- KNOWLEDGE HUB
Below you will find answers to our most frequently asked questions asked by our clients. However, if you have a specific question that hasn’t been answered here, either drop us an email or request a call back and a member of our team will endeavour to come back to you as soon as possible. We are always here to help with any queries you may have.
Call us on 01296 468 185 and speak to one of our specialist business accountants, or alternatively send an email to firstname.lastname@example.org and one of our consultants will call you back at a time which is convenient to you..
From £99 per month Orange Genie will ensure you have your own accountant on standby to answer all your questions. All your business returns will be completed and filed and you will have access to online accounting software, meaning you will always be in control of your finances.
When you are operating your own business you will need to consider whether you need, or are indeed required by your contract, to take out any business insurances such as professional indemnity, public liability, employer liability or business equipment cover.
You can simply choose to leave your company dormant, in case you decide to go back to contracting, or close your company down. If you chose to close your company down, Genie Accountancy will assist you with this process.
When forming your own limited company, you will be appointed as director (and employee) of the company and will be responsible for managing the company affairs. The company will pay you a salary for acting in this capacity. You will also be the owner (shareholder) of the company and will receive dividend income from the company’s taxed profits. The frequency and amount of this dividend income is decided upon by the company’s director(s). Each year, the company will have to pay corporation tax on its profit where profit is calculated as the total amount of sales income earned, less any business expenses incurred. As a director of a UK limited company, you will be legally obliged to complete a personal tax return each year. Genie Accountancy will take care of this for you.
Forming a company is a simple process. Once you have called us and answered a few simple questions we can arrange for your company to be up and running within 24 hours.
Genie Accountancy will aim to remove most of the administration work for you by dealing with HMRC and Companies House on your behalf. All you will need to do is raise your invoice to your client and take a few moments each month to record your expenses. The time taken will not be very much more than submitting timesheets and expense claims to us if operating though our umbrella company.
You will be able to claim any expense that has been incurred whilst performing your contract, such as travel, and also those costs of operating your limited company, such as accountancy fees. In addition it may be possible to claim for training, professional subscriptions and to make tax efficient pension contributions through the company. Your dedicated accountant will be able to discuss your personal circumstances with you in more detail.
A dividend is a share of a company’s profit that is paid to the company’s owners (shareholders) as a return on their investment. Dividend income you receive will not be subject to National Insurance contributions and will be tax free if you are a basic rate tax- payer. You will pay 25% income tax on the amount of dividend income received above the basic rate tax threshold.
The Orange Genie group was launched in 2003 and started solely as an umbrella company. Since then we have expanded our business to include an accountancy practice, namely Genie Accountancy. Our accountancy practice also assists our teachers in completing their self-assessment for any self-employed work they are undertaking.
Both options offer their own advantages and disadvantages depending on your personal circumstances and long- term goals. As Orange Genie will be able to provide both limited company services and an umbrella service, you can be assured that you will be given unbiased advice as to which option is best for you.
IR35 is a tax legislation that affects all contractors and has to be given serious consideration. The legislation allows HMRC to tax the contractor, operating through their own limited company, as though they were an employee of the end client, rather than under normal limited company rules.
The legislation applies to each contract you engage upon rather than to your actual company, so IR35 may apply to one contract but not the next.
In determining your IR35 status, you will need to consider the terms and conditions of the contract together with your actual working practices. The issues involved can be complex and it would be advisable to seek expert advice and have your contract and working practices assessed by your accountant, at Orange Genie.
Yes, even if your contract is considered to be inside IR35, there are still some benefits that can make it worthwhile. You can still: claim 5% of your turnover to cover company administrative costs, claim the benefit of being on the flat rate vat scheme, claim any HMRC online filing incentives and earn interest on funds held in the business bank account.
Why Orange Genie Accountancy?
Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, therefore they can give you bespoke, high quality advice to ensure you are operating as tax efficiently as possible.
We never outsource any of our work and we pride ourselves in being another employee of your company, so we promise we will always keep you informed with anything that could affect you and your company. We really do love to talk to our clients as often as it suits them, whether it be face to face, over the telephone or email.
Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as:
- Unlimited accountancy support
If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email email@example.com.
Request a Call Back
If you would like to find out how Orange Genie could help you. Please fill out the form below and one of our new business team will be in touch.