporation HMRC will send a notice ‘Corporation Tax – New Company Details’

which will contain a reference number needed to complete the registration for Corporation Tax. You may already be registered as a self-assessment tax payer, if not then you will need to complete an SA1 form which can be downloaded from HMRC’s website.

Your obligations to HMRC on each of the above taxes will be outlined later on in this guide.

1.1 Bank accountOne of the first things to do after the company has been formed is to open a bank account as this will be needed in order to receive money from trading. There are numerous banks that are all keen to open an account for you; however we don’t think that you’ll find a better option than our recommended bank, Metro Bank.

Metro Bank offer free banking for the first year of the account. It remains free thereafter if the balance in the account is £2,000 or above. With 7 day opening, Faster Payments and software that links directly to our Vantage portal it couldn’t be simpler to manage your business banking.



1.4 Appoint an accountantIt is important to appoint an accountant in the early stages of running a company, the knowledge and advice offered by an experienced accountant can be invaluable in guiding you through the compliance issues involved in running a company. A couple of factors to consider when choosing an accountant are:

Terms and conditions apply. Visit hiscox.co.uk/nixonwilliams for full terms and conditions. Nixon Williams Partnership is an Introducer Appointed Representative of Hiscox Underwriting Ltd. Hiscox Underwriting Ltd. is authorised and regulated by the Financial Conduct Authority. For UK businesses only.

Why choose Hiscox Business Insurance?

• Save 15% on Hiscox standard rates

• Pay by interest-free Direct Debit instalments.

• Buy individual covers or combine products to create a single package to protect your business

• Over 200,000 small businesses have already chosen to insure their business with Hiscox.

• Make changes to your policy at any time, just tell Hiscox whenever you want to increase or decrease your level of cover to suit your current work requirements.

Find out more 0800 116 4618 | hiscox.co.uk/nixonwilliams

Professional indemnity insurance covers claims of negligence, infringement of intellectual property and loss of client data.

Cyber and data risks insurance

Employers’ liability

Office insurance

Personal accident insurance

Public liability

15% discount for Nixon Williams ContractorsThere are a lot of things to consider when you start your own business, but do you have the right insurance policy in place to protect everything you’ll work for? Hiscox have over 20 years’ experience insuring small businesses, they understand the challenges you face and have tailored their policies accordingly.

1.3 Business insurance

Call 01253 362062 to appoint Nixon Williams

Online AccountingCloud computing has revolutionised the way that many businesses manage their accounts as it enables them to access their accounts from anywhere, at any time and can save money in many instances.

Contractor SpecialistAn accountant who understands the way that your business works is essential. For contractors, specific knowledge of IR35 and the rules relating to travel expenses are possibly the most important factors.

You may wish to consider joining the Association of Independent Professionals and the Self-Employed (IPSE). IPSE membership entitles you to a myriad of direct benefits which will defend and protect your business. Quote ‘NIXON2016’ to get a 15% discount.



Next stepsThe company is now registered with Companies House and HMRC, you have opened a company bank account, organised your business insurance and appointed an accountant – the company is now ready to begin trading. This section will outline the process of issuing invoices to your clients and some of the conditions that must be met to successfully claim some of the most common expenses incurred by contractors.

2. Trading as a company 2.1 InvoicingIn order to receive payment for the services provided to your clients, you will need to issue an invoice to the client or agency.

An invoice should contain the following details:

• Company name, address and registration number

• VAT number

• Invoice date

• Client/Agency name and address

• Description of services supplied

Self-Billing

If you provide your services to your end client via an agency, they may be operating a ‘self-billing system’ whereby the agency creates an invoice for you based on a submitted timesheet. This is beneficial as it reduces the administrative burden of having to create invoices, and also speeds up the payment process from the agency.

If your agency does operate a self-billing system, HMRC regulations require VAT calculations and accounts to be prepared using the self-bills and so you should not create your own invoice if using a self-bill system.



