Whether you are just about to begin in contracting, or whether you've been a contractor for many years, now is the time to think about the services you use to run your business.
HM Revenue has changed the rules, and now anyone using a managed service company has to find a new approach: either to start a limited company or to go with a PAYE Umbrella scheme. Since the recent legislation attached to the 2007 UK Budget, there is simply no other choice for contractors to make. It is very important that they ensure that their businesses are tax-compliant, because the penalties for non-compliance are severe.
Everything in One Place
For those seeking a limited company, the London-based Professional Contractors Group is offering an elegant solution. Join the PCG, which is the principal representative body for contractors in the UK, one which offers a wealth of information and advice, and you can also take advantage of a new one-stop shop for professional services. You can find everything you need to get started in one place.
Says PCG Deputy Chairman Chris Bryce: ''The PCG wanted to help those just starting out in contracting, but also to offer an alternative to those who needed to restructure their businesses because of the managed service company legislation. The PCG already had in its membership a pool of accountants with special expertise in contractor affairs--they have qualified under strict professional criteria. So we have designed PCG OneStop to give contractors the opportunity to source everything they need to set up a limited business with the help of reliable experts who understand their business needs.''
The PCG wanted to help those just starting out in contracting and those affected by the MSC legislation
Chris Bryce-PCG
PCG Will Expand Services
Bryce adds that the PCG will continue to expand its line of services to contractors as specific needs that need to be fulfilled are identified. "The PCG will pursue every opportunity to help its members succeed."
PCG OneStop provides members with a choice of OneStop packages - OneStop Bronze, Silver, Gold and Platinum - all of which enable self-employed workers to set up limited companies all in one go. The packages allow them to tailor the resources they need to ensure compliance with legislation and the tax authorities.
All of the packages include PCG Standard Single membership, providing members with tax and legal helplines, draft contracts and insurance to cover a tax dispute with HMRC, along with limited company formation and support. Contractors can choose which of the OneStop packages best suits their needs – added extras include accountancy advice, a review of client contracts, accountancy services, full book-keeping and VAT service as well as professional indemnity insurance.
Quality Advice
The PCG has selected three quality accountancy firms to support OneStop: JSA Group, SJD Accountancy and Danbro.
Contractors may be confidant that the PCG One Stop Shop will provide them with all the expertise they need
Barry Roback-JSA
Says Barry Roback, Chief Executive of the JSA Group: ''The PCG's OneStop is an innovative initiative designed to bring quality assured accountancy services, coupled with unrivalled levels of business and professional insurances and all the benefits of PCG membership together in one simple package. Contractors opting for OneStop can be confident that each one of the three accounting firms selected by PCG will have all the experience and expertise necessary to ensure that their accounting and tax affairs are looked after in the most efficient and administratively simple way.''