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!

GET IN TOUCH

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WHAT OUR CLIENTS SAY

  • After trying two other accountancy firms, which made my start in running a business MORE difficult than it needed to be, I am very pleased with the advice and support provided by BI Accountancy. I get very prompt responses to queries, with good explanations, that I have confidence in.

    Kate Farley
    Kate Farley
  • Michael and the BI team initially restructured my Freeagent account to get things in order. They also taught me how to properly utilise the software. Since then they have been responsive and proactive. Can’t recommend them enough.

    Col Skinner
    Col Skinner
  • Thank you to Mike for educating me on the world of accounting and managing my finances efficiently. I have found your service to be excellent. I really appreciate your timely response rate and friendly yet professional nature, you have been a pleasure to deal with

    John McNaughton
    John McNaughton
  • Michael has always been a friendly voice on the phone when I require help on my accounting needs. Emails are always answered promptly and advise always given when needed.

    Samuel Clarke
    Samuel Clarke
  • Since transferring over to the accountancy, my needs have been met efficiently, effectively and professionally.

    Matthew Lewis
    Matthew Lewis

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