Method Accounting
Method Accounting

Frequently Asked Questions

Online Portal

Yes, we are here to help our customers who have this service included as part of their overall package. When you join we will arrange a personal session to introduce you to the portal and take you around its features. We will also provide ongoing telephone support to help you with any other problems you may have.

It is important that you keep the information up-to-date to enable us to ensure that we can generate the financial statements and all of the reporting required by the various government agencies such as HMRC.

Yes, the FreeAgent system is available as an iOS or Android app on your mobile phone. Alternatively simply login via your web browser on your phone or tablet to enable a mobile optimised record  of your transactions allowing you to review your business whilst on the move.

The portal is easy to use and you do not need any book-keeping or accounting experience. We will arrange a personal session to introduce you to the portal and take you around it’s features to enable you to use it confidently and efficiently. We are also here to help, should you have any problems.


Payroll & VAT

Yes, we can advise you of the appropriate VAT schemes available to you, register you and prepare and submit your VAT returns through the portal. You will need to ensure that the portal is maintained up to date so that the VAT returns we prepare reflect the current situation of your business.

Yes, we can register your business for PAYE and we can prepare your payroll through your portal, which is fully RTI compliant.


Self-employed, partnership & Company

At Method Accounting we provide first class customer service and impartial advice, we are here to help and give you support at all times.

A company can be incorporated within a day however it can take between two and four weeks to arrange for the company to have a bank account, depending on whether you have an existing arrangement with the proposed company’s bankers.

The most appropriate structure for you will be determined by the circumstances of your business and your personal situation. We will be happy to advise you as to which structure is the most appropriate for you.

Self-employment is a situation in which an individual works for himself or herself instead of working for an employer that pays a salary or a wage. A self-employed individual, who is often also referred to as a sole trader, earns his income through conducting profitable operations from a trade or business that is operated directly by that person.

A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible regarding how the profits of the business are shared and the liability of the individual partners.

A company is an entity that has a separate legal existence from its owners. The owners of the company are known as members or shareholders. It’s legal status gives a company the same rights as a natural person which means that a company can incur debt, sue and be sued.


Contractors

IR35 can appear to be confusing and we can help clarify the situation and assist you to obtain the best advice in deciding how this legislation will affect you.

IR35, also known as the intermediaries legislation, was introduced in April 2000 as an anti-avoidance measure designed to tax “disguised employment” at a rate similar to employment. “Disguised employment” in this context means workers who receive payments from a client via an intermediary, for example their own limited company and whose relationship with their client is such that had they been paid directly they would be employees of the client.

The tests applied to decide whether a situation is “disguised employment” or not revolve around whether the terms of a contract and how it is performed meet HMRC’s definition of self-employment. Those contractors who fall under IR35 rules will be liable to taxation and national insurance as if it were a wage or salary and will not be able to take advantage of the favourable taxation and national insurance rates applying to the payment of dividends. Each contract is considered separately and we can assist you to obtain the best advice in dealing with the IR35 legislation and how this will affect you.

The Autumn statement published in November 2016 is sought to change how taxation is collected for contractors within the public sector. Please contact us if you have any question regarding IR35.


Taxation

Yes, with a team with over thirty years of experience we will help and advise you on all aspects of your tax affairs. As part of our services, we prepare all the corporation tax and self-assessment returns and submit the returns once you have approved

As a self-employed individual or a partner in a firm are entitled to the profits of the business and their income must be declared on a self-assessment return.

A company is a separate legal entity which employs its directors, who are responsible for managing it, and can pay dividends to the shareholders who own the company. A dividend is a share of the company profits. Because the company is separate from its owners and manager it must declare its income, before any dividends, to HMRC on a corporation tax return. Each individual shareholder and director are required to complete a self-assessment return to declare the income received from the company.
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Your Own Accounting Portal

Our industry leading cloud based accounting system provided by FreeAgent helps with all your book-keeping and financial records. The portal gives maximum accessibility on your laptop, tablet or mobile wherever you are 24/7.