Accommodation

If it is necessary to stay away from home in order to work at a client’s site, any costs incurred can be claimed from the company and will be deductible for corporation tax purposes. It should be noted that the accommodation claimed must be separate to the employee’s permanent residence in order for it to be allowable and the employee should not be accompanied by family.

As with any claims, the expense should be incurred ‘wholly and exclusively’ for the purpose of business and whilst there is no specific limit to the cost of accommodation, the standard of accommodation provided should not exceed that of the employee’s primary residence so not to be seen as a reward for the employee’s service.

In many instances, a short term lease on furnished accommodation (eg. flats) can be obtained as a cheaper and more convenient alternative to hotels or guesthouses. Provided that the total cost of the accommodation is appropriate to the business need and does not exceed the cost of a hotel of appropriate standard, the claim will be allowed.

Use of home as office allowance

If you use part of your home as an office, either to perform duties involved in the contract with your client or to carry out administrative work to run the business, you may claim an allowance for using part of your home as an office. The simplest way to do this is to claim the ‘flat rate’ allowance of £18 per month (£216 per annum) as no receipts are required.

Accountancy Fees

As it is a legal requirement for companies to prepare financial statements and tax returns; accountancy fees therefore meet the criteria of being wholly and exclusively a business expense. One thing to note however is that fees incurred in the preparation of self assessment tax returns would not be a business expense and should therefore be paid personally – at Nixon Williams, we will prepare a basic return free of charge for our clients where we receive details (self assessment questionnaire) by 30th September following the end of the tax year (subject to when in the tax year you became a client).

2.2 ExpensesIf you incur expenses then these can be claimed from the company if they have been incurred ‘wholly and exclusively’ for the purpose of trade. Some typical expenses incurred by contractors along with any associated conditions to making a successful claim are detailed in this section.

Business Travel

If you incur expenses travelling to client sites in order to fulfil your contractual obligations, the costs of doing so may be claimed from the company providing that it is to a temporary workplace, where you go to perform a task of limited duration or purpose (known as the 24 month rule) and not simply ordinary commuting. The most frequent claims for travel expenses are for public transport tickets, taxis can be claimed in circumstances where public transport is not available but should not be excessive.

If a worker uses their own vehicle for business travel, a mileage allowance can be claimed from the company to cover the cost of fuel, depreciation, insurance and any other running expenses attributable to the business travel. The rates are set out below:

Subsistence

The cost of lunch can be claimed when working at a temporary workplace. This must be in the form of a pre-packed sandwich or a meal at a cafe, the cost would not be allowable if the employee was simply reimbursed for the ingredients to prepare his/her own packed lunch.

If you are staying overnight on business away from home at a temporary workplace, you may also claim for the provision of breakfast, an evening meal and a ‘flat rate’ un-receipted subsistence allowance of £5 per night (£10 per night if working overseas) to cover small incidental personal expenses such as laundry, newspapers etc.

First 10,000 Miles per Tax Year

Miles in Excess of 10,000

Car 45p per mile 25p per mile

Motorbike 24p per mile 24p per mile

Cycle 20p per mile 20p per mile



Business Entertaining

If you incur costs entertaining a potential client with the intention of winning a particular contract or extending a current contract, the costs incurred in doing so can be claimed from the company. Please note however that expenses of this nature are not deductible for corporation tax.

Any costs of entertaining should be commercial, reasonable and the company should expect to generate future revenues as a result of the expenditure taking place. For example, to spend £5,000 on corporate hospitality at a major sporting event for a potential customer if it would only generate a few hundred pounds of income would not be seen as reasonable.

Even though entertaining expenses are not deductible for corporation tax, it is still worth claiming these costs from the company because if they are paid from your personal income, this will be after having paid personal tax.

Annual Event

An annual event is an allowable expense for the company and is treated as a tax free benefit for any employees providing the following conditions are met:

• The total cost must not exceed £150 (inc. VAT) per head, if the cost does exceed this limit then the entire cost will be treated as a benefit in kind;

• The event must be open to all staff;

• You may invite a partner, but if partners are invited, all staff must be entitled to invite a partner – invited partners will also be given an allowance of £150 per head.

