Veterinary Accounting

(This is our cat <3)

Locuming

Call: 07760666610 for assistance

Email: alex@brimsbooks.co.uk

Sole trader/Self employed/ Landlord

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Costs

  • We charge £120 for an annual tax return for a sole trader or landlord
  • We charge £170 for both sole trade and rental

Limited company

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Costs

  • £360 for annual accounts
  • £120 for personal tax return
  • £120 for 12 months payroll

Umbrella company

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  • We do not currently offer this

Anything else?

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  • Based in Shropshire, we work with a number of small local business providing accounting and bookkeeping services.
  • Please do get in touch and we are more than happy to provide a quote. Based on charge out rates of £40 per hour or £250 per day.

IR35 - How will it affect me?

Whats it all about?

Two workers doing the same job should pay the same in tax.

  • If you are subject to the same level of control and financial risk as the employees of your client then you should pay the same in tax.
  • If however you are operating a business and are not subject to the same level of control as the employees and you are subject to financial risk, then you should pay taxes as a business instead.

Working out if a contract is inside or outside of IR35

This comes down to the level of financial risk and the level of control your clients have over you. HMRC have a tool to enable a contract to be assessed as to if IR35 applies.

From April 2021 if you operate a limited company your clients will use this tool to assess if IR35 applies.

https://www.gov.uk/guidance/check-employment-status-for-tax

Changes from April 2021

Up until April 2021 it has been up to you to assess if IR35 applies or not, and pay the appropriate taxes.

From April 2021 Medium and Large employers will make this decision on your behalf and deduct the appropriate taxes before paying you.

If a client is a small company (mostly the independents) then it will still be up to you to decide.

It is expected that initially the large practices will insist on zero hour employment contracts or umbrella companies. If this is the case it will be crucial to be able to effectively compare rates.

What happens if a contract is inside IR35

If a contract is within IR35 then employment taxes apply. You will be paid after taxes have been deducted.

If a contract is outside of IR35 then business taxes apply.

Employment taxes are substantially more than Business taxes, mostly because of employers National Insurance.

Contracts inside IR35 can only claim expenses as an employee.

Comparing rates of pay

Choosing between an Umbrella company is not always a straightforward task, you need to convert the rate that an Umbrella company invoices your client into an equivalent salary.

We are more than happy to do this for you, if you can provide the amount that you have agreed for your client to be invoiced. This enables you to make the correct choice between an umbrella company and direct employment.

It is important to read the employment contract you are offered. For example it may contain additional restrictions or benefits.

About us

Contact

Alex Brims is licensed and regulated by the AAT under licence number 1001952

Company number 10700461 Registered in England and Wales. A list of directors is maintained at the Registered Office. Unit 2 Stanley Lane industrial estate, Stanley Lane, Bridgnorth, Shropshire, WV16 4SF. Company number 10700461 Registered in England and Wales.