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    Choosing to operate through your own company,

    with the help of Benifacts,
    will leave you with less administration and more return

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    HMRC Enquiry & IR35 Investigation?

    Don’t get stressed. We will protect you from penalties.

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    You’re Benefits

    Wider expense allowances.

    Ability to pay dividends (subject to IR35 status and available reserves).

    VAT benefits where applicable.

    Commercial benefits from establishing your own business.

How much could you save?

Enter your day rate and details below to get a free illustration from one of our payroll specialists Accountant:

The art is not in making money; but in saving it – Magic for your earnings

About us

Benifacts Accountants Limited is the most preferred and trusted accounting services for contractors. Based in London, Benifacts Umbrella is set up by Mr Sachin Chokshi, an Experienced FCCA with over 6+ years of expertise in the areas of Tax Planning, HMRC Submissions, Corporate Compliance, UK Taxation, Financial Statements preparations, Business Review and Analysis, Handling Tax Investigations upto Tribunal level, Client Relationship and Project Management. Being a detail-oriented and resourceful individual with excellent communication and interpersonal skills, combined with an excellent understanding of complex tax issues inspired him to form this business

The limited company service from Benifacts Accountants is comprehensive with no hidden charges and exclusions. You will be provided with a total service solution, empowering you to reap the tax benefits of a limited company and enjoy the benefits of a contracting life.

We work with the regulatory bodies and keep vigilant eye on the industry updates and abide the HMRC rules and regulations. We are audited and are consulted by the legal advisor so that our contractor gets 100% HMRC compliant and transparent service.

The Very Best of Benifacts

  • Specialist accountants, advising contractors & freelancers
  • Great service: same day response, guaranteed turnaround times & always speak to a named person who knows your account for unlimited support & guidance
  • Streamlined, time-saving processes: you simply send us the timesheets & expenses (once a month or as often as you like), and we will do rest
  • We take care of everything else: accounts, all personal & business tax returns, VAT, payroll/PAYE, dividends, annual returns, HMRC correspondence, reconciling your bank account & monitoring your finances for risks and opportunities
  • Abundant advice: tax-efficient set-up, continuous proactive tax advice & 100% IR35 record
  • Company formation, insurance cover & bank account set up
  • Regular reminders, never miss a deadline or an opportunity
  • Quick and easy set-up, all inclusive fixed fee and no commitment
The hardest thing to understand in the world is the income tax.
Albert Einstein

OUR SERVICES FEATURES

Professional Accounting Service

Invoicing, Tax Return, VAT returns and liaising with UK regulatory bodies included.

Umbrella

If you are not planning on contracting long-term, and you don't want the responsibility of running your own business then Benifacts can offer and PAYE Umbrella Payroll services.

More Take Home & Less Administration

Retain upto 80% from your Limited Company & we take care of all your administration and paper work relating to your assignments.

IR35 Contract Review

We review your contracts to ensure you are IR35 compliant, leaving you tension free

Risk Free Contracting – You can be confident that we will take every step to ensure that you are not positioned under any risk of breaching relevant legislation

our offer

Payroll Supermarket Offer

Benifacts Accountants provides professional and bespoke accounting services, helping you save your taxes and increase your take home pay while remaining tax compliant.

1 month free service for you to begin with.
Assist you in the process of Company Formation
Managing your accounts right from Bookkeeping to finalisation
Proficient personnel to guide you at every stage
PAYE calculation and monthly PAYE payroll
All VAT, Tax and Year end returns
Advice on remuneration according to your tax position
No Tie in period and exit charges
All inclusive monthly fee with no hidden cost

How much could you save?

Enter your day rate and details below to get a free illustration from one of our payroll specialists Accountant:

IR35

IR35 Employment Status

IR35 is legislation, brought in by the Government in April 2000, to counter what HMRC class as a disguised employment. As a contractor, you’re ‘IR35 status’ effectively determines your tax position with HMRC.

The aim of the legislation is to stop people leaving full time employment then returning to the same job immediately as a contractor. This makes it possible for the previously permanent employee, working through their own limited company, to reduce their tax liability and their NI payments. If a permanent employee were to leave their company on a Friday afternoon then return to the same company on the following Monday in the same job role, HMRC would class this as a disguised employment.

