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Welcome to SumIT (UK) Ltd
We provide Accounting and Business Support for small businesses and single person Companies, such as those used by Contractors and Consultants. We do not just advise you on what actually needs to be done, we actually do the work for you. That is we do the administrative work necessary to run a successful company. We do this work for a fixed monthly fee and we give you a written contract which fully describes the service we provide you.

Business Made Easy
We provide you with our service by internet, phone or in person. We do your book keeping, your VAT Returns, your Corporation Tax, your IR35 Calculations if required, your Invoicing, your Daily Bank Account Management with Fund Sweeping and handle your PAYE. We can perform Company Formations, for you and plain annoy you when there are important decisions or actions that you may need to perform in person. We can also arrange Domain name registration and web hosting for your business.

The Advantages of IT Contracting in the UK
The financial benefits of contracting are well understood. In the good times many IT contractors can earn at least 2 or 3 times the salary of a permanent person in the same role, and control their own destiny.

Setting up your company - Limited, Umbrella or PAYE?
Historically, the majority of IT contractors worked through their own Limited Companies. The tax advantages of working this way far outweighed any other method. With the introduction of IR35 some the tax advantages may have been removed depending on whether you fall within the new IR35 "rules" or not. As a general rule, if you fall outside the IR35 rules then you will be most likely better off using a Limited Company. Beware of Umbrella Companies, this is simply an arrangement where you become an employee of another organisation, it may look attractive in the short term but usually has numerous hidden catches.

Finding Contract Work - Agencies and the Internet
If you are a contractor, there are several key ways to find your first contract role. The majority of IT contractors use Internet sites (see our links) to find vacancies posted by recruitment agencies. Some contractors may choose to work direct for clients, rather than via agencies.

Your First Contract
Once you have secured your first contract role, agreed a rate and a start date, a contract needs to be signed between your own trading Company and the Recruitment Agency (or between your own trading Company and the Client if you are going direct).

Money Matters!
To put it simply... If you are working through a limited company, you will pay yourself a monthly salary (many take a small salary). Those caught by IR35 will pay themselves a 'deemed salary'. If you are using SumIT you instruct us how you want paid and where you want the money paid to. We will advise you on IR35 issues as and when necessary

Money Matters - Expenses, Pensions
A wide variety of expenses can be legitimately claimed against your limited company, saving tax in the process.

Money Matters - Corporation and Value Added Tax
Corporation Tax will payable by your limited company. SumIT will calculate your Corporation Tax annually, and chase you when you need to make decisions. Limited companies expecting to turnover more than 60,000 per annum (2005/2006 tax year), have to register for V.A.T - this means that you collect V.A.T on behalf of Customs & Excise on sales invoices paid by your Clients. SumIT will register your company for VAT should need to it be necessary

Money Matters - Income Tax & National Insurance
Whether you pay yourself a large salary and minimal (or no) dividends, or a small salary and large dividends, you will be liable to income tax on all money you pay yourself from your company. SumIT's normal service does not include handling your personal tax but we will do this if asked (for a fee of course).