On this page, we’ve listed all the key services provided by Clever Accounts, together with an FAQ, where the team answers some important questions posed by the ITContracting team.
Clever Accounts – Key Features
Clever Accounts specialise in contractor accountancy. With 15 years’ experience, they support both veteran contractors and those who are taking their first steps into contracting. They’re IR35 experts and limited company accounting specialists. Additionally, they offer a convenient umbrella switching service, called FLEX; this is already included in the usual monthly fees.
1. Company Formation Service
Their free company formation assistance starts when you sign up and it means they will advise on the best structure and get everything set up, including PAYE, VAT and corporation tax, ensuring you do not need to worry. Also, they will offer you a free registered office service.
2. IR35 and a Free Umbrella Solution
To ensure you keep your options open with the upcoming changes in legislation around IR35, Clever Accounts provides a free Umbrella solution, included in their monthly service. The solution, known as FLEX, offers contractors the ability to switch seamlessly and hassle-free between PSC and Umbrella contractors as often as necessary and without any extra charge. According to their website, FLEX is available to all contractors upon sign up.
3. Contractor & Freelancer insurance
They offer a business insurance package, designed specifically for contractors and freelancers and provided by Marsh Commercial. The package includes £5m Professional Indemnity, £5m Public Liability and £10m Employers Liability cover.
4. Single, Fixed Fee Accounting
They offer straightforward, fixed-fee pricing on all their plans – from £37.50 per month for sole traders and £99.50 for limited companies.
5. What happens when you signup?
After registration, you will be assigned a dedicated accountant who will help get everything set up, including obtaining professional clearance from your previous accountant, setting up your limited company, advising you in regards to business tax, dividends calculation, expenses, pension, director’s personal tax, umbrella, IR35 and more.
6. FreeAgent Platinum Service Provider
Clever Accounts has its own, cloud-based accounting software that is included in its fixed-fee monthly prices. However, they are also certified FreeAgent Platinum Partners and Xero Bronze Partners. This means contractors can choose whichever software they feel is most suitable for their accounting needs.
How much are your monthly fees?
We offer an all-inclusive service plan for limited companies from £99.50+VAT per month.
How long has Clever Accounts been operating and how many clients do you have?
We started back in 2007 and since then have grown to support more than 3,000 clients across the UK.
What type of online software do your clients have access to?
Along with our own, cloud-based accounting software, we are also certified FreeAgent Platinum Partners and Xero Bronze Partners, so we can offer a range of options for contractors to choose from. We focus on supporting our clients and making them feel comfortable with whichever software they choose to manage their finances with.
Do your clients have access to their own dedicated accounts manager?
Yes, once signed up, you will be quickly assigned a dedicated, experienced accountant who will provide unlimited support and advice on everything relating to setting up your limited company, submitting tax returns, IR35 advice and contract reviews, umbrella solutions, dividends, and take-home pay, business expenses and more.
If you could provide a new contractor with one or two bits of money advice, what would they be?
Sometimes it’s the small things that make a big difference at the end of the financial year. For example, make sure you claim all your eligible expenses. HMRC has published a long list of business costs you could attribute as a business expense and therefore, reduce your tax bill.
Additionally, if it’s your first year as a contractor or a freelancer, taking advantage of the Flat Rate VAT scheme can increase your first-year income.
Under this scheme, you would collect 20% of VAT on top of your daily rate but only pay 15.5% of what you receive, to HMRC.
What type of clients do you work with? Are you a contractor specialist?
Yes, we are a contractor specialist accountancy firm. We work with contractors, consultants and freelancers across all sectors.
Whether it’s IT, oil & gas, construction, media and design, automotive and more.
Can you provide IR35 assistance?
We certainly can. Our accountants are experienced IR35 specialists, who can provide ongoing guidance, contract reviews and advice. We have the solutions to accommodate both PSCs and umbrella workers.
You can view reviews of Clever Accounts here.
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