SJD Accountancy RSS Feed

Offshore tax scheme warning BN66 - Royal Court of Justice ruling

Fri, 29 Jan 2010 08:31:13 GMT

Special update January 2010 - Offshore tax scheme warning - Royal Court of Justice ruling

If you have once used or are thinking of using an offshore tax scheme as a way of avoiding UK tax please read the note below.

Thursday 28 January at 9:30am the Royal Court of Justice ruled the retrospective effect of BN66 is not unlawful.

Which in plain English means that HM Revenue and Customs can now go back in time and retrospectively apply a piece of tax legislation which will affect thousands of contractors who either once used or are still using an offshore scheme/company as a way to avoid paying UK taxes.

HMRC can now go back as far as 1987 (which is when BN66 was imposed), so even if a contractor used a scheme in 1987 for one day or one year, they may now have to pay both fines and backdated taxes.

This news further supports the fact that contractors should think very carefully before using offshore schemes as a way of avoiding paying UK taxes.

Basically if you live in the UK, work in the UK, get paid for work you do in the UK, there is no way and has never been any way of avoiding UK taxes. Working through your own UK limited company is and has always been the most tax efficient way of working legally.

If you have any questions about working through your own legitimate UK limited company, as many hundreds of thousands of contractors already do and many millions of other UK limited companies do, please don’t hesitate to call 0500 152 500 / 01442 232700 or email: Jaime.thorpe@sjdaccountancy.com.

SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 10,000 clients.

We are the only National specialist firm of accountants with offices in all major UK cities so you’ll never be far from your accountant. SJD also have more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA. You’ll also be pleased to know that we are one of the lowest priced as well.

Free face-to-face meetings. This is another unique service, only SJD offers free face to face meetings - tax is complicated and sometimes only a meeting will do.
Unlimited access to your own dedicated accountant. No call centres, no outsourcing, no automated call handling. Simply telephone, e-mail or meet your own dedicated accountant face to face.
Money backed service guarantee. All your telephone calls and e-mails will be answered the same day or we will refund your monthly fee's.
Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.
All inclusive low cost monthly package which includes completion of accounts, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, unlimited access to your accountant and all company returns. All this for a fixed monthly fee of £95 plus VAT, which is one of the lowest prices in the market.

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

You may also find the following pages, guides and case studies useful:

Take home pay calculator - How much could you be taking home
Contractor FAQ - All your frequently asked questions and their answers
First time Contracting or Freelancing? - A summary of the alternatives along with pros and cons
Step-by-step Guide to Contracting - Download a FREE copy of our guide
Limited or Umbrella? Can't decide? - We help you decide which is best for you
Take home pay case studies - Examples of contractors using limited and umbrella companies
Expenses Guide - Know exactly what you can claim
Umbrella company guide - Everything you ever wanted to know about umbrella company services
IR35 Guide - A great plain English guide to IR35

If you still have questions about contracting then you can contact our New Client Services team on 0500 152 500 or email Rachel@sjdaccountancy.com

SJD Accountancy voted best accountant for IT contractors!

Fri, 8 Jan 2010 14:25:20 GMT

For the fourth year running, SJD Accountancy has been voted best IT Contractor Accountant by ContractorUK readers.

ContractorUK is the biggest and most reputable sources of information for IT contractors and has run a contractor survey for a number of years.

Having fought off competition from new Accountants as well as existing rival companies, SJD Accountancy are thrilled at having won the fourth year running, particularly as it’s voted by IT contractors themselves.

Simon Dolan, Managing Director of SJD Accountancy said “Once again I am so grateful to our clients who took the time to vote for us in what is our favourite award to receive.”

SJD Accountancy

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

You may also find the following pages, guides and case studies useful:

If you still have questions about contracting then you can contact our New Client Services team on 0500 152 500 or email Rachel@sjdaccountancy.com

expenses, expenses, expenses

Fri, 6 Nov 2009 10:25:48 GMT

The expenses scandal of late has sent shock waves through public opinion of politicians. This got John Brazier from the PCG thinking about his claims, particularly that 'claim for the Hot Air Balloon flight so as to do some ‘blue sky thinking’ [sorry Gov!…genuine mistake.]'. Which in turn got us thinking about the expenses that contractors are allowed to claim.

We were recently sent a tweet from a contractor who wanted to claim for a dinner jacket - although work clothes are covered in expenses, anything that could be worn out of work is not legally allowed to be claimed.

If you're not sure what you're allowed to claim, heres a quick break-down:

Meal Allowances - when you're working remotely, away from your usual place of work
Travel - entitled to 40p per mile is you drive. You can also claim if you use public transport
Accommodation - this cost must be deemed 'reasonable'
Clothing - only covers clothes you need for work
Training
Pensions
Accountancy fees

There are other conditions that vet which expenses contractors can claim - for a more detailed break down have a look at our expenses guide.

If you're still unsure about what to claim (for instance the contractor with the dinner jacket scenario) call your accountant and they can advise you. If you think your accountant is telling your porkies, make sure you get a second opinion.

Speak to one of our experts on 0500 152 500 / 01442 232 700 or email jaime.thorpe@sjdaccountancy.com

www.sjdaccountancy.com

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SJD Accountancy's brand new blog!

Fri, 6 Nov 2009 09:34:01 GMT

This week SJD Accountancy has just launched it's new blog. The blog covers news, events and opinions on everything to do with contracting and is updated on a weekly basis.

For new contractors or those just wishing to stay on top of the latest news in contracting, it's certainly worth a look.

Click here to have a look at the new blog.

What do you think? Any burning issues you'd like covered? Leave a comment on the blog or email sophie.hubble@sjdaccountancy.com

Issues covered so far in the blog:

Beware the online accountant
Companies House Changes
IR35 reform
Rates of pay for contractors

SJD Accountancy

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

You may also find the following pages, guides and case studies useful:

If you still have questions about contracting then you can contact our New Client Services team on 0500 152 500 or email Rachel@sjdaccountancy.com.

Exclusive contract rate checker released for IT contractors

Tue, 13 Oct 2009 11:29:19 GMT

SJD Accountancy, well known for it's extensive advice giving website and take home pay calculator, has just launched a brand new contractor rate checker.

This cutting-edge functionality will allow IT contractors to search for local and national daily pay rates in a variety of skill sets. Working in partnership with Technojobs, the new webpage will link through to a job search on Technojobs' website covering the most up-to-date jobs including C , Developer, Java and many others.

Simon Dolan, Managing Director of SJD Accountancy notes how "SJD focuses on giving as much advice and guidance to contractors as possible. We're specialists and have been helping IT contractors make the transition from permanent work to contracting - we hope our new contract rate checker can make the transition that little bit easier."

This is the first time SJD has partnered with Technojobs - Anthony Sherick, Sales and Marketing Manager of Technojobs hopes the relationship will continue to grow; "The page has huge value for those entering the contractor market as well as experienced IT contractors'. This project seeks a natural fit between the two companies. We have a number of other projects on the go and have plans for future partnerships that will further benefit both contractors and recruiters alike."

SJD Accountancy

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

You may also find the following pages, guides and case studies useful:

If you still have questions about contracting then you can contact our New Client Services team on 0500 152 500 or email Rachel@sjdaccountancy.com

About Technojobs

Technojobs is an award winning specialist IT and technical job board and has been online since 1999. Technojobs is one of the top IT jobsites in the UK and has over 12,000 IT contracts advertised every month. Technojobs currently has over 125,000 registered candidates.

