How do I set up my company?
We recommend that you contact us and we will guide you through the implications of a company name, who should be the director(s) and shareholder(s) of the company and whether to use our address ,“The Counting House”, or another location for the company’s registered office.
For a fee of £150 plus VAT we will then arrange to form your company and in addition to this set up payroll and VAT schemes with HM Revenue & Customs so that you are ready to trade.
How long will it take for my company to be up and running?
It takes about 4 hours for your company to be formed. You will then need to set up a limited company bank account, which depending on the bank, can take anything from a week to a fortnight. Once the bank account is open, your company can then apply for the VAT registration, this takes a further week to 10 days to process. Realistically you should therefore allow a month to be fully up and running.
How do I pay myself through my company?
On the assumption that the contract that your company is undertaking is not caught by IR35 then you can pay yourself through a mix of salary, dividends and pension contributions. We will provide you with advice and options for the most convenient and beneficial ways to pay yourself.
What expenses can I claim?
You can claim anything that is, in the words of the Inspector of Taxes, wholly and exclusively for the purposes of your business. This includes accountancy fees, business travel and subsistence, insurance, telephone and internet costs, salaries and company pensions.
And remember that you should retain receipts for all expenses that you intend to claim.
Please contact us for more guidance on the full range of claimable expenses.
Can Pulse help with VAT registration?
Yes! In cases where your turnover exceeds the VAT registration threshold you are legally required to register for VAT. In some cases it can be beneficial to register for VAT before your turnover reaches the threshold.
We will advise you as to when you should register, and in both cases will handle the registration on your behalf for no extra charge.
Will I need any business insurance?
You will probably need the following insurance:
- Professional Indemnity insurance-protection against claims against your company for inadequate advice or service that causes your client to lose money
- Public Liability insurance- protection against third party claims for injury or damage to property
If you are employing additional staff you may also need:
- Employee liability insurance-protection against claims from your employees
Most contracts will stipulate the levels of insurance that your company will require
What is a registered office?
A registered office is the registered address of a limited company. It must be a physical location in the United Kingdom at which official documents can be served.
Pulse offers a registered office address service to our clients.
The benefits being :
• Your residential address is not shown on the public register
• All official government mail is sent directly to us to be actioned and scanned copies are forwarded to you. This includes governing bodies such as Companies House, HMRC, Government Gateway etc.
• If you live in rented accommodation, many rental contracts do not allow the landlord’s address to be used as a registered address
What is an authorised agent?
Will I need to do a personal tax return and if so, how much will it cost?
As a company director, you have an obligation to submit a personal tax return to report your taxable income for each year to 5 April.
Most of our packages include preparation of your basic self-assessment tax return including employment pages. This fulfills most clients’ needs.
If you have other taxable income such as a rental property which needs to be included on your tax return, then we are happy to quote for the additional costs to complete the work.
How much record keeping do I need to do?
Using the Award Winning FreeAgent online bookkeeping software that we provide, entering your invoices, expenses and bank transactions should take no more than 15-20 minutes a month. Much of this can also be done on the move using a free mobile app. Please do not be daunted by the sound of all this – we are here to help you get started.
Do I still have to pay Pulse if I take a month off?
Yes, the monthly payments that you make to us add up over the year to our annual fee. However rest assured there are no exit penalties.
What is IR35 and how might it affect me?
In a nutshell, IR35 is a piece of tax legislation that was introduced to ensure that “disguised employees” operating through their own limited companies pay tax as if they were employees. Provided your company has a contract that falls outside the scope of the IR35 legislation and further to this your working practices reflect that contract then you should not be caught. If you are concerned about your company’s status we can arrange a full contract review.
Can I sign up online?
To become a Pulse client we must legally perform various security checks, which cannot be done online. We will contact you to start this process, and once we have brought you on board, your account manager will help you get acquainted with the FreeAgent software.
Haven't found the answer?
Jot your question down below and we'll get back to you shortly