To begin with:
We set up your limited company for you, and register it with companies house. We register it with HMRC, register it for VAT and for Flat Rate VAT. You are the director and company secretary of the company, and you are in full control of it.
After we have registered your company we will send you everything you require in order to manage the finances of your company.
You will receive:
- An Invoice Template, so you can issue VAT compliant invoices to your clients
- An LCCS Performance Tracker & Bank Reconciliation Tool which helps you keep track of all of your transactions and provides brilliant quick reports to track your company’s performance.
- Access to our secure website so you can submit your income and expenses and receive a Live Tax Return.
Once the company is set up:
The company will be set up and ready for use almost immediately once you have signed up with LCCS. You then sign a contract between the company, and your client.
Each week the client pays the company, gross of all taxes, including VAT if the company is VAT registered.
You enter this income, and any expenses the company has incurred into the Submit Income and Expenses form on this website.
We will then send you a “Live Tax Return”. This tells you:
- How much of the company’s income must be retained for future tax payments.
- How much you can then pay yourself. This is broken down into wages and dividends, which are taxed differently by HMRC.
- How much of what you have paid yourself must be retained for your personal tax liabilities and how much you can spend.
All cash remains in your bank accounts, in your control at all times. At no point do we have an opportunity to run away with it. Each quarter we tell you what to put on your VAT returns and how much PAYE and NI to pay.
As you have been telling us all year how much you have been earning and spending, and we’ve been telling you how much tax liability you have been accruing year end tax time is painless. We can quickly complete your tax return, as we already have all of the information we need, and you don’t get any surprises as you already know how much tax you will have to pay. Genius.