For more information contact jaime.thorpe@sjdaccountancy.com or call 0500 152 500 / 01442 232 700

New blog! Economy's looking up for IT contractors

Tue, 13 Oct 2009 10:34:49 GMT

Check out our new blog

New blog! Our brand spanking new conrtractor rate checker

Thu, 8 Oct 2009 11:04:37 GMT

Brand spanking new Contractor rate checker

Pay……..the holy grail of contractor work. Always on the look out for the best rates, contractors want to know they’re getting paid more than the local and national averages. Our new contractor rate checker is your holy grail map........................

Visit the blog here!

Twitter alert

Thu, 8 Oct 2009 09:30:06 GMT

Contractor Take Home Pay Calculator - find out how much extra you could be earning! http://ow.ly/tjdY

National Freelancers Day 23rd November 2009

Thu, 3 Sep 2009 17:55:53 GMT

The Professional Contractors Group (PCG) has announced its latest initiative - National Freelancers Day (NFD). This idea has come about in order to “gain wider recognition for the contribution that freelancers…and contractors make to the UK economy”.

National Freelancers Day will:

Highlight this flexible, agile and expert community to UK businesses, educating on how to engage and work with freelancers to help beat the credit crunch
Celebrate Freelancing as a valid career choice, highlighting the community and support network
Underpin that to unlock the full potential of freelancing, Government must recognise that freelancers are in business and entitled to clear and fair taxation laws

National Freelancers Day will see a number of events taking place for freelancers across all sectors. The PCG envisages that these events will bring together, and emphasise the importance of, the UK’s freelance workforce.

National Freelancing Day will educate the country about freelancing and embrace all interested in the freelance way of working - providing advice on hiring freelancers, becoming freelance and on how to make a success of freelancing.

If you want to support National Freelancers Day, simply email: info@nationalfreelancersday.org.uk or visit www.nationalfreelancersday.org.uk

If you want to know more about the benefits of freelancing and contracting visit our PCG membership page.

If you’d like to know how much you could be taking home as an independent freelancer or contractor, you might our contractor calculator handy.

SJD Accountancy

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

You may also find the following pages, guides and case studies useful:

If you still have questions about contracting then you can contact our New Client Services team on 0500 152 500 or email Rachel@sjdaccountancy.com

SJD Accountancy first firm to release iphone application for contractors

Wed, 2 Sep 2009 10:57:39 GMT

SJD Accountancy has developed a completely free iphone application to help contractors who work through their own limited company or are thinking about going limited, to work out their take home pay quickly at the touch of a button.

This new contractor calculator application means that users can immediately work out their net pay – when negotiating a contract price this can come in real handy!

The calculator is based on contractors working through a limited company which as any accountant will tell you, is the most tax efficient way possible. SJD have extensive advice on their website about the difference between limited company and Umbrella take home pay as well as tips on how to go limited.

To download the app, contractors should search for ‘contractor calculator’ on their iphone in the App Store.

SJD Accountancy

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!

You may also find the following pages, guides and case studies useful:

If you still have questions about contracting then you can contact our New Client Services team on 0500 152 500 or email Rachel@sjdaccountancy.com

SJD Accountancy announced as finalist in 2009 National Customer Service awards

Thu, 20 Aug 2009 10:59:37 GMT

SJD Accountancy, the biggest and most referred accountancy firm for contractors and freelancers, has just been announced as a finalist in the 2009 National Customer Service awards within financial services. Having previously not reached finalist stage within these awards, SJD have outdone themselves proving that they are continually improving their customer service.

Being up against such large businesses may be daunting for some companies however Simon Dolan (Managing Director of SJD Accountancy) explains “customer satisfaction underpins everything that we do at SJD. We’re immensely proud of being compared to some of these prestigious companies.”

This is another award to add to SJD’s already impressive portfolio which includes awards from Accountancy Age, Contractor UK, National Business Awards, Sunday Times and Best Companies Accreditation

About SJD Accountancy
SJD Accountancy is the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers. It is the only national specialist firm of accountants with offices in all major cities, and is the chosen accountancy firm for more than 10,000 clients. It is also the only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG).

SJD Accountancy has been acting for contractors and small businesses since 1992 and is the most recommended accountancy firm on the Internet. It has more qualified staff than any other specialist firm, with qualifications covering the major Tax and Accountancy bodies, including ATII, ATT, ACCA, CA, ACA, FCCA, ACMA.

SJD Accountancy offers a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all company returns.

On top of all that, SJD have also won every relevant industry award possible, including:

'Small Firm of the Year' - Winner Accountancy Age 2007
'100 Best Companies to Work For' Award - Sunday Times 2007
'AXA Business of the Year' - Finalists National Business Awards 2007
‘Excellence in Customer Service’ and ‘Business of the Year’ – Finalists Chamber Awards 2008
'Best Contractor Accountant' - ContractorUK 2006
'Outstanding Two Star Status' - Best Companies Accreditation 2006
'Accountancy Age Award for Excellence' Winner 2004
Winners of the "Sunday Times Best Small Companies to Work For in the UK" Award, achieving the highest position ever for a firm of accountants.

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information about how SJD support its customers, please call their New Client Services helpdesk on 0500 152 500 / 01442 232700 or e-mail michelle.turbutt@sjdaccountancy.com

SJD Accountancy start socially networking

Thu, 20 Aug 2009 10:55:54 GMT

In a recent move to reach the increasingly online contractor audience, SJD have given themselves a social networking presence. Through these routes, SJD can offer advice and helpful tips to potential and current contractors away from their main website.

SJD Accountancy’s twitter profile has proved a great success with nearly 50 people following their ‘tweets’ in the first week. The blog is also set to soar with great, current information on the world of contracting with links to other relevant and useful pages in the blogosphere.

Even the Managing Director, Simon Dolan, has become involved in social media! Having set up his own twitter page, he now is looking for potential investments through the site. It is often said that the best ideas can be pitched in 30 seconds or less, Dolan is taking this idea to the next level by offering entrepreneurs and small businesses the chance to pitch him their idea in a Twitter message of 140 characters or less.

Dolan said of his latest project, “With loans still hard to come by, people are looking for new and innovative ways to gain funds for their business idea. We are only just beginning to see the full potential of Twitter as a communication medium, and this unique method of investment is the next step forward.”

SJD Accountancy offers a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all company returns all for only £95 plus VAT, which is one of the lowest prices in the market place.

On top of all that, SJD have also won every relevant industry award possible, including:

'Best Contractor Accountant' - ContractorUK 2008, 2007, 2006
‘Small Firm of the Year’ - Winner Accountancy Age 2007 & 2004
‘Best use of Internet’- Finalist Accountancy Age Awards 2008
'100 Best Companies to Work For' Award - Sunday Times 2008 and 2007
'AXA Business of the Year' - Highly Commended National Business Awards 2008
‘Excellence in Customer Service’ - Finalists National Chamber of Commerce Awards 2008
‘Business of the Year’ - Finalists National Chamber of Commerce Awards 2008
'Outstanding Two Star Status' - Best Companies Accreditation 2008 and 2007
'Compliant Accountant' - ATSCo Compliancy Audit 2008

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information about how SJD support its customers, please call their New Client Services helpdesk on 0500 152 500 / 01442 232700 or e-mail michelle.turbutt@sjdaccountancy.com

SJD Accountancy release Contractor Tax Tips to help freelancers survive the recession

Thu, 20 Aug 2009 10:51:18 GMT

The economic climate, although bottoming out, is still tough for contractors. With this in mind, SJD have created their recession-busting tax tips to help contractors maximize on their earnings!

