OUR GOAL: Is allowing you to make informed choices.

At Black Diamond we ensure that you understand the options available. How they may work best for you and tailor to your individual circumstances. Whilst offering our full support through the whole decision making process.

Choose our Accountancy Services:

Through Black Diamond Accountancy we offer a full range of accountancy services and specialise in the Freelance and Contract markets. Our support and services allow you to focus on developing your business and creating new opportunity. Whether you are new to contracting or have an existing Ltd company.

Choose our Umbrella:

Through Black Diamond Umbrella we offer you the security of an employment solution. We optimise your net pay by allowing you to benefit from the tax relief available on business expenses that you incur. By choosing our Umbrella you have no risk to the IR35 or MSC government legislation. Further more our Umbrella is hassle free with minimum administration it allows you to have the life style you choose. To find out more click here www.blackdiamondumbrella.co.uk

Q - I don't have a Ltd Company yet but I have decided that I would like to set one up. Can you provide one for me?

A - No, you must procure your own company from a formation Agent.

Q – Where should I have the registered address for my company?

A – You can choose where to have the registered address for the company. If you require, Black Diamond can provide this service for you (free of charge) or you can use your home address or a suitable alternative.

Q – Do I need a company secretary?

A – Up until April 2008 every company needed to have two registered officers, a director and the company secretary. From that date, you have the choice whether to appoint a company secretary or not. However the secretarial duties still have to be carried out.

Q – As a director how should I pay myself?

A – As the director of a Ltd Company you can set your salary (directors fee) at any level because directors are not subject to the national minimum wage. If you wish to maintain your entitlement to state benefits you will need to ensure that a minimum portion of your company income is paid as salary.

Q – What will my employment status be when I work through a Ltd Company?

A – You will be employed by your Ltd Company as a director.

Q - Is there a guide available to show me what expenses are claimable through my company?

A – There are many sources on the internet that explain business expenses in an easy format.

The following links may be helpful,

http://www.hmrc.gov.uk/guidance/480.pdf

www.pcg.co.uk

Q – What is flat rate VAT?

A – This is a rate less than the standard VAT rate that qualifying small companies can pay; the rate depends on the type of business the company carries out. Black Diamond can assess your circumstances and offer advice on how best to register.

Q – How do I know how much to take out of my company account?

A – Black Diamond can produce you a company statement once we receive all the relevant information (remittance advice or confirmation of what has gone into the account).

Q – Will I have any further taxes to pay?

A – When you submit your self-assessment tax return you may have an additional tax liability if you fall into the higher rate bracket. If you require advice on this issue please contact Black Diamond.

Q – Can I claim expenses through my Ltd Company?

A – Yes you can claim business expenses through your company. You will need to keep all original receipts and keep a log of all business miles. You will then need to post the originals into Black Diamond. You can do this on a weekly / monthly / quarterly basis.