You may have more than one annual event in a year, though you must be able to justify (if questioned by HMRC) that they are genuine annual events i.e. a summer barbeque, a winter ball etc., rather than just a night out for your employees every now and then. If multiple events are held, the total cost of all events added together must not exceed the £150 per head allowance.

Mobile Phone Costs

The provision of one mobile telephone per employee is not classed as a benefit in kind and is deductible from the company’s profits for corporation tax purposes. The benefit in kind exemption covers the telephone itself, any line rental and the cost of private calls paid by the employer on the telephone. To qualify for this, the contract must be between the mobile provider and the company (the company name should therefore appear on all phone bills) and payment for the phone must be made directly from the company bank account.

Internet Connection

It is possible to claim for the cost of an internet connection at your home if the following conditions can be met:

• The contract must be in the company name and the payment must be made directly from the company’s bank account.

• There is no separate billing record between business and private connections (if there is then only the business connection can be claimed).

• Private use must not be significant.

Training Costs

Costs associated with updating or enhancing an existing skill can be treated as a company expense. They will be allowable for corporation tax and will not create any benefit in kind or associated personal tax charge. There should be an expectation for the skills or personal qualities improved through training to be useful in the performance of the employee’s duties.

If the purpose of attending training is to acquire a completely new skill, the cost can be treated as capital expenditure which can then be written off against any future revenues generated as a result of having the new skill. The company may be able to claim capital allowances for expenditure of this nature.

Other costs associated with training such as travel or accommodation (if the training is being carried out at a temporary location away from the employee’s normal workplace or residence) will also be allowable.

2.2 Expenses (continued)

For more information about what you can claim speak to us on 01253 362062 or visit www.nixonwilliams.com



Childcare Costs

There are two mechanisms by which the company can provide for childcare costs:

1. Direct Agreement – this is where the company agrees with a registered childcare provider to purchase childcare and to provide it to the employee. A simple letter stating that your company agrees to purchase childcare on behalf of the employee is sufficient evidence of the existence of such an agreement.

2. Voucher scheme – the company purchases vouchers from a childcare voucher scheme provider and issues the vouchers to the employee who then uses the vouchers towards their childcare costs. Scheme providers usually charge an administration fee for this, typically 2 – 5% of the voucher’s face value.

To qualify, the following conditions must be met:

• The child or stepchild must live with you;

• The child or stepchild whose maintenance you contribute (either in full or in part) is yours;

• The child qualifies up to 1st September after their 15th birthday (16th birthday if they are disabled); and

• The childcarer must not be related to your child, even if they are registered or approved, unless they run a childcare business and look after other children that they are not related to.

If an employee’s child requires some form of care whilst the employee is working, the employee can claim an allowance towards this from their employer, the amount claimable is dependent upon the employee’s tax position – the employer must carry out an earnings assessment based on the employees anticipated salary for the year (the assessment therefore excludes dividends), the amount payable in each scenario is outlined in the table below:

2.2 Expenses (continued)

Basic Rate

Higher Rate

Additional Rate

Weekly £55 £28 £22

Monthly £243 £124 £97

Annually £2,915 £1,484 £1,166



3.1 SalaryThe level of salary that the company pays to you is an important consideration when it comes to tax planning. Directors are exempt from the National Minimum/Living Wage legislation where there is no written contract of employment in place – this gives you the freedom to set your salary at the most tax efficient level. The most tax efficient salary (in most cases) is one set at the earnings threshold for employees NI (£8,060 for 2016/17). At this level there will be no income tax or NI to pay. However, it will be high enough to protect contributory benefit entitlement. The salary will also be treated as a deductible expense for Corporation Tax purposes.

In order for salary to be treated as a deductible expense for Corporation Tax purposes, the salary should be at a commercial rate equal to that which would be paid to a third party in an agreement made at arm’s length. We therefore do not recommend paying a salary to non-fee earning relatives or friends, if this came under HMRC scrutiny then it is likely to be disallowed.