Go limited – recruiters generally advise new contractors on working through an umbrella company, selling it as the simplest option. Whilst true, contractors are missing out on a lot of their hard earned cash through this option – on £350 a day they could be earning and additional £15,000 a year through a limited company.
Save on NI payments – through a flat rate VAT scheme (only available if the contractor owns a limited company) they could be earning over £2000 a year on a £350 a day salary
Knowing contractor expenses – many contractors miss out on claiming crucial expenses that could save them thousands of pounds
Keep the tax man happy – there are hidden charges for contractors who don’t get their taxes paid on time – for smaller companies and freelancers £300 is quite a chunk!
Tax planning – limited uses for sole traders but very useful for contractors
Government relief – contractors can be eligible for special government schemes which can reduce tax liability to 10%
Contractor experts – many accounting firms aren’t aware of some of the special tax schemes that apply to contractors as they are not specialists. Contractors would be much better off working with a specialist contractor accountant
Pensions – through setting up a pension, contractors can gain tax relief as well as use up some of the remaining funds in a very tax efficient way
Child care vouchers – directors of companies and their secretaries could save up to £450 through government child care vouchers
Separate bank accounts – contractors should move money out of their current accounts and into a high interest saving account when the balance is high. This can provide exceptional rates of return that could make all the difference

SJD hope that these small tips will help contractors through this tricky economic situation – times are tough and acting on even one of these could make all the difference!

About SJD Accountancy

SJD Accountancy is the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers. It is the only national specialist firm of accountants with offices in all major cities, and is the chosen accountancy firm for more than 10,000 clients. It is also the only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG).

On top of all that, SJD have also won every relevant industry award possible, including:

'Best Contractor Accountant' - ContractorUK 2008, 2007, 2006
‘Small Firm of the Year’ - Winner Accountancy Age 2007 & 2004
‘Best use of Internet’- Finalist Accountancy Age Awards 2008
'100 Best Companies to Work For' Award - Sunday Times 2008 and 2007
'AXA Business of the Year' - Highly Commended National Business Awards 2008
‘Excellence in Customer Service’ - Finalists National Chamber of Commerce Awards 2008
‘Business of the Year’ - Finalists National Chamber of Commerce Awards 2008
'Outstanding Two Star Status' - Best Companies Accreditation 2008 and 2007
'Compliant Accountant' - ATSCo Compliancy Audit 2008<</li>

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information about how SJD support its customers, please call their New Client Services helpdesk on 0500 152 500 / 01442 232700 or e-mail michelle.turbutt@sjdaccountancy.com

SJD Accountancy appointed as partner supplier of accountancy services to the IMA Institute

Fri, 15 May 2009 09:17:57 GMT

SJD Accountancy, the UK’s largest specialist accountancy firm for contractors and freelancers, today announces that it has been appointed by the IMA Institute as a partner supplier of accountancy services.

The IMA Institute is a professional body for Interim Managers and represents individual membership of the Interim Management Association (IMA) as well as of the Institute itself– recognising an individual’s professional competence and credibility with the letters M.I.M.A. after their name.

The IMA Institute was launched to provide Interim Managers with accountable and professional representation for the first time, through the Interim Management Association (IMA), the chief trade body for Interim Management in the United Kingdom. It gives members access to IMA providers and to independently-accredited educational resources and competency benchmarking, as well as a range of quality benefits, specifically targeted for the Interim Management market. Simon Dolan, Managing Partner of SJD Accountancy, explains further:

“Becoming an Interim Manager and leaving a full time job can be a difficult decision, but for many it can be very rewarding. We all know the benefits of such a choice - more money, more freedom, more of doing the types of job you love, plus far more work/life balance options.

However, the decision to go into Interim Management doesn’t come without its challenges, and many people find the whole ‘work option’ choice quite mind boggling. You can work through an agency, opt for PAYE, use an umbrella company or work through your own limited company. The latter of these options is the most efficient and lucrative route, but it’s also the one which most people know the least about – often assuming that it will be far too complicated and admin intensive. Yet any accountant or tax advisor will tell you that trading through your own limited company is the most tax efficient option possible.

Choosing an accountant can seem like a daunting task, as there are literally thousands across the UK - which is why we’re extremely pleased to have been appointed by the IMA Institute as a primary supplier of accountancy services. This recognition reinforces our status as the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers – and enables new and existing Interim Managers to make an informed decision about where to go for their accountancy support.”

On top of all that, SJD have also won every relevant industry award possible, including:

'Best Contractor Accountant' - ContractorUK 2008, 2007, 2006
‘Small Firm of the Year’ - Winner Accountancy Age 2007 & 2004
‘Best use of Internet’- Finalist Accountancy Age Awards 2008
'100 Best Companies to Work For' Award - Sunday Times 2008 and 2007
'AXA Business of the Year' - Highly Commended National Business Awards 2008
‘Excellence in Customer Service’ - Finalists National Chamber of Commerce Awards 2008
‘Business of the Year’ - Finalists National Chamber of Commerce Awards 2008
'Outstanding Two Star Status' - Best Companies Accreditation 2008 and 2007
'Compliant Accountant' - ATSCo Compliancy Audit 2008

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information about how SJD support its customers, please call their New Client Services helpdesk on 0500 152 500 / 01442 232700 or e-mail michelle.turbutt@sjdaccountancy.com

SJD Accountancy rise 15 places to rank at 26 in the Sunday Times Top 100

Thu, 26 Feb 2009 16:36:53 GMT

SJD Accountancy tops the UK in The Sunday Times 100 Best Small Companies to Work for Annual Survey. These awards acknowledge and reward organisations that provide excellent workplaces, workplace practices and great leadership. SJD’s rank of 26 is a massive achievement, not only because it is 15 higher than last year, but they are the only accountancy firm to appear in the Times Top 100 Best Small Companies to Work for list.

SJD Accountancy were also awarded with the Best Companies 3 star status. The Best Companies accreditations ‘acknowledge excellence in the workplace’ three stars mean that this year SJD are recognized as being extraordinary.

SJD Accountancy provide tax advice and accountancy services for contractors and freelancers, in fact they are the chosen accountancy firm for over 10,000 contractors and are the most recommended accountancy firm on the Internet.

This is another award to add to SJD Accountancy’s ever growing portfolio including Accountancy Age, Chamber Awards, Contractor UK’s ‘Best Contractor Accountant’, National Business Awards as well as accreditations from the PCG and APSCo.

Simon Dolan, Managing Director, said; "This award is testimony to the fact that investment in employees is critical to business success and customer satisfaction. SJD is one of the best places to work in the country and this award reflects the commitment made by our employees".

