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FAQ’S

Frequently Asked Questions

After listening to the questions posed by contractors for over 15 years, we’ve compiled a list of those most frequently asked which hopefully assists. If you’ve any more queries, please feel free to give us a call on 0113 2461007 to discuss, always happy to chat.

IPSE are the number one trade body for contractors and freelancers in the UK. Being accredited by IPSE provides the assurance that we know what we’re talking about!

Yes, this is something we’re more than happy to accommodate whether it be in one of our offices or simply out for a coffee. We can also have a chat on Skype if that’s your preferred method.

Our fees are currently paid by standing order for which we’ll provide you with the form. We will be moving onto direct debit at very soon but for the time being we take payments by standing order or online transfer.

Freeagent was designed by contractors and for contractors. It has been developed over 10 years and proven to be the number one provider to the contractor market.

Yes, this benefits ourselves as well as you so we see this as a key part of the package.

Yes, this is very important to both you and ourselves. We pride ourselves on our personal service and one to one relationships to deliver a top level experience.

Either call us on 0113 2461007, email Darren@dynamoaccounts.co.uk for further details or complete the “join Us” section and we will call you back to set up an appointment with one of our accountants.

Yes, as part of the package we provide Freeagent software to help manage the finances of the business.

Yes, we’re regulated by the Institute of Chartered Accountants, Chartered Institute of Tax and also IPSE accredited.

We’re a fully regulated firm of Chartered Accountants, Chartered Tax Advisers and also IPSE accredited. With many years experience dealing with contractor issues. Unlike other contractor specialists, we’re division within a larger general practice and able to draw on other disciplines within the firm when required, such as Wealth Management ensuring everything is dealt with under one roof.

Our all inclusive contractor package is charged at £95 + vat per month. This includes all the services you would require during a normal trading year. Please see our services page for a full list of what is included.

Your contract is likely to require Professional Indemnity, Public Liability and Employers Liability cover. As a genuine business, it’s the responsibility of directors to mitigate risk and protect the company which insurances provide. We can provide you with introductions to contractor specialist insurance companies that will provide you with preferential rates.

Yes, we can read over the contract, liaise with your agency if required and assist in taking you outside of IR35 should it be appropriate.

IR35 is a piece of legislation put in place to differentiate between genuine contractors, self employed and disguised employees. Please see our section on IR35 for further information on the legislation and how to keep the right side of HMRC.

Dividends are paid to shareholders at the discretion of the directors. The main issue being that the documentation is prepared to support any dividend payments. In effect, dividends could be paid out monthly, quarterly, biannually, annually, entirely at the discretion of the directors provided funds allow.

You have complete control over the finances of the company. We will discuss with you the options of extracting income from the company through expenses, salary and dividends together with other options around pensions.

Should you go permanent, we will take a look at the options at the time and see if worthwhile maintaining the company or closure. Either way, our fees cease and we can discuss any arrangements going forward depending on your circumstances.

We try to handle much of the process, to assist we’d ask you to email the outgoing accountant to advise of your intentions. This will then help smooth the transition and provide authority for them to disclose information to us. We will also deal with the movement of any Freeagent account to us or migration of data from another portal should you prefer.

In general, a formation tends to take approximately 12 hours to come back from Companies House. Once formed, it can trade. We then set up the Freeagent account along with registrations for VAT and PAYE. The HMRC registrations can take a few days to arrive however this does not stop the company from trading once it’s formed.

The overriding requirement is that any expenses should be wholly, exclusively and necessarily incurred during the course of the business. We have a list of suggested expenses within the resources section however this is not exhaustive and we’d be more than happy to discuss anything that you may think should go through but not entirely sure.

It’s generally accepted that the limited company option provides the greater take home figure however this may not be the main factor. We can discuss the options and advise which is best for your circumstances.

This will largely depend on any tax planning exercise we carry out with yourself together with the levels of expenses, salary and dividend requirements. We will tailor make a strategy according to your circumstances, ensuring the tax efficiency. Please contact us for an income projection.

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