Claiming Expenses
One of the many benefits when working as a contractor is being able to claim for tax-reducing expenses; these will enable you to maximise your earnings and help with your tax management.
Since the changes implemented, our expense policy continues to offer tax relief for genuine expenses incurred in the duty of performing your role. These changes limit the “salary sacrifice” expenses format wherein tax relief was given on a weekly or monthly basis.
This means that for those deemed not to be working under Supervision, Direction or Control, we will process your expenses at the tax year-end via SA100 form. This will be done at no additional cost to yourself and it is imperative that you not only update us regularly with your expenses but to ensure they are genuine and evidence by way of acceptable invoices or receipt presented and filed with us. Each contractor is required to submit his or her invoices or expense claim on a spreadsheet provided by us and file it to us online for verifications.
What Can A Contractor Claim As Expenses Under an Umbrella Company?
You can always refer to HMRC’s document on expenses and taxes or our website on topics like genuine expense claims where you will understand company expenses and how you can claim them as a contractor working under an Umbrella company.
When looking for a contractor payroll solution, those who turn to us as firm of chartered management consultants, accountants & Tax Advisors also find that they have more time to focus on their own projects and can spend their personal time as they wish, rather than having to work through their finances and we have readily solutions to all your tax and payroll questions than other umbrella companies who have little or no knowledge of HMRC or payroll procedures.
With us you don’t have to spend your weekends doing loads of admin because everything is taken care of by our own trained accountants and bookkeepers who will check every little last detail and give you total confidence that you are fully HMRC compliant.
We will calculate your tax and NI contributions and make payments to HMRC on a PAYE basis. At the same time, we can also record for you any business expenses you may incur, and can also complete your Self-Assessment tax return free of charge, this calculation can sometimes result in a tax refund back to you depending on the amount already deducted and genuine expense claim submitted by the contractor.
How you are paid as a contractor with Rochvilles & Company
For contractors looking for a professional employment organisation to take care of their contractor payroll, joining Rochvilles will be a highly beneficial move. We will look after the payment process from start to finish and make sure that it is correct, on-time and fully compliant with HMRC regulations.
So rather than having to spend time managing your own income, becoming our employee allows you to leave the payment process to our experts and concentrate on your work, without having to worry about your payments ever being late or incorrect.
At Rochvilles all the money that comes in to us from contractors agencies are paid out same day of receipts subject to deduction of all necessary taxes and national insurance contributions and our fees, as long as we have your timesheet on time ready for payment.
Our payment process
Our team make sure the money is not only paid out fast, but that it’s always correct to the penny, you need to submit your timesheets and expenses (if applicable) so that we can correctly calculate your take home pay. Then, your money is processed by same day payments and will be in your bank account the same day we receive funds from your agency or client.
Employment Status Verification
Onshore Employment Intermediaries: False Self-Employment
Since the introduction of the Onshore Employment Intermediaries legislation for False Self-Employment was introduced, Rochvilles & Co. has been providing a solution to agency workers and end clients to help establish the correct employment status of their contracted workforce.
How can Rochvilles & Co. help
We have established a process that will help determine the correct employment status for all workers and will indicate whether the worker is self-employed or employed for the assignment they are booked for particularly those agency workers with working in the public sector such as NHS and local authorities and other government departments.
What is PAYE?
In the UK, Pay As You Earn Tax is the system that HMRC uses to collect Income Tax and National Insurance Contributions (NICs) from employees’ pay as it is earned. The amount due is calculated by your employer according to HMRC regulations then deducted from your earnings before being paid to HMR&C each week or month.
If you chose to operate via a Limited Company, you will be taking on the responsibility of registering for PAYE with HMR&C, unless you are outside IR35 which is becoming increasingly difficult. Not only will you have to make PAYE payments to HMR&C each week or month, you will also have to retain money in the company for corporation tax and, maybe, VAT. Late filing of any of these tax payments will give rise to fines and also interest payments on the debt.
We at Rochvilles & Co. can relieve you of all of this stress and hassle as we take care of all PAYE and VAT payments to HMR&C; you won’t even have to complete a self-assessment tax form for the income that you earn whilst on assignment with us as we will do this for you so why not let us make your life that little bit easier?
We should also mention that, the only variable factor in your net pay is your choice of Umbrella Company margin, all other figures are determined by HMRC regulations. So beware of hidden ’employment costs’ as any shortfall will be passed on to you.
Our Solution
We will provides the important link between the worker and the client to help establish the correct treatment of the workers pay and to limit the exposure the client has to not only unpaid taxes and possibilities of HMRC chasing them for unpaid taxes.
Overarching Contracts
All employees of Rochvilles & Co. Ltd have an overarching contract of employment that provides for a series of different assignments. In those circumstances each workplace is regarded by HMRC as a “temporary workplace” and the mileage rate is allowable as a tax benefit.
Umbrella Calculator
As a contractor, probably the most important question for you is “How much money will I take home?”
Contracting through us has a number of advantages, including the lack of paperwork and ease of use. We can help you calculate your take home pay using our Umbrella Calculator to the nearest penny as long as your tax code is one of the standard code of 1250L and we are calculating like for like.
Our fees
If you use us to manage your payroll, we will only charge you £12.00 per week each time we complete and submit your timesheet to your agency, any period of absent or nil work will not be charged. Your take home pay will be dependent on your tax code and circumstances, for example, HMRC may request that we deduct student loan, employee pension contributions and apprentice levy.
By using Rochvilles & Co. Contractors’ accountant
You will get: