Accountants for Independent Financial Advisors
We provide you with access to our unique online accounting portal, and also give you a dedicated accounting team who will be there when you need them to guide you on how best to operate your new Limited Company. Spend just 10 minutes of your week administering your business, and we do the rest for you.
Need help getting started?
When you take the decision to move into self-employment as a financial advisor, there are several benefits and drawbacks this brings. Moreover, it’s vitally important you get the right advice from the outset on how to get started and organise your new business. This is where we come in as accountants, and here’s how things work if you were to join our accounting service:
1. Free set up
Once you’ve made the decision to go and work for yourself, think about choosing an accountant to help advise you. If you opt to join Boox, we can help you decide whether operating as self-employed or limited is best for you. If you decide to go limited we can incorporate your business for free – you only pay for your first month’s accounting fee, and then monthly by Direct Debit. We can also help you decide which accounting tools are right for your business.
2. Getting a Bank Account
When your business is incorporated, you’ll need to set up a business bank account, and if you decide to operate self-employed, we would recommend that you operate through a business bank account rather than your personal one. You can bank with anyone you choose, but using one of our banking partners allows you to take full advantage of the banking functionality in our accounting portal. If you need assistance with choosing or setting up a business bank account, then just let us know and we’ll be able to help. Once your account is open, you’re all set.
3. Using our accounting tools
Whether you’re working through a recruitment agency or with the end client directly, you need to focus on fulfilling the terms of your employment contract. We will walk you through how to use the online accounting package, so that you can invoice your clients for the work you’ve done, record your purchases and reclaiming any expenses you’ve incurred.
4. Tax efficient income planning
The main benefit of working through your own Limited Company is the tax efficient income it provides you as a Director. We’ll work with you to set targets for your business, and then we provide you with regular tax efficient pay advice outlining what you need to withdraw from your business account and what needs to be left in to cover your tax obligations. Your accountant is also on hand for any day to day queries you have about your business finances.
Limited Company or Sole Trader
If you’re undecided about whether to go Limited Company or the sole trader route, check out the information below on the differences between each.
- Protect your personal assets – If you prefer to go it alone and take the sole trader route, your personal assets could be at risk if your business fails. As a shareholder of a Limited Company, unless you have given personal guarantees or you have not operated the company in an appropriate manner, your liability is limited to what you have put into the business.
- Open new doors – As you start out with your own business, your decision on whether to go limited or sole trader may impact the sort of work you are able to acquire. Going Limited may provide you with a more “professional” exterior persona when it comes to networking and obtaining new business.
- Administrative burdens – There’s certainly a fair amount less paperwork should you choose to go Sole Trader, but you still need to maintain accounting records. As a sole trader you will need to include the trading results in your personal self-assessment tax return. If you go Limited, you’ll still need to file accounts with Companies House and HMRC and complete a self-assessment each year as a director, alongside your quarterly and annual company filing obligations, but by engaging a specialist contractor accountant (like us!), we can help you with all of this.
- Increased profits for you – When you go Sole Trader, you will be paying Income Tax and PAYE, compared to Corporation Tax (and perhaps dividend tax) when you go limited. Dependent on your circumstances, either operating as a sole trader or as a limited company could be more tax efficient, and this may vary each year dependent on the profit levels and any tax changes.
- Keeping your finances under wraps – When you choose to go Limited, all of your company information will be available in the public domain, via Companies House, although if you are classed as a small or micro company the amount of information disclosed can be minimal. If you’re a sole trader, you keep all your business information under wraps, aside from when you have to submit your tax return to HMRC.