Frequently Asked Questions

Who are Bright Ideas?

We’re a firm of qualified and specialist accountants providing high-end services for contractors, freelancers, sole traders, limited companies and small businesses.

Is Bright Ideas right for me?

We offer accounting support for anyone working or running a business in almost any sector. If you’re a sole trader, freelancer, contractor or limited company, there’s a good chance we’re the perfect fit for you. Get in touch and chat to our advisors to find out more.

How much are the fees?

Fees vary depending on the chosen package and your preferences. We don’t believe you should have to pay for something you don’t need, which is why we offer bespoke solutions for every client. We have packages available for sole traders, limited companies and contractors. Please see our pricing page for further information.

Are there any hidden fees?

No. The price we quote is the price you pay. The only time you will pay more is if you’d like to list our address as your registered office or add any other optional package extras.

Will I be tied into a contract?

We’ve never had client contracts, and we never will. We’re confident that, once you join, you won’t want to leave!

I’m a sole trader. Do I need an accountant?

Even when you’re first starting out as a sole trader and your earnings are on the low side, having an accountant by your side can prove invaluable. This way, you’ll never lose track of your finances. With Bright Ideas, sole trader support is completely affordable – with packages starting from just £15+VAT a month.

I’m a contractor. Should I choose limited company or umbrella contracting?

When deciding on how to operate in your first contract, there a number of factors that will influence your decision – such as IR35 status. Speak to one of our experts to determine the best option for you.

How long does it take to set up a limited company?

We can usually set you up as a limited company in three hours, although it can take up to 24 hours in certain circumstances.

What’s the next step after setting up my limited company?

Once the limited company has been incorporated, you should set up a business bank account. This can take anywhere up to six weeks. We suggest booking an appointment with your local branch to speed the process up.

Do I need to register for VAT?

Regardless of whether you’re a contractor, freelancer or small business owner, if your turnover is below the VAT threshold (£85,000 as of 2019/20) then there’s no legal requirement to register for VAT. However, voluntary registration may be more tax-efficient as you can benefit from the flat rate scheme. Get in touch for more information.

Do I need business insurance as a contractor?

You should obtain professional indemnity and public liability insurance. These will most likely be a requirement stated in your contract. If you also have employees, you’ll need employers’ liability insurance.

What expenses can I claim for?

You can claim for any expenses that are wholly, exclusively and necessary for the running of your business. Our accountants will be able to tell you more and outline exactly what you can claim for.

What do you need from me?

Simply keep your books up to date with the right numbers. This enables us to calculate the relevant taxes. You’ll also need to be ready to make any necessary payments.

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Let Bright Ideas take care of your accounting. We’re guaranteed to have a solution here that suits your needs. Simply pick the package you like best and we’ll take care of the rest.

You can sign up for our services right now. Complete the form below and we’ll be in touch the same day (if received before 4pm).

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Let’s talk about your business

Setting up a new business? Already trading as a Limited Company? No matter what your circumstances, Bright Ideas can help.

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Included in our company formation service is:

  • Limited Company name of your choice
  • Memorandum and articles of association
  • VAT, PAYE and Corporation Tax registration
  • Certificate of incorporation and Share certificate
  • Companies house registration
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