* Umbrella Companies vary in the services they offer, so it’s important to check the specific umbrella company being used and what their exact offering/services are. However, broadly speaking, this is what they do: They operate PAYE for the individual contractor concerned. (The individual would be a PAYE employee of the Umbrella Company) They process “expense [read more]
 What is an Umbrella Company*Umbrella Companies have been around since about 2000, when the IR35 legislation came into effect. An Umbrella company is an intermediary company designed to save contractors the expense and hassle of forming and running their own limited company. They are used by contractors who cannot or do not wish to become PAYE employees of their clients. In [read more] |
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 Directors – Use of Home*The situation of use of home is slightly different for directors than for sole traders. In this instance, it may be more straightforward and advantageous for the company to pay rent to the director for the use of their home. (Make sure that there is a licence agreement in place to cover the rental agreement.) The [read more] |
 Use of Home* Many self-employed people/sole traders and company directors work from home some of the time and many, if not most of these people can claim a tax-deduction for some of the expenses incurred in working from home ,having a home office or “use of home“. The law says that an expense is only tax-deductible if it [read more] |
Statement of Capital*A new requirement for a “Statement of Capital” comes into effect today, as part of the Companies Act 2006. This affects several forms and returns dealing with the Company’s capital or shares, including: Annual Return Allotment of shares The Statement of Capital must contain: the total number of shares of the company, the aggregate nominal [read more] |
 Directors Service Addresses*From 1 October 2009, Directors will be able to supply a Service Address to Companies House. This will enable Directors to hide their residential address from the public. The service address will be on the public record and will be public information but the residential address will not be. A director may choose any address [read more] |
 Sail Addresses*Single Alternative Inspection Addresses (or SAIL addresses) will enable the Company to provide an alternative address where people can inspect the Company’s statutory registers. This may suit companies who operate from business premises but whose registered office is a residential address. In this instance, the Company may choose to record their business premises as the Company’s [read more] |
