There are many points to consider when running a Ltd Company. We can support you through this process but ultimately it is up to you as the director to manage and control it. This section details what commitments you will need to make to run your company.

Getting an accountant

Firstly you will need to choose an Accountant. They can advise you on the best way of working based on your individual circumstance. Black Diamond specialise in the contracting market, their experience and understanding in the market means they can give you the facts and then you can decide what the best way of working is for you.

Setting up a Ltd Company

Having chosen an accountant you will then need to set up your Ltd Company. You can do this via a formation agent of your choice or direct at Companies House. Black Diamond has agreed a preferential rate with Jordan’s who are one of the UK’s most established formation companies. If you choose to contact Jordan's, their contact number is: 0117 9181470 To find out more visit: www.jordans.co.uk (To receive the preferential rate you must notify Jordan’s that you are a client of Black Diamond).

Setting up a business bank account

You are required to have your own business bank account; you can set one up with the bank of your choice. We can suggest the services of HSBC and Barclays.

• To speak to the account opening team at Barclays call: - 0845 605 2345
• To speak to the account opening team at HSBC call: - 08457 404 404

Setting up company insurance

It is your responsibility to ensure that you and your company are adequately insured. You are able to obtain insurance from any insurance broker. We can suggest J L Manson and Partners. J L Manson and Partners are based in Manchester and specialise in the freelance market. You can contact them on:-

• Sam Newiss - 0161 245 1233 or sam.newiss@mansoninsurance.co.uk
• Manson’s general number - 0161 228 0444

Alternatively Knightsbridge Risk Solutions can be contacted on:-

• www.blackdiamond.kpsol.co.uk

Operating your Ltd Company

You will need to consider the on going requirements and obligations of running a limited company. If you have chosen Black Diamond to assist and guide you through this process we will do so as follows:

IR35

Black Diamond place great emphasis on IR35 compliance, as part of our standard accountancy service charge we offer a free IR35 review. As a freelancer operating through a Ltd Company, it is your responsibility to ensure compliance. It is paramount that you observe best practice in your approach to employment status. For more information about IR35 please click here.

Invoicing

In the majority of cases you will need to invoice your client/agent periodically for the services you have provided. Typically this will be weekly/monthly what ever you have agreed and your invoice may need supporting by a timesheet. You will need to ensure prompt submission of your invoice and timesheet to avoid delays in payment. At your request Black Diamond can undertake this service for you.

Company income

If you are working outside the scope of IR35 then a portion of your company income can be taken as a dividend. You will need to ensure that your dividend drawings are not in excess of the company’s profits after Corporation Tax. You may also wish to pay yourself a salary. Black Diamond can offer advice based on individual circumstance as to the amount of salary to be drawn. Further advice can be offered on legitimate business expense claims. Black Diamond at your request can produce a monthly company statement or a set of management accounts.

Year end

Following your accountancy period end, Black Diamond will complete your annual accounts and on agreement with you, will submit to HMRC in a timely manner.

Secretarial duties

Companies House will issue a company annual return once every year which will need completing and forwarding to Companies House, together with their annual fee of £15 (if completed online). Various other forms will have to be submitted to Companies House. For more information on secretarial duties please contact Black Diamond.

Personal tax return

As a company director you will need to file a personal tax return under self-assessment. Black Diamond can prepare this for you if instructed to do so.

VAT return

If your company revenue is more than the current VAT registration threshold, you will be required to register your company for VAT. VAT will need to be included on all invoices raised through your company. Black Diamond can prepare your VAT returns.

Flat rate VAT scheme

The flat rate VAT scheme can be advantageous for some companies. Black Diamond can assess your circumstance and offer advice on how best to register.

Request a free consultation TODAY. Call to speak to a member of the Black Diamond team on 01942 684769 or click here to contact us through the website. We look forward to speaking to you.