Contractor Accountants : Changing Accountants

If you require a dedicated contractor accountant with a fully managed service, then EAFS is here to assist.  If you are presently with an Umbrella Company but would rather have the benefits of running your own Limited Company, then EAFS are here to help you make the transition.

The process can be relatively simple, just inform your Umbrella Company or current accountant that you no longer require their services. EAFS can then assist in arranging the formation of your new Limited Company, even on the same day. If you already have an existing Limited Company and simply require a change of accountants, we can also help you with the transfer over to using EAFS as your new accountancy service.

Working through your own Limited Company is by far the most tax efficient way of working. Alongside having far more control, you will also find that you will keep more of your earnings than you would with any other solution.

How Much More Can I Earn?

The difference in the amount of earnings you can take home between using an Umbrella Company or Limited Company is clearly quite visible.

  • With an Umbrella Company you’ll typically be taking home 60%-65% of your contract value.
  • With your own Limited Company this figure is more likely to be between 75%-85% of the contract value.

In addition, with the Governments Flat Rate VAT Scheme you will be enabled to take a percentage of the VAT you charge to your clients/agency. This gives you the potential to make even more money!

As an example, using the Flat Rate VAT scheme with a £50,000 contract in your first year of using the scheme, you’ll take home additional earnings of £1,900. In turn, a contract worth £100,000 will result in additional earnings of £3,800.

Is it not complicated or time consuming to run your own Limited Company?

The simple answer is no, it isn’t. Even during a contract, you can switch to being a Limited Company at any point. Setting up your new company only takes a few minutes. Alternatively, you can let EAFS do all this for you, from then on working with you and dealing with your VAT and taxation affairs.

What about EAFS Fees?

Our fees are fixed and will be clearly detailed within our free initial meeting with you. We’ll take care of almost every last detail, all you’ll need to do it around 15 minutes worth of administration a month, leaving you free to enjoy the rewards from your contract work. Our guarantee is to provide a proactive, prompt and efficient service.

I’m inside IR35; can it be worth it?

If your contract and working practices look like you are inside IR35 then you can still claim your traveling and accommodation expenses. You can also claim 5% of your turnover, benefits from the VAT flat rate scheme and receive interest on the funds held within your own company.

In summary, yes, from a financial point of view it is well worth it. Also, any other contract work you do could also be put through your existing company.

So what do I need to do?

Your company will be set up the same day, and all documentation will be sent out by first class post within 24 hours. There is a one off charge of just £125 plus VAT, for setting up your Limited Company and includes opening a Company Bank Account, VAT/PAYE registration and advice on share structure.

Why Choose EAFS?

  • We are Payroll Experts: We have major experience in Europe and hold all necessary licences for distributing payroll across the EU.
  • Value for Money: Our fees are highly competitive and very reasonable, especially compared to other firms.
  • We are on top of the Latest EU Developments: The legislation for the European Union is constantly changing, we stay up to date with all developments to provide the most legally compliant service at a competitive price.