Running A Business
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Running your business
Running your own business is a great opportunity and offers flexibility and freedom of choice. There are points to consider but Black Diamond can support you through this process as we have with many other clients who are now benefiting from the rewards of operating independently via their own Ltd Company.
Choosing an accountant
Black Diamond is in the perfect position to help. We will advise you on the best way of working when comparing your circumstance to our best advice matrix. Black Diamond specialises in the contracting market, our experience and understanding means that we can tailor our advice to meet your needs.
Setting up a Ltd Company
Black Diamond can help. We have agreed preferential rates with one of the largest formation agents in the UK. Your company could be incorporated within 24 hours and Black Diamond will arrange this for you. All that we require are answers to a few basic questions, including what you would like to call your business!
Setting up a business bank account
Black Diamond can assist you in this process. Your agency/client will request bank details to enable them to make payment to you. If you do not have an existing business bank account we can help by referring you on to our business partners, RBS. They will contact you by phone initially to explain what is required and support you through the application process. If you prefer to select an alternative bank of your choice this is perfectly acceptable and you have the option to do so.
Setting up company insurance
It is important that you protect yourself and your business whilst offering services to clients. We work closely with two of the leading insurance brokers in the contracting market and have no hesitation in recommending them. On your instruction we will refer your details over to our insurers and they will arrange a mutuality convenient time to produce you an illustration based on your individual circumstance.
Feel free to contact Kingsbridge Contractor Insurance at: blackdiamond.kingsbridge.co.uk
Operating your Ltd Company
To ensure the smooth running of your business there are some ongoing requirements and obligations. Black Diamond is here to offer its full support at all times.
Black Diamond place great emphasis on IR35 compliance and we strongly advise that you review your IR35 status and can recommend Bauer & Cottrell Ltd, specialist advisors in the field of tax/NIC, employment status and IR35.
Please feel free to visit their web site for more information: www.bauerandcottrell.co.uk
Black Diamond is happy to raise invoices on your behalf, the frequency and need for this is dependant on your agency/client contract. Alternatively you are free to issue your own invoice and indeed many of our clients do as it helps them to understand the income received into their business bank account. Details of our invoice service can be found under the "Our Services" section of this web page.
Running your own Limited company allows you to maximise your tax efficiency. It is important that you consider carefully what income you take as salary and what income you draw as a dividend. This varies from client to client and we are happy to offer advice regarding what salary you draw. Our Diamond All-inclusive and Diamond Assist services include your own business online dash board which keeps you up to date whilst on the move 24/7.
Following your accountancy period end, Black Diamond will promptly complete your annual accounts and on agreement with you, will submit them to HMRC on your behalf.
Black Diamond can advise on and offer a wide range of secretarial duties. There are mandatory requirements such as the completion of your companies' annual return. Black Diamond will notify you when this is due and submit it online on your instruction.
Personal tax return
As a company director you are required to file a personal tax return under self-assessment. Black Diamond can prepare this for you on your instruction.
Once your company revenue is more than the current VAT registration threshold, you will be required to register for VAT. Black Diamond can advise you on the benefits of registering for VAT and support you through the application process. Black Diamond will calculate your VAT liability but you will be responsible for making payments over to HMRC.
Flat rate VAT scheme
The flat rate VAT scheme can be advantageous for some companies. Black Diamond can assess your circumstances and offer advice on how best to register.