SJD pride themselves on their customer service and have a unique, money backed, service guarantee. This along with free face to face meetings for anyone thinking of going contracting and a plethora of free information and guides on their website and the excellent working environment is what makes SJD Accountancy such a success.

On top of all that, SJD have also won every relevant industry award possible, including:

'Best Contractor Accountant' - ContractorUK 2008, 2007, 2006
‘Small Firm of the Year’ - Winner Accountancy Age 2007 & 2004
‘Best use of Internet’- Finalist Accountancy Age Awards 2008
'100 Best Companies to Work For' Award - Sunday Times 2008 and 2007
'AXA Business of the Year' - Highly Commended National Business Awards 2008
‘Excellence in Customer Service’ - Finalists National Chamber of Commerce Awards 2008
‘Business of the Year’ - Finalists National Chamber of Commerce Awards 2008
'Outstanding Two Star Status' - Best Companies Accreditation 2008 and 2007
'Compliant Accountant' - ATSCo Compliancy Audit 2008

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information about how SJD support its customers, please call their New Client Services helpdesk on 0500 152 500 / 01442 232700 or e-mail michelle.turbutt@sjdaccountancy.com

SJD Accountancy voted ‘Best Contractor Accountant’ for third year running by visitors to Contractor UK

Mon, 5 Jan 2009 11:13:16 GMT

SJD gets a massive 51% of the vote in Contractor UK’s annual poll.

This is the third consecutive yearly win for SJD Accountancy as Best Contractor Accountant as voted by Contractor UK the UK’s largest Contractor, Consultant and Freelancer website.

Founder Simon Dolan said: “Out of all the awards we win, this one without doubt means the most to me because it is the only one voted for by contractors.

“I'd like to say a big thank you to all the staff at SJD who work so tirelessly to really go the extra mile for our clients, and of course to each and every one of our 10,000 clients”.

SJD dominates in both client numbers with just over 10,000 clients and commitment to customer service. In the last 18 months they have been awarded an unprecedented eight awards, accreditations and accolades, more than any other firm of Accountants in their sector:

Small Firm of the Year – Winner Accountancy Age Awards
Best use of Internet - – Finalist Accountancy Age Awards
AXA Business of the Year – Highly Commended in the National Business Awards 100 Best Companies to Work For Sunday Times
Professional Passport - 2008 Approved and Accredited Provider
Outstanding - Best Companies Two Star Status Accreditation
Compliant Accountant Status – ATSCo Compliancy Audit 2008
Excellent in Customer Services – Finalist National Chamber of Commerce Awards
Business of the Year – Finalist National Chamber of Commerce Awards

Simon Dolan, Managing Director commented "We hope that by continually winning awards for accounting, tax and customer service excellence it takes the luck and worry out of a contractors mind when they are choosing to appoint a firm of accountants. In an industry where everybody claims to provide a safe compliant service only SJD backs up its PR and promises with third party national awards, recommendations and accreditations.

SJD is totally committed to providing the very best possible service at the lowest possible price, it is rare to find the market leader charging one of the lowest all inclusive fixed fees around and yet this is exactly what SJD provides it clients”.

Many of SJD’s award submissions lead on its commitment to providing a wealth of clear and easy to understand contractor and SME guides on its website, such as:

Step-by-step Guide to Contracting
Comprehensive Guide to Contracting (covering over 76 pages)
Limited Company Guide
Expenses Guide
Three step guide to working through your own Limited Company.

Plus a wealth of real life case studies.

About SJD Accountancy
SJD Accountancy is the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers. It is the only national specialist firm of accountants with offices in all major cities, and is the chosen accountancy firm for more than 10,000 clients. It is also the only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG).

On top of all that, SJD have also won every relevant industry award possible, including:

'Best Contractor Accountant' - ContractorUK 2008, 2007, 2006
‘Small Firm of the Year’ - Winner Accountancy Age 2007 & 2004
‘Best use of Internet’- Finalist Accountancy Age Awards 2008
'100 Best Companies to Work For' Award - Sunday Times 2008 and 2007
'AXA Business of the Year' - Highly Commended National Business Awards 2008
‘Excellence in Customer Service’ - Finalists National Chamber of Commerce Awards 2008
‘Business of the Year’ - Finalists National Chamber of Commerce Awards 2008
'Outstanding Two Star Status' - Best Companies Accreditation 2008 and 2007
'Compliant Accountant' - ATSCo Compliancy Audit 2008

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information about how SJD support its customers, please call their New Client Services helpdesk on 0500 152 500 / 01442 232700 or e-mail michelle.turbutt@sjdaccountancy.com

SJD Accountancy – Double Finalists in National British Chamber of Commerce Awards

Mon, 22 Dec 2008 15:59:02 GMT

SJD Accountancy the UK's largest specialist accountants for contractors, freelancers and consultants were announced as Finalists in the National British Chamber of Commerce Awards in two categories; Excellence in Customer Services and Best Company of the Year, having already won Regional Awards for both

The Chamber Awards, currently in their 5th year, recognize outstanding achievement within the UK business community. Simon Dolan, Managing Director of SJD Accountancy commented; “Customer satisfaction underpins everything we do at SJD so we are immensely proud of being Finalists for both of these prestigious awards.”

SJD Accountancy have been acting for Contractors since 1992, have nearly 10,000 clients, offices in every city and have more qualified staff than any other specialist firm with qualifications covering the following major Tax and Accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA

They offer a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all Company returns.

These are two more awards to add to SJD’s already impressive portfolio which includes awards from Accountancy Age, Contractor UK, National Business Awards, Sunday Times and Best Companies Accreditation

About SJD Accountancy
SJD Accountancy is the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers. It is the only national specialist firm of accountants with offices in all major cities, and is the chosen accountancy firm for more than 9,000 clients. It is also the only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG).

SJD Accountancy offers a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all company returns.

On top of all that, SJD have also won every relevant industry award possible, including:

'Small Firm of the Year' - Winner Accountancy Age 2007
'100 Best Companies to Work For' Award - Sunday Times 2007
'AXA Business of the Year' - Finalists National Business Awards 2007
‘Excellence in Customer Service’ and ‘Business of the Year’ – Finalists Chamber Awards 2008
'Best Contractor Accountant' - ContractorUK 2006
'Outstanding Two Star Status' - Best Companies Accreditation 2006
'Accountancy Age Award for Excellence' Winner 2004
Winners of the "Sunday Times Best Small Companies to Work For in the UK" Award, achieving the highest position ever for a firm of accountants.

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

Further information

Contact: Louise Green
Tel: 0500 152 500
01442 232700
Email : louise.green@sjdaccountancy.com

UK’s Most Comprehensive FAQ for Contractors Thinking of Going Limited

Mon, 22 Dec 2008 15:55:39 GMT

Is there a best time to go limited?
Is there a lot of paperwork?
How long does it take to form a limited company?

16th December 2008 - Hemel Hempstead, UK: SJD Accountancy, the UK’s largest specialist accountancy firm for contractors and freelancers, has released the UK’s most comprehensive list of frequently asked questions for contractors who are thinking of working through their own limited company.

The FAQ’s cover all areas of contracting and consulting such as whether to go umbrella or limited, how much you can earn as a contractor, what you can claim as an expense, how to form a Limited Company, what is IR35 and what insurances a contractor will need.

