Limited Company

Nasa Consulting can incorporate a limited company for you within 24 hours of getting the go ahead. Our service then extends to issuing share certificates and other legal documentation for your business, registering the limited company for Corporation Tax, PAYE and VAT and fast tracking a business bank account application with HSBC. Through our longstanding affiliate partnership with HSBC plc, we can assist in 'fast-tracking' the set up of a limited company bank account that reduces the time and admin involved in opening an account.

Keeping records for your limited company can be a daunting prospect, which is why Nasa Consulting offer a comprehensive bookkeeping service designed specially for contractors. Your personal accountant would provide detailed bookkeeping forms upon joining our service. This provide details of how to claim business expenses, how to record your expenses, which expenses you can claim for tax relief and even an invoice template should you wish to invoice additional clients. Nasa would also perform reconciliation against your business bank statements, which we would ask you send to us each quarter. The service also includes advice relating to bookkeeping processes, expenses and invoicing.

Payroll is an essential process for any limited company. Nasa offers a comprehensive payroll bureau that includes; monthly or quarterly payroll; payslips; completign payroll forms (P60, P11D, P14, P35 etc); salary advice; personal tax advice. Nasa would advise what PAYE and NIC would be payable, which you can do with a simple online payment from your bank.

VAT is something that has an effect on us all, whether as a limited company contractor or just a straight forward individual. Our VAT service includes advice as to which VAT scheme to apply for (if necessary) as well as administration of said scheme including quarterly VAT returns. Many of our limited company contractors stand to benefit greatly from registration to the Flat Rate VAT scheme where they retain on average an extra 3.4% of their turnover in their first year.

Every limited company must report its trading figures to Companies House at year end and of course, pay any tax due on profits to HMRC. Nasa can complete limited company accounts for our client's to include the following; Company Accounts completion; Corporation Tax calculations; Dividend administration. Whilst accounts are not due until 10 months after your year end passes, Nasa will be proactive and request all outstanding information from you quickly to ensure your accounts are filed with time to spare. We will also be able to advise your Corporation Tax liability and how you can pay this.

All limited company Directors/Shareholders and many other individuals are required to complete a personal tax return (Self Assessment) each year. As our services generally includes workings on payroll and dividends for our contractor clients, it makes sense for us to submit personal self assessments for them as well. We usually try to prepare our contractors personal tax returns at the same time as company accounts are completed, so as to minimise the accounting admin through the year. Where our clients have Buy-to-Let property or other income, we will include this in the tax return.

This is the headline name for a tax that is specific to contractors working through limited companies. The taxes of IR35 are only applicable where the individual builds a 'deemed' employment relationship with their client instead of a true business relationship. Nasa Consulting has successfully handled IR35 issues for many years by implementing a duel strategy - reviewing both contractual documentation and individual working relationships with end clients. Our IR35 services focus on these areas and we can offer; IR35 contract reviews; appraisals into your working relationship with your client; or both. Whilst our IR35 contract reviews will provide improvements if necessary, our IR35 appraisals drill down into the relationship between you and your client and provide a detailed assessment as to your IR35 status. This is measured using a traffic light scale - red, amber or green - with the outlook for IR35 being more favourable with a green status. Our entry level service selection includes 2 IR35 contract reviews whilst for a more experienced contractor, we may suggest taking out the full IR35 appraisal services. We include a number of articles on our website if you want further reading on this topic as well as contributing regularly to industry websites. In addition to this, Nasa are proud to be an advisor to one of the UK's leading parties on IR35.

As contractor specialist accountants, we can as part of your services advise on many areas of taxation. For our limited company contractor clients this will include personal tax (PAYE, NIC and any further personal tax on dividends received), corporate tax (Corporation Tax, VAT) and any other areas in which we can help you to reduce your tax liability.