Tax efficient extraction strategiesSuccessful tax planning achieves a balance between remuneration (salary and pension contributions) and dividends, which minimises the combined tax liability of the individual and the company. The main methods of extracting money from the company will be outlined in this section.

We will also highlight some important tax planning tips that you may find useful.

3. Extracting money from the company

Salary ComparisonThis table shows the different levels of take-home pay achieved based on three situations: all profit taken as a salary; our recommended salary topped up with dividends; and no salary with all profit taken as dividends.

High Salary Low Salary No Salary

Turnover £75,000 £75,000 £75,000

Salary £66,888 £8,060 £0

Employers NI £8,112 £0 £0

Profit before tax £0 £66,940 £75,000

Corporation Tax £0 -£13,388 -£15,000

Dividends £0 £53,552 £60,000

Salary £66,888 £8,060 £0

Dividends £0 £53,552 £60,000

Income Tax -£15,955 -£8,074 -£7,550

Employee’s NI -£4,671 £0 £0

Take-home £46,262 £53,538 £52,450



3.3 DividendsA dividend is a distribution of a company’s profits (after having paid Corporation Tax) paid out to the shareholders, the owners of a Limited company. The decision to pay a dividend and the amount to distribute are the responsibility of the company’s directors – they must be able to demonstrate at the time of the declaration that the company has sufficient retained earnings to pay the dividend.

Each shareholder will receive a £5,000 dividend allowance whereby the first £5,000 of dividends can be taken tax free. Any further dividends taken falling in the basic rate tax band will be taxed at 7.5% with dividends falling in the higher and additional rate being taxed at 32.5% and 38.1% respectively.

3.2 PensionsPayments made into an employee’s pension plan by a company are deductible for corporation tax. To qualify, the pension contributions must be ‘wholly and exclusively’ for the purpose of trade rather than for the benefit of the employee/director; whilst the guidance on this is a little ambiguous, we advise that if the overall salary and pension does not cause the company to generate a tax loss then the contributions should qualify for tax relief.

There is an annual allowance of £40,000 (2016/17) which is the total amount of contributions that can be made to an individual’s pension fund (per pension input period); if total contributions (made up of both company and personal contributions) exceed this amount then there will be a tax charge on the employee at their marginal rate.

We would advise you to consult with a pension advisor prior to making any pension arrangements.

Please see our comparison table where the pension fund is increased by £8,060 in the year. On our recommended salary of £8,060 – making the contribution through the company would be marginally more tax efficient.

Company Personal

Turnover £75,000 £75,000

Salary - £8,060 - £8,060

Pension Payment - £8,060 £0

Profit before tax £58,880 £66,940

Corporation Tax - £11,776 - £13,388

Dividends £47,104 £53,552

Salary £8,060 £8,060

Employee’s NI £0 £0

Pension payment £0 - £6,448

Dividends £47,104 £53,552

Income Tax - £5,979 - £6,059

Take-home £49,185 £49,105

Pension Fund £8,060 £8,060

Total £57,245 £57,165

Another extremely effective tax planning method is to gift shares in the company to a spouse or civil partner (with whom you are living) if their income falls into a lower marginal tax rate than yours. By doing this, you will be able to make use of their unused tax allowances and maximise the amount of money that can be extracted from the company at the lower rate of tax.

For more information on Dividends call: 01253 362062

Dividend Tax Rate

£5,000 Dividend Allowance 0%

Basic Rate 7.5%

Higher Rate 32.5%

Additional Rate 38.1%



4.1 PAYE / NICIf you intend to pay a salary, the company will be required to set up a PAYE (Pay As You Earn) scheme with HMRC and file returns to them each month.

When an employee is paid, you will be required to deduct income tax and NI from their salary and pay it over to HMRC; a declaration

of this will need to be made to HMRC under the RTI rules each time you pay an employee.

If you provide any taxable benefits or make certain expense reimbursements to any individual within the business, these will need to be reported to HMRC each year on a P11d form.