The decision to go contracting is one that takes a lot of thought and consideration. These FAQ’s are an excellent supplement to SJD Accountancy’s range of free guides and will help ensure potential contractors are armed with all the right information to make an informed decision.

The FAQ will also prove a handy resource for recruitment consultants who are often the first in line to be hit with a barrage of questions from candidates, especially those moving from permanent to contracting for the very first time.

SJD’s free guides include Moving from Permanent to Contracting, Plain English IR35 Advice, Guide to Expenses and a whooping 76 page Comprehensive Contractors Guide and all are available to download free online, and is believed to be the UK’s largest resource for contractors, freelancers and consultants seeking information on accountants and tax specialists websites.

SJD Accountancy have been acting on behalf of Contractors since 1992 and are the UK’s largest firm with 10,000 clients and offices in all cities. They have won numerous awards not just for their accountancy skills but also for their outstanding customer services.

About SJD Accountancy
SJD Accountancy is the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers. It is the only national specialist firm of accountants with offices in all major cities, and is the chosen accountancy firm for more than 9,000 clients. It is also the only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG).

SJD Accountancy offers a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all company returns.

On top of all that, SJD have also won every relevant industry award possible, including:

'Small Firm of the Year' - Winner Accountancy Age 2007
'100 Best Companies to Work For' Award - Sunday Times 2007
'AXA Business of the Year' - Finalists National Business Awards 2007
‘Excellence in Customer Service’ and ‘Business of the Year’ – Finalists Chamber Awards 2008
'Best Contractor Accountant' - ContractorUK 2006
'Outstanding Two Star Status' - Best Companies Accreditation 2006
'Accountancy Age Award for Excellence' Winner 2004
Winners of the "Sunday Times Best Small Companies to Work For in the UK" Award, achieving the highest position ever for a firm of accountants.

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

Further information

Contact: Louise Green
Tel: 0500 152 500
01442 232700
Email : louise.green@sjdaccountancy.com

SJD Accountancy Appoint New Recruitment Sales Manager

Mon, 22 Dec 2008 15:50:41 GMT

SJD Accountancy the UK's largest specialist accountants for contractors, freelancers and consultants are pleased to announce their most recent hire, Ted Hobbs, as Recruitment Sales Manager. Ted recently worked at Parasol where he was UK Sales Manager and has joined SJD to help develop closer relationships with recruiters.

Recruiters are a vital segment within the contractor market and are hugely influential in helping new contractors find their feet and also in providing advice on the various ways of working, whether that be through their own limited company or via an umbrella company.

Recruiters are rightly concerned about MSC legislation and debt transfer and are sometimes a little worried about recommending firms of accountants, thankfully due to ATSCo's compliancy programme and SJD's KPMG compliancy review, SJD still remain as the only firm of National accountants to have commissioned such as review, recruiters can feel less worries about recommending SJD Accountancy to their contractors.

SJD are the UK’s largest specialist provider of fixed fee, limited company accountancy services to the Contractor market and are the chosen accountancy firm to over 9,000 Contractors, Freelancers and SME’s.

Ted is ecstatic to be working for SJD and has remarked that “Recruiters are one of if not the most important influencers in a contractors decision on how to work and I am looking forward to meeting with fellow ATSCo members. Everything I have seen and heard about SJD endorses my belief that we have a fantastic opportunity in front of us.”

With SJD being an award winning accountancy firm with a national presence this is an excellent opportunity for them to reach new clients and Ted has already got off to a good start with ties being made with some of the most well respected IT recruitment consultancies in the UK

About SJD Accountancy

SJD Accountancy is the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers. It is the only national specialist firm of accountants with offices in all major cities, and is the chosen accountancy firm for more than 9,000 clients. It is also the only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG).

SJD Accountancy offers a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all company returns.
On top of all that, SJD have also won every relevant industry award possible, including:

'Small Firm of the Year' - Winner Accountancy Age 2007
'100 Best Companies to Work For' Award - Sunday Times 2007
'AXA Business of the Year' - Finalists National Business Awards 2007
‘Excellence in Customer Service’ and ‘Business of the Year’ – Finalists Chamber Awards 2008
'Best Contractor Accountant' - ContractorUK 2006
'Outstanding Two Star Status' - Best Companies Accreditation 2006
'Accountancy Age Award for Excellence' Winner 2004
Winners of the "Sunday Times Best Small Companies to Work For in the UK" Award, achieving the highest position ever for a firm of accountants.

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information contact Louise Green

Tel: 0500 152 500
01442 232700
Email : louise.green@sjdaccountancy.com

Another Year of Awards for Contractor Specialist Accountants SJD Accountancy

Thu, 30 Oct 2008 09:32:06 GMT

29th October 2008 - Hemel Hempstead, UK: SJD Accountancy, the UK’s largest specialist accountancy firm for contractors and freelancers, has been shortlisted as a finalist in the 2008 Chamber Awards in two categories; ‘Excellence in Customer Service’ and ‘Business of the Year’.

The Chamber Awards, currently in their 5th year, recognize outstanding achievement within the UK business community, with the winners representing the height of success in business.

Paul Lynam, Chief Executive of NatWest and RBS Business Banking commented; “The contribution made to our regional and national economy by companies like those that have entered the awards this year is an inspiration to everyone in business”

Simon Dolan, Managing Director added; “Customer satisfaction underpins everything we do at SJD so we are immensely proud of being shortlisted for both of these prestigious awards.”

With its vast array of free downloadable guides, such as the ‘Step-by-step’ and ’30 Second’ guides to contracting through your own limited company, the SJD Accountancy website is the UK’s largest tax information resource for contractors and freelancers. And its intuitive navigation means that the vital detail which they need is never more than a few clicks away.

These are two more potential awards to add to SJD’s already impressive portfolio which includes awards from Accountancy Age, National Business Awards, Sunday Times and Best Companies Accreditation

The National Winners of the Chamber Awards 2008 will be announced at a Gala Dinner at the Natural History Museum in London on the 27th November 2008.

About SJD Accountancy
SJD Accountancy is the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers. It is the only national specialist firm of accountants with offices in all major cities, and is the chosen accountancy firm for more than 9,000 clients. It is also the only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG).

SJD Accountancy offers a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all company returns.

On top of all that, SJD have also won every relevant industry award possible, including:

'Small Firm of the Year' - Winner Accountancy Age 2007
'100 Best Companies to Work For' Award - Sunday Times 2007
'AXA Business of the Year' - Finalists National Business Awards 2007
'Best Contractor Accountant' - ContractorUK 2006
'Outstanding Two Star Status' - Best Companies Accreditation 2006
'Accountancy Age Award for Excellence' Winner 2004
Winners of the "Sunday Times Best Small Companies to Work For in the UK" Award, achieving the highest position ever for a firm of accountants.

And most importantly, in a recent survey 98% of their clients rated SJD as 'better than other accountants' - and they are working hard to convince the other 2%!

For further information contact Louise Green

Tel: 0500 152 500
01442 232700

Email : louise.green@sjdaccountancy.com

Plain English Guide to the March 2008 Budget

Tue, 18 Mar 2008 08:21:31 GMT

We will concentrate on the issues likely to affect you and your business. If you have any questions please do not hesitate to contact your Accountant for advice.

