Frequently Asked Questions
Who are BI Accountancy?
We are a firm of qualified contractor specialist accountants. We provide high end accountancy services for limited company contractors and freelancers.
Who is it for?
BI Accountancy is mainly for contractors and freelancers operating a limited company. The sector they provide their services in can range from IT Consultancy to Surveyors. Give us a call too see if we’re the right fit for you.
How much are the fees?
We provide three different packages based on your needs and preferences (you don’t want to pay for something you don’t want). Please see our packages for further information.
Are there any hidden fees?
No. The price you see is the price you pay. The only time you will pay extra is if you require our office to be your registered office.
Will I be tied into a contract?
No, we’re confident that once you join you won’t want to leave!
Limited Company or Umbrella?
When deciding on how to operate in your first contract there a number of factors that will influence your decision, such as IR35 status. For further information see our post here, or contact us to speak to an expert.
How long does it take to set up a Limited company?
We can usually set you up a limited company in 3 hours although it can take 24 hours on some occasions.
After setting up my Ltd what is the next step?
Once the limited company has been incorporated then you should set up a business bank account. This can take anywhere up to 6 weeks to be set up. Our tip is to book an appointment with your local branch as this can help speed the process up.
Do I need to register for VAT?
If your turnover is below “the VAT threshold” (£82,000 as at 30/06/15) then there is no legal requirement to register for VAT. However voluntary registration may be more tax efficient as you can benefit from using the flat rate scheme. Get in touch for more information.
Do I need business insurance?
You should obtain ‘Professional Indemnity Insurance’ and ‘Public Liability Insurance’ these will most likely be a requirement stated in your contract. If you also have employees you’re likely to require ‘Employers Liability insurance’. Our business partners Kingsbridge can help you out with all your insurance needs.
What expenses can I claim for?
You can claim for any expenses that are wholly, exclusively and necessarily for the running of the business. Have a look at our expenses guide, if you are unsure as to what you can claim you should always run it passed an accountant.
What part do I have to play?
You would simply need to keep your bookkeeping software updated so that we can calculate the relevant taxes. Also you would, of course, have to make the payments for any liabilities due!