Business Bank Account

Business Structure Review

The 123 Way

What is included as standard for a fixed fee of £65.00 + vat per month:

Full Contracting health check - is your business performing as best it could - we'll ensure it is.

If you're new to freelance contracting, we'll ensure you start trading in the right way.

Then you can sit back and relax, your ongoing HMRC & Companies House compliance will be taken care of.

The 123 Way - simple & stress-free.

As a Sole Trader it is best practise to set-up a business bank account that is separate to your personal banking. This keeps your business affairs separate to your personal ones and ensures it is much easier to calculate your correct tax liability so you do not pay more than you actually owe.

Along with your business current account for every day trading we also advise that you should set up a business savings account.

This allows you to transfer the amount of money you will need to pay to the tax man each month for safe keeping – it means you have the money to pay your tax liability when it becomes due – less stress than having to find it at short notice. It also means you can earn interest on your tax money for the entire time before it needs to be paid to HMRC.

Our bookkeeping spreadsheet tells you exactly how much Business Tax and VAT you will owe for each month, so at the end of the month you know how much to transfer to your business savings account.

123 Contracting have established a strong working partnership with HSBC bank, allowing us to open business bank accounts for you in a much faster manner.

There is no need to book an appointment to see a bank manager; you can simply fill out one form we provide you with to get your account set-up.

This saves you a great deal of time and stress.

Running a Limited Company

Being a Sole Trader

Responsibilities

Business Bank Account

Drawings

Bookkeeping & Records

Trading Accounts

Business Tax

VAT - The Basics

VAT - The Choices

123 Income Illustrator

The 123 Income Illustrator shows you what you can expect to take home from a given contract.

It also compares the differences between freelance contracting through your own Limited Company, through an Umbrella Company, as a Sole Trader or if you were to return to full time employment.

The123 Income Illustrator

Invoicing

Expenses

Expenses - Detailed Guide P1

Expenses - Detailed Guide P2

Personal Tax/Self Assessment

Importance of Information

Important Dates

Calculators

123 Referral

We run a simple referral programme where for every client you refer to The 123 Way we will give you £123.00

For more information check out the link below:

123 Referral

FAQs

Disclaimer:
This information is for general information only. No responsibility is taken for any action taken or refrained from in consequence of its contents. Always seek professional advice before acting.