Personal Tax rates

As previously announced, the government proposes to radically change the tax rates for April 2008 onwards when the 22% basic rate (£36,000) of tax will be reduced to 20%. The higher rate of tax will continue at 40%.

Allowances

The 2008/09 personal allowances were announced in October 2007. The personal allowance for the under 65s is increased in line with inflation to £5,435.

In essence this calculates the new higher rate tax bracket starts at £41,435

So for a person on a salary of say, £12,000 per annum, they could receive £26,400 in dividends during the 2008/09 tax year and not pay any further personal tax on those dividends. (This assumes they have no other personal income whatsoever and are tax resident in the uk).

Corporation tax rates

The main rate of corporation tax which applies to companies with profits of more than £1.5 million falls to 28% from 30% from 1 April 2008 and that rate will be maintained in 2009. The small companies corporation tax rate which applies to companies with up to £300,000 of profits will increase from 20% to 21% from 1 April 2008. The intention is to increase this rate to 22% in 2009.

Income shifting

The government intended that legislation would take effect from 6 April 2008 to address ‘income shifting’. The government has reconsidered its position following a period of consultation with business and now believes that a further period of consultation will ensure that legislation in this area provides clarity and certainty for businesses and their advisers.

The government now intends to introduce legislation through Finance Bill 2009 and will not enact legislation effective from 6 April 2008.

Income shifting’ refers to a situation where one spouse or civil partner generates most of the profits of a business but the other receives a proportion of the profit and the couple save tax as a result. The delay in the starting date for any legislation is to be welcomed and hopefully the further consultation will produce a more reasonable result.

Below is an example by the Inland Revenue of a situation in which the original proposed legislation would have applied. Individual 1 and Individual 2 form a company, each owning 50 £1 ordinary shares. The business of the company is to provide the personal services of Individual 1. Individual 2 spends around five hours a week on back office duties for the business. In the first year they each receive a salary of £5,000 and dividends of £30,000. The salary received by Individual 2 is considered to be the market rate given the nature of the work done and time spent doing it. The company has no significant assets or liabilities.

If Individual 2 has no capital in the business and bears no risk the whole of the £30,000 would be treated as shifted income because Individual 2 is already receiving a market rate for the work done, has no capital in the business and bears no risk.

Of course, if Individual 2 does contribute more to the business than in the above example, then some or all of the income will not be treated as shifted income.

Tax free mileage allowances

The government has been consulting on changing the system and rates for tax free mileage allowances where an employee uses their own car for business purposes. It has been decided that the system will not change and the rates will be maintained at current levels. The current rates are:

business mileage up to 10,000 miles – 40p
business mileage above 10,000 miles – 25p.

The amount of miles you have travelled resets every 6^th April

Capital gains tax (CGT) reform

The Chancellor surprised everyone with proposed major changes to the CGT regime last October. The changes affect individuals and trustees. The Chancellor has confirmed that legislation will be introduced with effect from 6 April 2008 to give effect to a new single rate of CGT at 18% but many business owners will continue to have the potential benefit of a 10% rate.

An annual exemption will remain in place and for 2008/09 this will be £9,600. The annual exemption allows the first element of gains made in a given tax year to be exempt from CGT.

For gains arising on or after 6 April 2008 changes to the CGT regime include:

the withdrawal of taper relief
the withdrawal of indexation allowance
the introduction of Entrepreneurs’ Relief

Taper relief

Taper relief was introduced for disposals on or after 6 April 1998 and can reduce the amount of the gain chargeable to CGT. The amount of relief available depends on whether the asset is classed as a business or non-business asset and also on the length of time an asset has been held since 1998.

For gains arising on or after 6 April 2008 taper relief will no longer be available. The chargeable gain will be liable to tax at 18%, after deducting allowable losses, any other reliefs and the annual exemption.

Entrepreneurs’ Relief

In response to business leaders voicing their objections to the abolition of taper relief, the Chancellor has introduced a new Entrepreneurs’ Relief. The main effects of this relief are:

the first £1m of gains qualifying for relief will be charged at an effective rate of 10%

gains in excess of £1m will be charged at 18%

an individual will be able to make more than one claim for relief, up to a lifetime total of £1m of gains.

The new relief is similar to Retirement Relief, which was phased out with the introduction of taper relief, but the new rules are designed to be simpler:

there will be no minimum age limit

relief will be available where the relevant conditions are met for a period of one year ending with the disposal / cessation.

Example

Business A has been trading and has net assets of £100,000 when it decided to dissolve (close down).

It has been trading for at least a year (you’re going to be amazed at how bizarre this calculation is)

£100,000 x 5/9ths = £55,555.56

You can then remove the annual exemption of £9600. This leaves you with £45,955.56 to be taxed at 18% = £8272 personal tax.

Why the 5/9ths? Because the 18% rate is cut to the 10% rate by using a 5/9ths fraction.

This calculation has not been verified officially yet by the Inland Revenue and so it is an advisory calculation for the moment.

As soon as SJD Accountancy has further information we will let you know immediately.

Residence and domicile

The main proposal is that UK residents who are non-domiciled or not ordinarily resident, who wish to continue to be taxed on a ‘remittance basis’ rather than on their worldwide income and gains, will have to pay an annual tax charge of £30,000 on unremitted income and gains. Those with unremitted foreign income and gains of less than £2,000 will however be exempt from this charge.

What is a remittance basis? Effectively it means when and if the money/assets are brought into the UK. Unremitted income is money/assets that you leave offshore and do not use in the UK. If the £30,000 charge is applicable you will not be taxed when you bring the £30,000 into the UK to pay your tax bill.

The charge will apply if an individual has been resident in the UK for at least seven out of the previous nine tax years. Individuals will be able to decide each tax year whether to pay the charge and be taxed on the remittance basis or be assessed on their worldwide income and gains.

So how does this work?

If you leave out the flowery language, it goes like this. As a UK tax resident (domiciled or non-domiciled it doesn’t matter), you are required to report all of your worldwide income to the UK tax authorities and pay tax here. Any tax you have already suffered away from the UK will be taken into account. But for a charge of £30,000 you can now elect to have your non-UK income taxed elsewhere without having to declare it in the UK.

If that sounds strange to you then read on.

Imagine you are the owner of a UK football club and have an enormous amount of personal income arising in another country outside of the UK. You can now pay a £30,000 charge every year and lose the need to declare that income inside the UK.

If you do not fit into the bracket of having a very large income then you would be better off being taxed in the UK on your worldwide income (not claiming the remittance basis) and paying the tax on your non-uk income here as well.

Key changes include:

From 6 April 2008, the remittance basis must be specifically claimed. If no claim is made UK residents will automatically pay UK tax on worldwide income (with credit for foreign tax paid up to maximum of UK tax on the foreign income).

If the remittance basis is claimed and your unremitted income is more than £2,000 then you will not be entitled to personal allowances against income tax or annual exemption against capital gains tax.

The £30,000 charge only applies if you are resident in UK for seven or more years out of the last ten years AND your unremitted income is more than £2,000 AND the remittance basis is claimed.

children will not pay the £30,000 charge

the £30,000 charge may be creditable against foreign tax except in the USA. Note – it is a charge and not a tax so you will need to check in your domiciled country.

art works brought into the UK for public display or for repair and restoration will face no new tax charges

PLEASE BE AWARE – these rules are from our reading of the Budget website and later changes may occur in actual practice.

