Monthly Service
Quay's monthly accounting service provides assistance with all of the accounting and taxation issues affecting you as a freelance contractor, both personal and as a business (regardless of the form of that business), for a fixed fee of £66 plus VAT.
We make no charges for joining our monthly service and there are no mandatory charges should you decide to terminate the arrangement.
You provide us with basic accounting information in an agreed format and we undertake to compile the work on your behalf.
The ultimate decisions relating to your business are taken by you and you remain wholly in control of your business day to day. This service is an accounting service assisting you with meeting your business and personal obligations.
- Accounting System
- Payroll
- VAT Returns
- Dividend Administration
- End of Year Accounts
- Business Taxation
- Companies House
- IR35 Reviews
- PAYE Annual Returns, P11D and Form 42
- Self Assessment Tax Returns (SATR)
- Tax Monitoring and Advice
- References
- Telephone and Email
Accounting System
We provide you with an accounting system based upon an Excel spreadsheet and detailed guidance notes to assist you with accurately recording the day to day transactions of your business.
Each month you enter your transactions and submit those details (together with any supporting information such as bank statements and invoices) as scanned images by email or hard copies in the post.
Where you prefer to use your own accounting system, we are happy to accept an alternative format provided it is sufficient for our purposes.
Payroll
Once you have advised us of the salaries you wish to pay employees of your business, we provide monthly summaries for up to # two employees showing the gross wage, income tax and national insurance deductions and net pay.
Total PAYE and NI deductions payable to HM Revenue & Customs are clearly shown, as are due dates for payment.
Changes in salary or tax code can be made at any time. Once you have advised us we will simply provide you with updated summaries.
Depending upon your individual circumstances and exposure to IR35, final bonuses and / or IR35 deemed salary calculations are undertaken and incorporated into these pay summaries.
Also see PAYE Annual Returns, P11D and Form 42
VAT Returns
Quay's monthly service includes preparation of your VAT Return and answering any questions concerning VAT that you may have.
We will assess whether the Flat Rate Scheme is appropriate and make all necessary recommendations.
You can choose whether to send your original VAT Return to us for completion and return for your approval and submission or to complete your VAT Return yourself based upon the figures we will provide by email. Our work in this respect is dependent upon the complete, accurate and timely submission of your accounting information.
VAT compliance visits that take place in our office are included in our monthly fee.
We are not responsible for penalties on late or incorrect submission of Returns or interest on late payment of tax due.
Dividend Administration
Where your services are provided though a limited company and in appropriate circumstances, a company may distribute part of its profits by means of a dividend payable to shareholders.
Whilst IR35 and MSC legislation has significantly influenced when payment of dividends can be made to some contractors, in appropriate circumstances and where you fall outside the scope of the legislation, dividends remain on optional source of taking income from a company.
Quay's monthly service includes assistance with the calculation of distributable profits and guidance on the administration necessary to make dividend payments properly.
End of Year Accounts
Based upon the accounting information supplied to us, we prepare annual accounts for the business and present them to you in a form that is acceptable to HMRC.
Once you have approved your accounts and returned them to us with any supporting declarations they are submitted to HMRC on your behalf.
Where your business is operated as a limited company or a limited liability partnership, the form and content of financial statements must comply with detailed disclosure requirements and the business has the added requirement of submission to Companies House.
Business Taxation
Our monthly service includes the completion of business tax computations, the completion of business tax returns (Corporate or Partnership, and personal supplementary pages) and their submission to HM Revenue & Customs.
We will advise you of tax due and payment dates.
We correspond on normal compliance issues with HM Revenue & Customs to reach agreement of tax liabilities payable.
We are not responsible for penalties on late or incorrect submission of Returns or interest on late payment of tax due.
We deal with all general correspondence with HMRC on business tax, VAT and PAYE matters as your appointed agent. You simply send all correspondence to us and we respond as appropriate and advise you of what action is required and when such action should be taken.
Companies House
If you provide your services either through a limited company or a limited liability partnership then our service will include assisting with matters relevant to Companies House, including:
- Submission of statutory accounts
- Completion of Form 363 (Form 363LLP)*
- Notice of appointment, resignation and / or change of particulars of Directors or Secretary (Members)
- Notice of change of accounting year
- Notice of change in Registered Office
We can submit Annual returns online and you can benefit from a reduced online filing fee of £15 (£30 if the Return is filed in hard copy). The filing fee is not included in your monthly fee and will be requested when the form is due to be submitted to Companies House.