The only way to be sure whether your contract falls inside or outside IR35 is to have it reviewed by a professional. Benifacts will offer an IR35 status review service carried out by our Legal Services at no extra cost.

Prior to the introduction of IR35, an individual could avoid being taxed as an employee on payments for services and paying Class 1 NIC by providing those services through an intermediary. The worker could take the money out of the intermediary, normally a Personal Service Company, in the form of dividends instead of salary, resulting in significant tax savings.

The legislation ensures that, if the relationship between the worker and the client would have been one of employment had it not been for an intermediary, the worker pays tax and NICs on a basis broadly equal to that an employee of the client would pay.

As a director, it is your responsibility to ensure that your IR35 status is always clear. If you take dividends in the absence of careful consideration of your IR35 position you are putting your company and yourself at risk.


Being caught or ‘inside’ IR35

If your contract has the same level of risk, responsibility, liability and control as a permanent employee then you would be classed as inside or caught by IR35 legislation. This means you should pay full tax and full National Insurance (instead of the usual salary and dividends from the profits of your company) and have reduced entitlement to expense claims. This is because HMRC believes that as you aren't taking the financial risks nor have the same level of control as a director of your own limited company, you aren't entitled to the same corporate tax structure.

If you are inside/caught by IR35 there may still be benefits in trading through your own limited company. You can still claim travelling and accommodation expenses, 5% of your turnover, benefit from the VAT flat rate scheme (potentially saving around £2,000 a year) and receive interest on the funds held within your own company. So from a financial point of view it could be worthwhile. Any other contract work you do could also be put through your existing company.

IR35 regulations are extremely complex but the points covered below provide a rough indicator of how you can consider your IR35 status and remain ‘outside’ IR35.

Control: Ensure you are free to work under your own control and not managed by your client.

Financial risk: Working through your own limited company you are taking an element of financial risk. You should be responsible for providing all of your own equipment, hiring individuals to assist and any other financial requirements in satisfaction of your contractual obligations. HMRC will look at all of these when considering whether you take a genuine financial risk.

Substitution: Place a clause in your contract allowing you to use somebody other than yourself to perform the task your company has been contracted to do.

Provision of equipment: Use your own equipment. It is accepted that sometimes this is very difficult and allowances are made where, for example, security measures prohibit the use of personal computing equipment.

Right of dismissal: There should be provision in your contract for immediate termination, rather than a fixed notice period as with employees, should the client choose to do so.

Employee benefits: You should not receive any holiday pay, sick pay, pension contributions, and training courses.

Please be aware that HMRC won’t just look at the above. They review all aspects of your business to establish you are a director genuinely running, managing and controlling your own limited company rather than an employee. It doesn't matter if you are working for the same client for one month or much longer periods, it’s what you're doing and your level of risk, responsibility, liability and control that count.


IR35 Status Review

Here, we place great weightage on compliance with IR35 regulations, unlimited reviews to all Limited company customers, as part of our services. Your IR35 status is dependent on both the terms of your contract and your working practices. Benifacts legal advisor will help you to review IR35.

Benifacts will guide you through the process to help you remain compliant. As a director of your company however, an awareness of IR35 and the implications when negotiating contracts will help to prevent any future complications.


Decide not to have an IR35 review

Please be aware that if you are working on an assignment taking a dividend payment, as a director of your company it is your responsibility to ensure that your status is always clear. Having an IR35 review will minimise the potential financial risk to you and your limited company. It is important to determine your IR35 status before deciding whether or not to pay yourself a dividend.

In order to take dividends compliantly you need to be sure that you are self-employed for tax purposes (i.e. compliant with IR35).

Contact us today to find out more and discuss your requirements.

Contact us

Address:
Benifacts Accountants Limited
686-692 London Road Isleworth
Hounslow,England,TW3 1PG

Call Us:
0207-993-4109

Fax :
0207 101 7722

Email Address:
info@benifacts.co.uk
admin@benifactsaccounting.co.uk
 

Copyright © 2015 Benifacts Accountants Limited / All rights reserved.