0345 557 1287
Office Hours: 9am to 5.30pm
0345 557 1287
Office Hours: 9am to 5.30pm

Key Dates in the Accounting Calendar

Once you become self-employed, you may spend more time thinking in accounting years rather than calendar years. If you do need help with finding out what the key dates in the accounting calendar are, read on. This guide will provide you with pretty much all the information you need to avoid missing deadlines, prevent tough penalties and keep the taxman happy. Once you know what the most important dates are, you can complete all the relevant paperwork in time, save money and avoid panic.

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Reduce Your Acountancy Fees and Never Miss A Deadline Again

If you need help with SME accounting and wish to cut fees without compromising on quality, accuracy or compliance, get in touch with the One Click Group today.

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Save £30 On Your Accounting Guaranteed

Xero is one of the most trusted and relied-upon cloud accounting software products on the market. When you use Xero, you can see your key business figures in real-time and gain a fully up-to-date overview of your current financial outlook.

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The Advantages of using a PAYE Umbrella Company

If you have made the decision that working through a limited company is not the right option for you, working through a PAYE umbrella company may be an alternative worth considering.

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What Expenses Can You Claim When Inside IR35?

It is understandable that many contractors remain concerned about how being inside or outside IR35 will affect them. Whether you are inside or outside can alter your tax contributions and take-home pay. Therefore, both client and contractors need to have a firm understanding of their working relationship to ensure it remains fair.

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The One Click Group are now Associate Members of the FCSA

With compliance increasingly in the spotlight in the contractor umbrella, accountancy and payroll industry, we feel it is more and more important to be seen as committed to raising standards.

This is something we share with the Freelancer and Contractor Services Industry (FCSA) and we are now proud to have been accepted as Associate Members.

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Professional indemnity insurance for Ltd contractors: you need to protect yourself

If you’re starting your own limited company as a contractor, you may have been told that you need to have insurance. Often, Recruitment Agencies will tell that you have at least a minimum of Professional Indemnity insurance in place and it’s important that you don’t ignore this.

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Self-Assessment Tax Return – It’s all about deadlines

Summer is nearly over, it’s now September and before we know it we will be looking forward to the Festive Season. But hang on, before we wish the year away, we need to remember a few things:

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Changing Accountant

Why change accountant

There are a few reasons why you may feel it is the right time to change your accountant. It may be that you are not getting the service you feel you are paying for from your current accountant or they may not really understand how you operate as a contractor or freelancer. It might be that you are looking to fix your accountancy fees rather than paying separately for the various services you need.

One Click Group are specialists in working with contractors and freelancers and we find that many of our clients have come to us having previously used a “high street” accountant to look after their business. We don’t provide accountancy for anyone, only for people who want to operate a Personal Service Company and we understand the needs of this kind of client.

How to change

In the majority of cases, it is easy to switch and most of the administration of the changeover will be done between your “old” accountant and One Click. You shouldn’t need to be involved a great deal, however it is worth bearing a few things in mind to assist in making the change as smooth as possible.

Timing

The obvious time to switch would be at your company year end, however it may not be practical for you to wait until then. Ideally though, it would be best to initiate the change at a time where there is not a great deal going in in your business – when all documents and returns are up to date and all fees are paid.

Check your current agreement

It is worth looking over your current agreement to make sure that you have fulfilled any conditions imposed by your accountant. This is especially important if you are moving due to receiving poor service or if you have been involved in a dispute.

How the switch works

The changeover should be a simple process. One Click Group will write to your current provider and advise them of the switch. They will request “professional clearance” in the first instance, which is in effect checking that there is no reason why they should not take you on as a client, and ask for all relevant paperwork to be passed over.

Your old accountant should provide the relevant information within a reasonable period. There may be a fee due (which will be quoted in your existing agreement) and once that fee is paid, all the documentation required for One Click to take over should be provided.

Business Bank Accounts

As a director of a limited company, it is essential to separate your business from your personal affairs and this means you MUST open a business bank account in the name of your limited company to receive and make payments to and from your company.

In many cases, the simplest way to open a business account is to approach your own bank – they know you and this can help speed up the process. You will probably need to set up a meeting with your bank and provide them with your company’s Certificate of Incorporation for them to open the account.

In certain circumstances it may not be possible for you to open a business account with your own bank or you may not want to:

  • You don’t have a UK account
  • Your bank doesn’t offer business accounts
  • Your bank charges too much for business accounts

cater allen

Cater Allen

It is for these reasons that we have partnered with Cater Allen Private Bank (part of Santander) to provide business accounts for our clients.

We have a master account arrangement with Cater Allen which allows us to provide you with a pre allocated account number once your company has been incorporated. We will complete the application on your behalf and you will be sent the account details, cheque book etc in the post.

Why you need a business bank account

There are many important reasons for setting up a business bank account if you’re working as a contractor. If you’re operating as a limited company, you’ll be legally obliged to use a business bank account, but it’s also a very good idea to open one even if you’re a sole trader or freelancer.

Your personal account could be closed

Your bank’s T&Cs may actually tell you that your account is designed for personal use. If it is being used for business reasons, the bank could close it down and instruct you to open a business one. Opening a business account can also deliver the transparency you need when dealing with HMRC.

Simplify things and boost your image

When business and personal purchases are lumped in together, it can become much harder to identify what your business costs are. As a result, your tax return could become tough, as well as time-consuming to complete.
Using a business bank account can also make you look far more professional when your clients and customers ask for your details. Some clients aren’t happy about paying into what appear to be personal accounts. The more professional you look, the more prestigious clients will want to do business with you.

Do more with your account

Once you open a business account, you can start thinking about things like obtaining business credit cards, borrowing money for your business and accepting card payments. You will normally need to pay a small monthly fee to use a business bank account, and you may be met with other modest costs.
It’s common for banks to let you use your business account for free for the first year or so. If you’re dealing with a large number of transactions, plan to become a limited company and your income and expenses have become more complex over recent years, it’s definitely time to start thinking about opening a business bank account.

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