Limited Company

Setting Up Your Business

The Service
OSK Accountants for Contractors will advise you on the best structure for you taking into account the costs of each option and the length of time that you intend to contract. 

Company Incorporation & Tax Registration

The OSK contractor accountant service provide a full company set-up service which does not simply entail getting the company for you - this is the complete start-up service to get you up and running and includes the following:

• Checking company name availability
• Forming limited company
• Completing Companies Office paperwork in respect of appointment of company officers and other statutory registrations.
•  Registering the company with the Revenue Commissioners for corporation tax, PAYE and VAT
• Advice on opening bank accounts
• Advice on statutory filing requirement
• Advice on expenses allowed for tax purposes

Running your Business  

The Issues 
Once you are set up in business you need to make sure that your books and records are kept up to date. At the end of the accounting year you will need to have a set of accounts prepared and in addition to this, there are various compliance issues that need to be dealt with and returns that need to be filed with the Revenue Commissioners and Companies Office. 

The Service 
We will advise on all aspects of bookkeeping and accountancy. As part of our contractor accountant service we will also make sure that all returns are filed with the Revenue Commissioners and Companies Office on time. 
We provide full tax and accountancy services which includes the following:

Accountancy & Bookkeeping

• Setting up of book-keeping system
• Bi-monthly bookkeeping
• Preparing annual statutory financial statements
• Preparation of abridged financial statements

Tax - Corporate

• Preparing annual corporation tax computation and capital allowances together with completion of the annual corporation tax return form and filing this with revenue
• Providing weekly or monthly payroll service
• Completing annual employers return forms P35 
• Preparation and filing of VAT returns
• Advice on payment of VAT and PAYE by direct debit.

Tax - Personal

• Completing self-assessment personal income tax return and checking certificates of tax free allowances
• Dealing with assessments and other correspondence issued by the Revenue
• Reviewing personal tax position of contractor at year end and providing appropriate tax planning advice to minimise personal tax liabilities

Company Secretarial

• Completing the statutory annual return form B1 and submitting this to companies office
• Notify companies office of any changes to Directors and registered office

Ongoing Advice & Assistance

• Ongoing assistance with queries regarding contracting activities.

Minimising Tax liability  

The Issues 
A limited company is a separate legal entity and is completely separate from its directors and shareholders. Your company is liable to pay Corporation Tax on its profits, i.e. the turnover less the related business expenses. There are some expenses that are fully tax deductible and some that are not. If the correct expenses are not claimed your company may end up paying too much tax.

The Service 
OSK Accountants for Contractors will advise you of the expenses that are deductible against tax. 

Allowable Expenses:

• Stationery and postage;
• Wages and salaries;
• Advertising;
• Legal and professional fees;
• Subsistence costs;
• Subscriptions to trade associations should also normally qualify;
• Business travel expenses - if you use your own car for business journeys then you may claim a mileage allowance. Business journeys will start from your normal 'place of business' and your normal 'place of business' will be where you carry out substantially all of your duties. Therefore, even though your business may be registered at your home address you will not be able to claim for travelling between your home and the site at which you are working;
• Accountants fees;
• Subscriptions to trade-related journals and other sources of information;
• Telephone, light and heat - a proportion of your household expenses may be allowable if you use your home partly for business purposes. It is not necessary that your home should also be your base. If you carry out some of your work at home and you incur additional expenses (eg light, heat, telephone) as a consequence, then the additional expenses will be allowable.
• We will advise on the expenses that may be claimed if you use your home for, business purposes and on whether or not you should purchase assets, (e.g. company cars) in the company's name.
• Professional books and journals
• We will advise on the capital allowances that are, available on the company's assets and advise you of any additional reliefs for which you may be eligible.
• Permanent health insurance;
• Pension contributions
• Relevant Training costs;
• Computer related costs;
• Interest and bank charges;
• Leasing costs (over the period of the lease);
• Repairs, renewals, etc.