Personal Allowance Employees National Insurance

Rates

Income Tax National Insurance

Basic Personal Allowance £11,000

Income related reduction starts at† £100,000

First £8,060 0%

£8,061 - £43,004 12%

£43,004 onwards 2%

Basic rate of 20% on taxable income up to

£32,000

Higher rate tax of 40% on taxable income between

£32,001 - £150,000

Additional rate of 45% on taxable income over

£150,000

Employers National Insurance

First £8,112 0%

£8,113 onwards† 13.8%Your tax obligationsAs the director of a limited company, you are responsible for ensuring that the company submits returns and pays all taxes by their respective due date. You will also be required to submit a tax return to HMRC containing all of your personal income, and pay over any tax arising on that income. This section of the guide will outline the various tax obligations that you will have as a director.

4. Taxes

† Personal Allowance reduced by £1 for every £2 income exceeding £100,000.

† Exemption applies if state retirement age was reached by 06/04/2016



Control

Control concerns what has to be done, when and where it has to done and how it has to be done. In an employment relationship, each of the above is dictated to the employee, if a person maintains autonomy over these things it would therefore indicate self-employment. If the client can move the contractor according to their priorities or exercise significant control over how they perform their duties (through supervision, monitoring, checking and appraisal) as opposed to complete freedom over how to complete a project, then they would be seen as employed rather than self-employed.

Personal Service

The need for one particular person to carry out a role is an essential element of a contract of employment. It therefore follows that if a contractor has the freedom to choose whether to perform his/her duties themselves or to hire somebody else to do it (on a reasonably unfettered basis) for them, they are deemed to be self-employed.

Mutuality of Obligation

The expectation for continuous work to be provided to a person and the expectation for all work provided to be completed characterises an employment relationship. If, therefore, there is a clause contained in a contract setting

out an obligation for the client to offer further work and for the contractor to accept it, there would be a mutuality of obligation in the contract and it would be caught by the IR35 legislation. ‘Rolling contracts’ or indeed contracts that are continually renewed could therefore fail this test.

The actual working practices would be examined along with the contract under which the person is engaged – it is therefore important that the working practices of the contractor are reflected in the contract. More and more we are seeing the contract being overlooked by HMRC Inspectors and reliance being placed on the working practices themselves to determine the IR35 status.

For IR35 compliance we strongly recommend that you engage with a team of contract law specialists who can undertake a full review of your contracts and working practices for the purpose of IR35. In having such a review prior to signing contracts, it gives you the opportunity to make amendments to improve your IR35 position - you will also have evidence of your IR35 position having been considered by a professional which could be advantageous if HMRC make an enquiry into this later on.

4.2 IR35What is the purpose of IR35?

IR35 is a piece of anti-avoidance legislation aimed at preventing disguised employment; this is where someone who would otherwise be employed performs their duties through a company and enjoys the tax benefits associated with this.

Through coming to the above arrangement the original employer would avoid paying Class 1 NIC at 13.8% and the (former) employee could arrange his payments between salary and dividends in order to minimise his tax and NI liabilities. The government therefore introduced anti-avoidance legislation known as IR35 in April 2000 with the purpose of countering this problem.

How IR35 could affect you?

If you are caught by the legislation then IR35 will prevent you from using traditional tax-planning techniques (small salary and high dividends) to minimise your tax obligations – instead it will require you to pay almost all of your fee income out as a salary so that you are taxed essentially the same way as an employee would. The IR35 status of an engagement is determined by looking at whether the engagement would be one of employment or self-employment in the absence of the service company. Being caught by the IR35 legislation may affect your eligibility to claim for travel and related costs

How to determine employment status?

There is no definition in law over what constitutes employment or self-employment; we therefore refer to case law judgements to establish the components of what makes up employment or self-employment.

The leading case in this area is Ready Mixed Concrete (1968); it was found in this case that in order for employment to exist, the following must all be present: Control, Personal Service and Mutuality of Obligation. If any one of these factors is absent then the engagement cannot be considered one of employment and the individual will be seen to be self-employed.

