Limited Company Contractors
Operating through a limited company offers contractors greater control, tax efficiency, and professional credibility. As a separate legal entity, your company is responsible for its own finances and must comply with Corporation Tax obligations. While this setup can be beneficial, it also brings responsibilities – such as managing income, dividends, and ensuring compliance with HMRC requirements.
At Munro Bowman, we specialise in supporting limited company contractors with clear, reliable, and fully managed accounting services. Our monthly packages are built to take the complexity out of running your business, giving you peace of mind and the freedom to focus on your contracts.
Whether you’re just setting up or looking for a more responsive accountant, we’re here to help – every step of the way.
Here are details of some of the services which we can offer in our monthly service packages:
Expert Tax And Accountancy Guidance From Your Dedicated Personal Accountant
Get expert advice and guidance whenever you need it. Whether it’s a quick question or a complex issue, our team is here to support you. You’ll have a dedicated accountant as your main point of contact, who gets to know you and your business, providing tailored advice and a personalised service.
Registered Office Address
Make use of our office address as your company’s registered office, adding professionalism and safeguarding your privacy.
Annual Statutory Accounts And Corporation Tax Return
We’ll take care of your annual accounts and Corporation Tax return, carefully reviewing the information you provide to us and ensuring everything is submitted on time.
Confirmation Statement (CS01) Filing For Companies House
Stay compliant with Companies House regulations – we’ll handle the filing of your CS01, including the filing fee.
Quarterly VAT Returns
We’ll prepare and submit your VAT returns every quarter, ensuring compliance and accuracy.
Monthly Payroll Management & P11d Filings
Leave payroll to us! We’ll manage it monthly, ensuring your team’s payroll is filed on time, payslips are available to pass to your employees and you are made aware of any PAYE payments due for your business. We’ll handle the preparation and submission of P11d forms for employee benefits.
Director’s Self-Assessment Tax Returns
We’ll prepare and file your personal tax return, ensuring your obligations as a director are met.
FreeAgent, Sage And Xero Bookkeeping Subscriptions
Our services can include software subscriptions, such as FreeAgent, Sage and Xero, giving you access to user-friendly bookkeeping software to manage your finances effectively.
Understanding IR35 for contractors
IR35, also known as the “off-payroll working rules,” applies to contractors who work through an intermediary, such as a limited company or a personal service company (PSC). Its primary aim is to determine if a contractor is a genuine independent contractor or essentially an employee in terms of taxation.
It aims to ensure that contractors working like employees pay broadly the same Income Tax and National Insurance contributions as regular employees.
How we can help:
- Advice on working practices and HMRC expectations
- Assist with tax planning whether you’re inside or outside IR35
- Ensure you’re operating in the most tax-efficient way possible
- We have Accountants with more than 15 years experience dealing with Limited company contractors.
Key points to consider:
Status Determination
HMRC assesses whether the contractor would be an employee if engaged directly. The assessment considers both the written contract and working practices. Factors include control, substitution, and mutuality of obligation. HMRC may also look at other indicators, such as whether you’re integrated into the client’s team, provided with equipment, or entitled to benefits.
Implications
If a contractor is deemed “inside IR35,” they are treated for tax purposes as an employee. This means Income Tax and National Insurance contributions are deducted at source, as they would for a regular employee.
Responsibility
Determining IR35 status typically falls on the end client (or agency), which must provide a Status Determination Statement (SDS) to the contractor. However, if the end client (or agency) is a small business, the responsibility falls on the contractor.
Compliance
Contractors “outside IR35” continue to operate as usual, managing their own taxes. Inside IR35 contractors face increased tax obligations and must ensure that they are declaring the appropriate level of salary.
Impact
IR35 can significantly affect take-home pay and administrative burdens, making accurate status assessment crucial for both contractors and clients.
Services & pricing
| Monthly Services | Core | Enhanced | Elite |
|---|---|---|---|
| £110 +VAT | £130 +VAT | £160 +VAT |
|
| Unlimited expert advice from your Dedicated Personal Accountant | |||
| Registered Office address service | |||
| Preparation & Submission of Financial Statements | |||
| Preparation & Submission of Companies House Confirmation Statements | |||
| Preparation & Submission of Corporation Tax Return | |||
| Preparation & Submission of Payroll (for up to 2 employees) | |||
| Preparation & Submission of P11D | |||
| Preparation & Submission of one Self-Assessment Tax Return | |||
| Assistance with HMRC records checks | |||
| Reminder services for all deadlines | |||
| Company secretarial assistance | |||
| Standard employment status references | |||
| Award Winning Software | |||
| Preparation & Submission of quarterly VAT Returns | |||
| Quarterly Tax Planning | |||
| Quarterly Tax Report |
Do you need bookkeeping services?
Bookkeeping is only necessary if your documents are in original format, such as invoices and receipts. This service will not be necessary if your information is provided using bookkeeping software. Bookkeeping services can be offered at £30 + VAT per hour, should you want us to take over with updating your accounting software monthly.
Do you have more than 2 employees?
Not all business are the same, you may have more than 2 employees, if so we can offer to run payroll for additional employees at £10 + VAT per month
Do you have more than one Director who requires a Self-Assessment?
No problem, we can offer to complete Self-Assessment Tax Returns for additional Director’s at £12.50 + VAT per month
Why choose us?
Our goal is to provide a seamless, stress-free accounting experience. With our dedicated support, industry expertise, and comprehensive services, you’ll have everything you need to keep your business finances in perfect order.
Get in touch today to discuss how we can help your business thrive!
Here to help
Contact us for a friendly, no obligation chat. We’re here to assist you with all of your tax and accountancy requirements.
Based in Bournemouth, UK. We service customers both locally and nationwide remotely, and are ready to help today.
Telephone: 01202 129 890
Email: accounts@munrobowman.co.uk
Munro Bowman Limited
1326 Christchurch Road
Bournemouth, UK
BH7 6ED