In appropriate circumstances we can provide a Registered Office for either a limited company or a limited liability partnership.
IR35 Reviews
There are many misconceptions surrounding IR35, particularly the emphasis placed on an Agency contract.
Our monthly fee includes a full and comprehensive assessment of your day to day working relationship with the end client in respect of each contract entered into by you.
Our assessment includes consideration of your exposure to IR35 but is dependent upon you providing us with detailed information and answers to questionnaires concerning the work you do and the basis on which that work is provided.
Where we have determined an exposure to the legislation, we include in our monthly service any calculations of the liabilities that may exist, which may be reported monthly under the payroll system or through the end of year PAYE procedures.
Our service includes attendance at PAYE compliance visits held in our office. These usually include any IR35 considerations. Our monthly fee includes dealing with these routine IR35 issues and correspondence with HM Revenue & Customs on the matter of determining your status including, where appropriate, seeking advance clearance of contractual relationships. Disputes with HM Revenue & Customs that lead to investigations or hearings at the Commissioners are excluded.
PAYE Annual Returns, P11D and Form 42
Each year a business with its own employees must complete end of year procedures in respect of the payments it makes to those employees including Form P35 and Form P11Db for the employer and Forms P14, P60 and P11D for each employee.
Quay's monthly fee includes assistance with the preparation of these forms and their submission to HM Revenue & Customs.
For companies the fee includes assistance with Form 42.
You will be required to complete a questionnaire on behalf of each employee in respect of Form P11D and submission of the form will be dependent upon the return of that questionnaire.
We file PAYE Returns online. This means that your business is entitled to receive the financial incentive offered by the HM Revenue & Customs; we do not make any additional charge for filing online.
We are not responsible for any penalties arising from an omission from the forms, their late submission or interest arising on the late payment of any tax due.
Self Assessment Tax Returns (SATR)
We include the completion of the Self Assessment Tax Return for you and one other person connected with your business within the monthly service.
Each person will have to complete a detailed questionnaire once a year to provide us with the detailed information required for us to complete your Return.
Draft returns and tax calculations are prepared and sent to you for approval and submission to HM Revenue & Customs. You are responsible for making any payments of tax by the dates we advise at the time. We are not responsible for penalties arising from late submission of Returns or interest on late payments of tax due.
Routine enquiries by HM Revenue & Customs following submission of the Returns may arise. We include dealing with these enquiries within our monthly service. Investigations arising from undisclosed income or other omissions from any Return and the resultant back duty enquiry are specifically excluded from our monthly service.
If additional individuals require a tax return we offer that service via our Personal Tax Service.
Please note that if your tax affairs are out of date then we may need to deal with the arrears. We will advise you of the work required and the expected cost should you chose to appoint us to handle that work.
Tax Monitoring and Advice
No one wants to pay more than the correct amount of tax and national insurance liabilities.
Our monthly service includes providing guidance and assistance with understanding the complexities of tax legislation and avoiding the pitfalls that often present themselves and result in unnecessary tax liabilities or penalties.
Effective monitoring and advice depends upon having a detailed understanding of your affairs. We achieve this by ensuring only one person is responsible for a client.
We always ensure that our tax monitoring and advice is both practical and cost effective.
General financial planning, pensions and insurances are referred to Quay Financial Services who are properly authorised with the Financial Services Authority as independent financial advisors.
References
Quay's monthly service includes providing financial and personal references to third parties for finance applications, or residency and tenancy arrangements.
Where projections of future income are required or where a finance company demands special work to be completed, there may be an additional charge which would be discussed and agreed with you in advance.
Telephone and Email
Quay's monthly service includes all your telephone calls and emails, regardless of their frequency or subject matter.
Although our offices are open from 9am until 5.30pm, Monday to Friday, support is available from 8am to 8pm every day including Saturday but not bank holidays.
Calls made outside normal hours are redirected and your detailed message is sent by text message to us. It is always important that you leave a contact number so that we can call back where the matter requires immediate attention.
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