Example

An employee would leave his employment on a Friday afternoon and return to work the following Monday to do the same job but not as an employee of the original employer. Instead he would be employed by an intermediary (a personal service company of which he would be a controlling shareholder/director) through which his services would be supplied to the original employer. The intermediary would invoice the original employer for these services and would receive a gross payment.



4.3 VATVAT is a tax on a company’s turnover; it is added to the value of the fees invoiced out to your clients, currently at 20%. Therefore if your fee for providing a service was £1,000, you would add £200 (£1,000 x 20%), making the total value of the invoice £1,200.

It is compulsory for a business to register for VAT if the annual turnover will exceed £83,000 (2016/17), though it may be beneficial to register voluntarily if the business turnover is below this threshold as you may be able to benefit from using the Flat Rate Scheme. On this scheme you will continue to charge VAT out to your clients at 20% of the net invoice value but will pay VAT over to HMRC at a lower percentage which is determined by the nature of the trade undertaken by the business.

If your company is VAT registered, you will be required to charge VAT on each of your invoices, submit quarterly VAT returns electronically by the relevant due date, pay any VAT owing by the due date and to keep a VAT account within the company’s accounting records.

4.4 Corporation taxCorporation Tax is charged on the profits made by a company for a specific period. Corporation Tax is currently charged at 20% on all profits.

Shortly after a company is formed, HMRC will issue a notice “Corporation Tax – information for new companies (CT41G)” out to the registered office of the company, this is an instruction to register the company with HMRC for Corporation Tax.

A company must submit a CT600 (company tax return) form electronically (via iXBRL) to HMRC; this must reach HMRC within 12 months of the period end for the CT600. In most cases the CT600 period being the same as the accounting period, however in the company’s first year it may be slightly earlier if the accounting period is longer than 365 days (the maximum length of a CT600 period). The company must pay its Corporation Tax liability within 9 months and 1 day from the CT600 period end.

4.5 Self-assessmentSelf-assessment tax returns are completed by individuals for a number of different reasons; the main reasons are as follows:

• You are a company director;

• You have income from a self-employed trade;

• You have un-taxed income;

• Your income is in excess of £100,000;

• You have capital gains tax to pay;

• HMRC have sent you a tax return (for whatever reason);

• Income of £10,000 or more from savings and investments.

The self-assessment return requires you to detail all of your income (typically salaries, interest and dividends) and any tax which has been paid (or deemed to have been paid) on the

various forms of income. The income tax year runs from 6th April to 5th April, this is the period for which HMRC require the return to be prepared.

The tax return is due to be submitted to HMRC by 31st January following the end of the tax year, this is also the date that any tax owing is due to be paid.

Payments on Account

If the amount owing from self-assessment comes to £1,000 or more, then you will need to make payments on account for the following year. The payments on account are made in two instalments, the first on 31st January and the second on 31st July. Any payments made on account will then be offset against the total tax liability for the following year.

Example

Income derived from a £1,000 invoice by a company using the scheme is illustrated below:

The income to the company is therefore boosted by 2.6% as a result of being on the Flat Rate Scheme.

Net Charged: £1,000

VAT Charged: £200

Gross Charged: £1,200

VAT Payable @ 14.5%: £174

Saving (£200 - £174): £26



5. About Nixon Williams

5. What our clients say about us

5. Nixon Williams Vantage

Nixon Williams has been helping contractors like you for over 20 years. We know what’s important to you and our services are tailored to ensure your accounts are taken care of. We even deal with HMRC, so you can concentrate on doing the things you love. Our personal approach means our clients rate us highly, here’s what just a handful of them have to say about us…

“I think you provide a great service. My previous accountant charged the same and delivered so much less. Keep up the good work and I will keep on recommending Nixon Williams. ”

Martin Crook - CMBT Consulting Limited

“I would like to take this opportunity to thank you for you and your team’s professionalism and support over the past 12 months. I am really happy with the service that has been provided and look forward to continue using Nixon Williams.”

Click Here 4 Marketing Limited - Luke Tunley

“Thanks again for your help, Nixon Williams have been a pleasure to work with and I will be recommending them highly to others.”