In addition, from 6 April 2008, when determining if an individual is resident in the UK, any day where the individual is present in the UK at midnight will be counted as a day of presence in the UK for residence test purposes. There will be an exemption for passengers who are temporarily in the UK whilst in transit between two places outside the UK.

IR35 Still confused?

Thu, 31 Jan 2008 11:50:19 GMT

You don't need to be!

Wins of 1,449 vs losses of 5 for IR35 and s660a tax investigations completed by the Professional Contractors Group of approved suppliers may not sound like IR35 is the hottest of topics, but with a recent win for HM Revenue and Customs it appears IR35 is still alive.

One might assume with such easy access to information on the web, good, clear and understandable advice should be readily available. However, after a quick search on Google it’s no surprise Contractors are still totally confused. Yes, there are lots of sites purporting to give contractors advice and support but they either give very little useful information or are so technical you need to be a seasoned Revenue Inspector or experienced tax accountant to understand them.

To meet this gap in the market SJD Accountancy have provided what they believe to be the UK’s first plain English Guide to understanding IR35. SJD say the guide makes a change from most of the technical 'mumbo jumbo' and complex advice pages you'll read on the internet.

The helpful and easy to read guide includes: what is IR35, what does IR35 mean for you, if you are inside/caught by IR35 is there any benefit in trading through my own limited company and a breakdown of the major areas contracts will be reviewed against by the Revenue, such as: Control, Risk, Substitution, Right of dismissal to name but a few.

After reading the guide contractors may not become instant experts but they will certainly know more about IR35 and may leave feeling a little clearer how it will affect them and the way they work.

For more information visit: http://www.sjdaccountancy.com/about/ir35_advice.html. If you are at all worried by IR35 or have any further questions please e-mail contracts@sjdaccountancy.com or call 0500 152 500 / 01442 232700 and speak to one of SJD’s IR35 specialists.

SJD become the first accountants to be confirmed by KPMG as ‘NOT’ being caught by Managed Service Company (MSC) legislation.

Thu, 10 Jan 2008 12:15:39 GMT

Click here to read KPMG's review of SJD Accountancy.

Accountancy Age Awards 2007 Winner: SJD Accountancy – ‘Small Firm of the Year’.

Wed, 21 Nov 2007 15:27:27 GMT

This is the second time SJD has won this prestigious award.

Simon Dolan, Managing Director commented "this award and SJD’s success is a testament to the efforts of the whole company and their commitment to continually providing outstanding levels of customers service".

This is the fifth year in a row that SJD has been nominated as a finalists in the incredibly competitive ‘Small firm of the year' category. Only five accountancy firms are chosen from hundreds of applications. Only those who demonstrate excellent levels of customer services, drive, innovation and show market leading growth are chosen as finalists.

SJD’s award submission lead on its commitment to providing a wealth of clear and easy to understand contractor and SME guides on its website, such as:

Step-by-step Guide to Contracting
Comprehensive Guide to Contracting (covering over 76 pages)
Limited Company Guide
Expenses Guide
Three step guide to working through your own Limited Company.

Plus a wealth of real life case studies.

These guides and their traditional levels of customer service have helped SJD become the UK largest fixed fee professionally regulated firm of accountants, who specialise in supporting Contractors, Freelancers and SME’s.

For further information about how SJD support its customers, please call their New Client Services helpdesk on 0500 152 500 / 01442 232700 or e-mail michelle.turbutt@sjdaccountancy.com

About SJD Accountancy

SJD Accountancy have been acting for Contractors and small businesses (SME's) since 1992, are the most recommended accountancy firm on the Internet and have more qualified staff than any other specialist firm with qualifications covering the following major Tax and Accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA

Key features

The UK's largest specialist provider of fixed fee, limited company accountancy services to the Contractor/Freelancer market;
The chosen accountancy firm to over 7,000 Contractors, Freelancers and SME’s;
Only national accountancy firm in the UK to be accredited as a Quality Accountant (QA) by the Professional Contractors Group (PCG);
Finalists in the National Business Awards – Business of the Year category 2007;
Winners of the Accountancy Age Awards for Excellence 2004;
Winners of the Accountancy Age Award ‘Small Firm of the Year’, finalist 2006, 2005 and 2003;
'Best Contractor Accountant' as voted by visitors to www.contractoruk.com the largest site for contractors in the UK with well over 1.5 million page views per month;
Office facilities in all major cities of the UK;
Money back service guarantee;
Recommended by the Sunday Times;
Winners of the "Sunday Times Best Small Companies to Work For in the UK" Award, achieving the highest position ever for a firm of accountants.

SJD Accountancy offers a complete package including completion of accounts, payroll bureau, dividends, corporation tax computations, personal taxation and all Company returns.

In a survey of their clients, 98% rated them as 'better than other accountants'; they are working hard to convince the other 2%.

Further information contact michelle.turbutt@sjdaccountancy.com or telephone 0500 152 500 / 01442 232700.

SJD Accountancy – ‘Finalists’ in the National Business Awards: Business of the Year category

Mon, 3 Sep 2007 13:05:27 GMT

It was announced earlier today that SJD Accountancy have been judged by the National Business Awards sponsored by Orange, to be one of the Top 10 Small to Medium Sized Businesses in the UK.

The National Business Awards are the leading programme in recognising excellence in business achievement, innovation and success in the UK. With coverage in over 500 publications, featured on Sky TV and referred to by the Chancellor of the Exchequer as the ‘Business Oscars,’ the awards programme recognises excellence across a broad spectrum of measurers including: customer service, innovation, the environment, business growth and employee relations.

These awards are without a doubt the most prestigious business awards in the UK with the likes of: HBOS, Camelot Group plc, BSkyB, NatWest, Jaguar, Waitrose, Lloyds TSB, Norwich Union (Aviva), National Savings and Investments (NS&I), BT…to name just a few who have been past winners/finalists.

This along with SJD’s other awards demonstrates our total commitment to providing the highest possible levels of customer service to our clients.

The winner of the AXA Small to Medium Sized Business of the Year Award will be announced on 13 November 2007.

Managed Service Companies (MSC), Composite Companies and Third Party Debt Legislation

Mon, 16 Jul 2007 17:32:47 GMT

Despite what you may have read or been told by some providers - there is no problem what so ever with working through your own limited company.

We have taken our own professional legal advice and are very comfortable that we are not caught by the new legislation.

Composite/MSC providers have been heavily impacted by the new rules and we have heard that these companies are now telling clients that genuine accountants are in the same boat as them, which is patently untrue.

Additionally, we have had discussions with HM Revenue and Customs and have had confirmed from them, in writing (see below), that genuine accountancy firms such as SJD are not impacted in the least by the latest MSC regulations as we:

1. are a firm of accountants carrying on a business of being accountants;

2. offer professional advice as chartered tax advisers and accountants and are regulated by the Chartered Institute of Taxation;

3. offer tailored advice and services to our clients and we are not involved with the running of our clients companies.

