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From your perspective, very little. In Fact most of our clients agree that there is practically no difference between working on PAYE or through a Limited Company administered by Redego Accountants.
Quite simply, at the end of each working week or month your signed timesheet must be sent (by FAX or email) to Redego Accountants as well the recruitment agency (if you are not working direct for the end client). Once we are happy with the information you have sent us, the Redego team will then invoice the agency / end client a gross amount (without tax deductions) by multiplying your hourly rate by the number of hours worked over that period (VAT will be charged as appropriate). We will ensure that all invoices from your Limited Company are sent out by no later than 5pm each Monday.
Payments received by the agency / end client usually arrive four days later on Friday morning. For Redego Umbrella contractors, the Limited Company bank account is directly managed by Redego Accountants. Once the correct funds are cleared in the account, Redego will then calculate and transfer the net amount payable to your own personal bank account. This payment will be sent via same day CHAPS and confirmed to you in an electronic PDF payslip and SMS text message.
For Redego PSC contractors, the agency / end client gross payment is made directly into the Limited Company bank account managed by the contractor. An electronic PDF payslip and SMS text message is sent to the contractor who will then transfer the net amount payable to their personal bank account as advised by Redego Accountants. The remaining funds must sit in the Limited Company bank account and paid to HMRC by the contractor upon our instructions.
Whether you choose to work through a Redego Umbrella or a Redego PSC, once the funds reach your personal account you are free to spend at your leisure, exactly the same as if you were on PAYE. The only difference being that your net salary will be up to 20% more than you would receive on PAYE for the same hours worked.
In administering your Limited Company, Redego Accountants manage three key processes:-
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1. We setup your Limited Company by acting as your company formation agents. This involves liaising with Companies House to ensure you comply with the legal requirements of setting up a Limited Company and correctly processing your application, thus avoiding unnecessary delays due to incomplete forms. We will also register your Limited Company for VAT and provide it with a Limited Company bank account via our business partners Barclays Bank.
2. We operate your Weekly / Monthly payroll throughout the year. As outlined above, each week or month we will administer your Limited Company payroll, collect outstanding debts on your behalf, make the necessary payment transfers and issue you with an electronic PDF payslip and SMS text message. At the end of the year you will receive a P60, P11D and Dividend Tax Voucher (Redego PSC contractors only).
3. We handle all your Company Accounting & Tax obligations. This includes the quarterly submission of your Limited Companies’ VAT return and payment, preparing its Annual Accounts and calculating and submitting the Corporation Tax Return and P35. We will also submit the Annual Return as required by Companies House.
Interested in finding out more? Please use the following links
for further evidence of why it pays to be with Redego. If you
still require more information, either visit our frequently
asked questions page, ask
a specific question via our online questions board or call
our Customer Services Team on 01179 633 475.
What
is your service? | What
does it cost? | Umbrella or PSC? | Inside or Outside IR35? | What's in it for me? | CIS Sub Contractors | Our Customer Service | Calculate my savings
Heard enough already?
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