Rhaani Clements - De Nada Limited

“Very impressive as to how quickly the company got formed, I wouldn’t have a clue where to start, I am so glad I approached you, best decision I have made.”

Saj Khan - Sizn Limited

Vantage is our bespoke cloud based accountancy system, which has been developed around the needs of contractors and freelancers, promising to make online accountancy simple.

Our real-time software enables you to get an accurate overview of your company’s finances anytime, anywhere.

Vantage supports contractors with little or no accountancy knowledge, whilst the support of our accountancy teams will help to ensure you operate in a compliant, tax efficient manner.

Features:

Dashboard Our intuitively designed dashboard provides you with a real-time financial picture of your business whenever you log in.

Cloud basedAccess your accounts information from anywhere in the world with an internet connection.

SupportIncluded in Vantage is a range of instructional pages and videos which are available 24/7. You will also receive the support from a member of our team, who will be available during office hours to answer any questions that you have.

SecureSSL encryption and remote data backup to ensure that your information remains completely safe at all times.

For a detailed list of the features visit:

www.nixonwilliams.com/vantage



Contracting is a big leap to take for many who move into the unfamiliar territory of the flexible workforce. Nixon Williams is here to offer a helping hand as your accounting partner, with a team of professional and personable accountants to guide you through the freelance experience.

We’ve been working with contractors for over 20 years. We talk to and listen to what our clients have to say. They’ve told us why contractors select accountants. Top of the list is the quality of service provided. We are committed to delivering a best in class service to all our clients, constantly working on their behalf to make contracting as easy as possible.

Clients can be sure that their finances will be dealt with by an expert, dedicated accountant. Everything we do for clients is fully compliant with the legislation of the day. Minimising tax expenditure and avoiding penalties levied by organisations like HMRC are important too. Nixon Williams provides peace of mind when it comes to financial and tax related matters.

We offer 2 services Vantage Gold and Vantage Platinum, designed and developed for contractors working in all sectors and anywhere in the UK.

Vantage Gold provides a host of services as well as unlimited and direct access to a trusted advisor. Your accountant will be there to guide you through contractor specific compliance

issues, recommend tax-efficient models and suggest any useful expenses to claim.

For companies with 2 directors Vantage Platinum offers the same services and more, including a service office and registered office, as well as second director self-assessment tax returns

And we offer a range of value-added services from free company formations and bank account set-up with Metro Bank, to 15% discount on business insurance with Hiscox.

As your accounting partner, our services and offers are designed to help you get ahead in the contracting market.

5. Nixon Williams services Service BreakdownBecoming a Nixon Williams client means you have unlimited access to a dedicated accountant who will help with running a limited company, whichever service you choose.

Vantage Gold £95 + VAT per month

Vantage Platinum £110 + VAT per month

Full, yearly accounts, including corporation tax ✔ ✔

VAT set up and associated returns ✔ ✔

Payroll set up including submissions and payslips ✔ ✔

All company administration (change of address, share changes and board minutes) ✔ ✔

Quarterly book keeping review ✔ ✔

HMRC enquiries, correspondence and agent services ✔ ✔

Tax advice including corporate and personal ✔ ✔

Self-assessment tax returns ✔ ✔

Confirmation statements ✔ ✔

P11D forms ✔ ✔

Tenancy and employment references ✔ ✔

Access to client portal ‘Vantage’ ✔ ✔

Registered office £5 per month+ VAT ✔

Service office £5 per month+ VAT ✔

2nd director self-assessment tax return (SATR) £100 + VAT ✔

Value added services

Nixon Williams provides access to a 15% discount on Hiscox Insurance, free company formations and business bank account set up with Metro Bank.

To find out more about Nixon Williams and our services

Call: 01253 362062

Email: [email protected]

Visit: www.nixonwilliams.com

Nixon Williams Limited 4 Calder Court Amy Johnson Way Blackpool FY4 2RH

New Business: 01253 362062 Email: [email protected] © Nixon Williams Limited 2016 | NWL 11/16

guide to running a limited company

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