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Essential
IR35, Section 660 Employment Status
Advice
Essential Insurance for Contractors
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My Responsibilities
The Responsibilites of a Company Director
The Responsibilites of a Company Secretary
Documents that have to be sent to Companies House
Responsibilities of a Shareholder
What Happens when you sign up for FreeTime
When you sign up with our FreeTime service, SumIT assumes the role of your company secretary, your accountant, your payroll officer and your credit controller. The service that we provide is
specified in a contract with you. We become a sub-contractor to your company, and you can sack us
if we do not provide you with the service as described in the contract.
Although we can do most of the work for you and assume the Company Secretary responsibilties, you are still responsible to Companies House as a Director of your company.
The FreeTime Service includes the following:
Price
Costs a 1 person company £125.00 (ex VAT) per month
Bank Accounts
We have arranged for the provision of business bank accounts with the Royal Bank of Scotland for all the companies operating under the FreeTime package. This enables SumIT to electronically administer the banking transactions on behalf of your company e.g. paying your income. The clear benefit is that banking is speedy, accurate and accessible. Please note that provision of the accounts is subject to Contractors meeting Royal Bank of Scotland's criteria; for example, it may not be possible for previously disqualified Directors to obtain a business bank account.
Payroll Bureau
In order to pay yourself a salary your company will become an employer which brings with it additional administration. SumIT will look after all the following aspects on your behalf:
Calculation of National Insurance and Tax deductions for each employee.
Electronic (BACS) payment of salary to your personal bank account.
Inland Revenue Pay As You Earn (PAYE) remittance.
Production and submission of employee expenses and benefits summary (P11D).
Monthly, quarterly and annual PAYE returns to the Collector of Taxes.
Handling Inland Revenue payroll inspections.
VAT
Apply for VAT registration (subject to relevant information provided by you).
Preparation of quarterly VAT returns
Submission to Customs and Excise based on income and expenditure for that quarter.
Remittance or reclaim of VAT.
Invoicing
Raising and sending of invoices to your customer for payment.
These will be based upon timesheets submitted by you and by your contract payment terms.
Tracking payment in accordance with your contract terms and chasing when required.
This is to help ensure your customers/clients pay you on time.
Registered Address
We provide the use of SumIT (UK) premises as the registered office. Companies House correspondence is sent to the registered address.
Note that it is necessary to show the registered address on all business stationery, as this is the address to which any legal documentation will be delivered.
DividendsCalculation of dividend payments on the agreed periodic basis. This is based on profits available after deduction of any salary, expenditure and Corporation Tax.
Completion and forwarding to you of Dividend vouchers.Company Year End AccountsWe will produce Financial Statements in the format required by Companies House.
As Director you will need to approve the Statement and sign them. After this we will forward a signed copy to Companies House.
We will also prepare and submit the Corporation Tax Return. Any Corporation Tax due will be remitted.Monthly Reporting
We will provide you with the following information on a monthly basis:
Summary of income and expenditure.
Details of tasks performed in the month with supporting documentation e.g. VAT Returns, pay slips etcAnnual Reporting
Each year you will receive a CD-ROM with the following information relating to your company:
Copies of the monthly income and expenditure summaries.
Copies of all returns made to the relevant authorities e.g. Annual Return to Companies House, tax submissions to the Inland Revenue.
Copies of the Memorandum of Association and Articles of Association. These are the rules governing the internal and external practices of a company.
Copies of any correspondence relating to the company.
Copies of any correspondence received from you including all Time Sheets submitted.Company Secretarial Services
SumIT (Company Secretary) Limited will act as Company Secretary and ensure that all necessary documentation is completed and forwarded to Companies House together with confirmation to you that each task has been performed.
Record Keeping
It is a legal requirement for many records associated with a Limited Company to be kept, often for a minimum of 6 years. Records kept as part of the FreeTime service include:
VAT
Accounts
Cash records
Sales
Subscriptions
Contracts, agreements and related correspondence
Bank statements
Directorship details
Share registrations, issues, allotments, transfers and certificates
Minutes and resolutions
If you cease using SumIT services, the records to that date will be transferred to you. In any case, the majority of these records are encompassed as part of your annual CD-ROM.
I am convinced, Order FreeTime now!
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Last Updated [19/01/2006 18:45:21]
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