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From April 2013, all UK employers have to notify PAYE to HMRC, at the same time they pay their employees. It's RTI.

It's the law! Penalties apply..….

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If you are looking for a new payroll company to handle all of your needs then Payroll Village is the community you have been looking for.

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Are you a Contractor Setting up a Limited Company?

As a contractor, setting yourself up as a limited company is one of the most tax efficient ways of managing your business. However, there are a number of responsibilities that you must be aware of, which can seem especially daunting. These include:

  • Registering your company at Company House

  • Completing your annual accounts

  • Completing your corporation tax return detailing the company’s profit. This must be provided to HMRC every year. In addition, any corporation tax must be paid to HMRC within 9 months of the company year end.

  • PAYE must be operated for anyone employed by your company. Your company must pay any income tax and national insurance owed to HMRC every month.

Personal Service Companies

As a contractor set up as a Limited Company, you fall into the HMRC definition of a Personal Service Company (PSC). Currently, a PSC is seen as a company set up to sell the services of an individual or group of individuals. The PSC is owned by the individual or group of individuals providing the services. This is the main characteristic which differentiates PSC’s from Managed Service Companies- which are not normally owned by the people who provide services on their behalf. If you are a contractor limited company, you are seen as a PSC by the HMRC. The HMRC can sometimes view such companies suspiciously, because of the potential for them to be used as vehicles to avoid tax and National Insurance- by disguising employee relationships as contractor relationships. Our experts at Payroll Village can help you to avoid such pitfalls. Contact us today to discuss how.

What Does this Mean for You?

Operating within a PSC means that every single contract you take on MUST be IR35 compliant. If you can not prove on investigation that your contracts are not employee relationships by HMRC standards, you will be liable to pay taxes as though you were employed by your client as an employee. For this reason, if you believe that your limited company would be labelled as a PSC by the HMRC, it is imperative that you take the necessary advice to ensure that your self employed status is unquestionable.

How we can Help

Payroll Village and our sister company Carrington Blake Accountancy provide a comprehensive package which will take care of all your company and tax affairs for a fixed price of just £65.00.
Our package includes:

  • A team of qualified accountants and tax experts at your disposal

  • IR35 contract reviews and advice

  • Quick and efficient Company Formation

  • Weekly/Monthly Payroll, including payslips

  • Filing of Annual Financial Accounts

  • Filing of Annual Return

  • PAYE Tax, Corporation Tax , VAT Employers and Employees National reports

  • Self Assessment

  • Dividend Administration

  • Bookkeeping

  • RTI Submission
  • Dealing with all HMRC Queries

  • Dealing with Companies House

Maximise your take home

Our contractor services allow you to maximise your take home pay while simultaneously allowing you the peace of mind to get on with the business of running your business.

Call us today on 020 7537 6641 and let our experts take the headache out of contracting, so that you can focus on earning money.
If you have any question about contracting or would like any further advice please give our experts a call. Alternatively, email us here: