Which Accountant?

Running your own personal service company involves a large amount of administration and so it is vital that you engage the services of an accountant who can see you safely over all obstacles. Almost all of our clients report that, when on assignment, they are under great pressure to give their client the maximum amount of time and effort, and it makes sense to let an accountant handle the company affairs so that you do not have to spend weekends and other leisure time dealing with paperwork.

Here are some of the questions that you might ask yourself before deciding which is the most suitable partner for your company.

Are they:

  • Professional?
  • Easy to talk to?
  • Helpful and informative?
  • Affordable?
  • Knowledgeable about interim and consultancy work?
  • Recommended by leading agencies and major clients?

Do they:

  • Have fixed fee billing?
  • Have specialised knowledge of interim management?
  • Offer a personal service?
  • Have a good relationship with HM Revenue & Customs?
  • Handle all tax-related correspondence?
  • Undertake monthly payroll administration with variable amounts?
  • Process PAYE/NI payments to HMRC?
  • Issue P11D, P35 and P60 within HMRC deadlines?
  • Understand IR35?
  • Prepare quarterly and annual accounts?
  • Offer additional services (e.g. personal tax compliance, bookkeeping)?

Competex Ltd

Needless to say, Competex offers all of the above and much more. That is why Competex is the choice of so many interim managers and management consultants and that is why they are recommended by leading interim providers and the Interim Management Association.

High Street Accountants

Are not necessarily best placed to look after interim managers. Very few are able to offer a suitably comprehensive package (for example one that includes variable monthly salaries under IR35, and P11Ds within the HMRC deadline). Those that can are generally large practices with correspondingly high fees. Most will require that the company books are removed to their offices and they will effectively carry out an audit which is unnecessary.

PAYE umbrella companies

PAYE umbrella companies are currently under a great deal of scrutiny for a variety of reasons. In essence, they are one limited company with all the workers being treated as employees. However, employees in the UK have rights which cannot be signed away, such as holiday pay, sick pay, maternity benefit, redundancy, etc, but umbrella companies do not recognise these benefits. HMRC is also concerned about the treatment of expenses for the employees, which it claims are not available to normal employees.

The Agency Workers Directive (AWD) has been designed to catch employees of umbrella companies, whereas limited companies are outside the scope of the legislation.