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 - Yes, we are happy to offer this service or you are free to use a formation agent of your choosing.

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

A – You are free to use your home or business property address or alternatively we are happy for you to use the Black Diamond address.

Q – Can you assist me in setting up a business bank account?

A – Yes, we can arrange for our business partners HSBC to call or alternatively you can select a bank of your choice.

Q – Can you advise what company insurance I require?

A – We will refer you to our insurance brokers and they will provide an individual quotation based on your circumstance.

Q – Do I need a company secretary?

A – No, you are free to have only one registered officer and this is normally the company director.

Q - As a director how should I pay myself?

A – As the director of a Ltd Company you are free to set your salary at a level that is appropriate for your circumstance. Black Diamond is happy to advise on this.

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 – Yes, Black Diamond will provide a copy of the HMRC guidance on joining. Feel free to call us anytime should you have any questions.

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. Current Flat rate percentages can be found at: http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#5

Q – How do I know what income to draw from my Company?

A – Black Diamond can produce a monthly company statement and payslip. This will detail the income that your company has generated in the period and the liabilities that are due.

Q – Do I have to take my salary and dividends separately?

A – We would advise that any salary and dividend income is transferred from your business account to your personal account separately.

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. Any tax payable by you should be accounted for and paid from a separate personal bank/savings account. If you require advice on this issue please contact Black Diamond we will be more than happy to help.

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.

If you have any further questions please do not hesitate to contact Black Diamond Accountancy Services on 01942 684769