Frequently Asked Questions
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.
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.
We operate on a monthly rolling contract, meaning you are able to cancel the service with just 1 months notice. We’re confident that, once you join, you won’t want to leave!
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.
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.
We can usually set you up as a limited company in three hours, although it can take up to 24 hours in certain circumstances.
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.
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.
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.
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.
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.