Extract taken from the e-mail received by SJD Accountancy from HMRC:

“*An accountant running an accountancy practice, providing services recognised by the accountancy regulatory bodies, would not fulfil the dual criteria in section 61B(1)(d) (this is the piece of legislation that has forced composite/MSC providers to either cease trading or switch to providing umbrella services) and is therefore outside the legislation, even where a sizeable proportion of the client base are service companies (on the whole contractors come under the term of ‘service companies’, SJD is the UK’s largest provider of fixed fee accountancy services to Contractor clients).

* The legislation seeks to distinguish between an accountant in the business of being an accountant, providing accountancy services, and an MSC provider, in the business of being an MSC provider (who may have accountants on the payroll) who provides services beyond those recognised as accountancy services." This simply means accountants such as SJD who are, and have always been, in the business of providing traditional and professionally regulated accountancy services, are totally unaffected by the legislation.”

And from the legislation itself:

"The following are not an MSC Provider by virtue of the activity described:

1. A firm of accountants carrying on a business of being accountants (irrespective of the percentage of the client base which is individuals operating through service companies)

2. A Tax Adviser carrying on the business of being a Tax Adviser generally"

The legislation has been bought in to clamp down on:

1. Composite companies, which set up nothing more than artificial companies with numerous directors, all of whom operate through the same company to avoid IR35 legislation and operate through clever tax loopholes.

2. Also managed service companies - whereby the contractors’ limited company is totally outsourced and managed by a third party, typically the contractor doesn’t even have access to their own business bank account.

All of the above means it is totally safe and proper to operate through your own limited company, despite what certain companies may be telling you.

Click here if you would like to read more about operating through your own limited company. You may also find this page helpful if you are considering using an Umbrella company: Take home pay Limited company or Umbrella company - The Real Story.

SJD Accountancy is the UK's largest specialist contractor, freelancer and SME firm of accountants with offices in all major UK cities. We have over 8,5000 clients, all of whom work through their own Ltd Co. SJD is also the only National firm recommended by the Professional Contractors Group.

If you have any questions or would like to discuss how SJD is helping other contractors and SME’s please call 01442 232700 or 0500 152 500 or e-mail: michelle.turbutt@sjdaccountancy.com.

Budget update – So how does it really affect Recruiters?

You’ve probably heard a lot about the latest Budget changes but how does it really affect you when placing a contractor or freelancer?

Contractors now only have two options:

1. Work through a PAYE umbrella company and pay full income tax and full national insurance contributions on their entire earnings.

A PAYE Umbrella service is where the contractor essentially becomes an employee of the umbrella company and is contracted out to provide their services to the client.

The benefits for the contractors of this method are: it’s very easy to use, they simply submit timesheets and expense details and wait to be paid; all tax and NI is deducted before they receive their money, so they will have no further taxes to pay; it’s ideal if the contract is less than three months. The downsides are: their salary is subject to full PAYE Tax and NI, it's just like being a permanent member of staff again; the contractor is reliant on the umbrella company to collect their money from the client and then to pay it on to them.

2. Operate through their own limited company, which remains the most tax efficient solution available.

Contracting through a limited company does require a little more work than using an umbrella company, they will need to form a limited company which will just take five minutes and there is a certain amount of paperwork involved, usually about 10 - 15 minutes per month.

Benefits to Contractors of operating through their own limited company include: most importantly – it is the most tax efficient way of working; they can claim a wider range of expenses - accountancy fees, equipment, software etc; have access to the Flat Rate VAT scheme and they keep complete control of their financial affairs, meaning they do not have to risk their money with any third party administrator.

As mentioned above, there is more administration needed but this shouldn’t take anymore than 10-15 minutes per month with the help of a good accountant.

Operating through their own limited company is now the only financially rewarding and realistic option for contractors and freelancers who want to maximise their income and to feel confident they are operating without fear of penalties, interest and back taxes.

Experienced or well read contractors will say to you that they would like to use their own Limited Company as this is a far more tax efficient way of working. The 2007 Budget has not changed this in the least – contractors are still perfectly OK to use their own Company, and indeed ought to do so, but you must ensure it is actually theirs, and not a “scheme”, or worse still a Managed Service Company (MSC) type offering.

The Chancellor of the Exchequer, Gordon Brown, sounded the death knell for Managed Service Companies (MSC) in his recent Budget. He outlawed their use, so from 6th April 2007 they will no longer exist. Gordon Brown said that they are merely tax avoidance devices and so removed any tax advantage associated with them, in fact he made them the least tax efficient way in which to work. This had the effect of removing them completely from the market

For recruiters, contractors running through their own limited company should also remove any hassles they may get surrounding lost or missing payments and issues with expenses.

If recruiters would like further information they could visit the Professional Contractors Associate www.pcg.org.uk or visit one of the many contractor websites such as www.contractoruk.com and www.freelanceuk.com both sites provide a wealth of up to date information regarding legislation changes, advice to contractors and forum/bulleting boards with professional adviser from both the tax and legal world.

If you are at all worried by these changes or would like any advice please call our help desk on 0500 152 500 or email charles@sjdaccountancy.com.

Moving to Limited as a Contractor

Mon, 26 Mar 2007 13:13:45 GMT

It’s often said that contracting through your own limited company is a daunting task. In fact, nothing could be further from the truth!

Administering your own limited company, through a dedicated firm of accountants like SJD Accountancy, is simple, efficient and inexpensive; most importantly, it ensures that you legally minimise the amount you pay in tax, so that you can retain the maximum amount from your contract.

Contracting through your own limited company does require a little more work than using a fully managed services company. However, please bear with it, the financial rewards are substantial – as much as a 40% increase over a managed Company.

Following the latest Budget announcements there are only two real options for contractors:

1. Work through a PAYE umbrella company and pay full income tax and full national insurance contributions on your entire earnings.

2. Operate through your own limited company, which remains the most tax efficient solution available. It is very important to stress that these must be genuine, one person Limited Companies and not a ‘scheme’ dreamed up by what are nothing more than marketing organisations.

A large percentage of employment services companies offering to set up Personal Services Companies or put you in a special scheme are wide open to attack by the Revenue under the new guidelines. Clients are usually dealt with by call centre operators, not qualified accountants. They will manage hundreds of limited companies and have no idea about their clients or their client’s specific needs. You will also be lucky to speak to the same person twice.

Remember, if they don’t have Accountancy in their name they probably aren’t Accountants.

By comparison, contracting through your own limited company puts you in control and is the most tax efficient way of working. With the assistance of a good Accountant it needn’t be hard work.

All you need to do:

1. Complete a simple spreadsheet - Each month you will need to send us a simple spreadsheet which shows your expenses and any income you have received from your contracts; this normally only takes 10-15 minutes to complete.

2. Invoice your clients We will provide you with a template invoice.

3. Correspondence - Simply send any correspondence you receive from the Revenue, VAT office or Companies House directly to us and we will deal with it for you.

4. Business bank account - You’ll be responsible for handling your bank account. Simply ask your client or agency to pay directly into this account, you then move money into your personal bank account on a monthly basis for your dividends and salary.

Click here if you haven't yet formed a limited company and here if you would like to become a client.
You may also find our step-by-step guide on How to Contract through your own Limited Company helpful and guide to: Take home pay through a limited company – The differences between limited company and an umbrella company.

If you have any question about contracting through your own limited company or would like any further advice please either contact your SJD Accountant or call our new client services helpdesk on 0500 152 500 / 01442 232700 or e-mail rachel@sjdaccountancy.com