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I can get a personal tax return for around £100 - why use Advantage Solo?
Provision of tax returns (both personal and corporate) is only a small part of Advantage Solo's comprehensive service. Advantage Solo's monthly report details what you can spend and what you need to keep back for tax. Simply post your bank statements, receipts and invoices to Advantage Solo and let us calculate your trading position. Other key features of Advantage Solo include IR35 status checks, HMRC fee protection service, free company and bank account formation, registration for VAT, payroll provision and preparation of VAT returns to name but a few!
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Do I need to get involved in accounting to receive my management position?
No you don't. All Advantage Solo needs is your paperwork (bank statements, expenses receipts etc.) to provide an accurate monthly report detailing how much you can actually spend and how much you need to retain for future tax payments.
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What is the likelihood of HMRC inspecting my company?
There are thousands of random enquires every year. HMRC can and does pick the wrong people to investigate. A fully inclusive fee protection service is provided to cover the costs of Advantage Solo acting for you in the event of an investigation. Although no accountancy service can claim to indemnify you against incurring future tax penalties, our comprehensive service will help you stay compliant. Facilities such as independent IR35 status reviews, correct payroll and proper bookkeeping mean you can concentrate on running your own business.
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Does Advantage Solo deal with my agency or client for me?
Advantage Solo does not get involved in running your company. It is designed to provide accountancy and other related services. However a typical Advantage Solo client will raise very few invoices per month and administer only a small number of supplier contracts each year.
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How and when will I actually get paid?
As it is your company, you have full access to funds in your company's bank account. You are responsible for invoicing your client or agency and payments will be remitted directly into your company account from your agency or client. Advantage Solo will run a monthly payroll for you in accordance with your wishes and will also advise on how much is available for you to draw from your company bank account if you send us your bank statements, receipts and invoices each month. You can then draw your money from your company with confidence.
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Does Advantage Solo fall into MSC legislation?
Registered accountancy practices are specifically excluded from MSC or 'Managed Service Company' legislation. Advantage Solo is a service provided by Advantage Accounting Limited, an accounting practice providing accountancy services. Advantage Solo is a service purely designed to provide accounting and accounting related services.
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Does Advantage Solo sort out IR35 reviews?
No, we provide the contact details for a specialist independent firm who will review your contract for you. This service is entirely optional and you liaise directly with them. The cost of this is covered by the Advantage Solo fee and provides a straight 'in' or 'out' response.
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Does using Advantage Solo mean that I am covered for IR35?
Advantage Solo aims to keep you 100% compliant, but no accountancy service can guarantee that your company will not be subject to future penalties. Regarding IR35, our independent service provider will assess your contract for you, but HMRC may disagree with that assessment and will almost certainly examine how you operated at your client site as well as just your contract. It is your responsibility to assess the advice you are given about your contract and to advise Advantage Solo if you believe your company is within IR35. Advantage Solo will recommend appropriate taxation on your earnings based on your instructions.
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What if I am within IR35?
The technical answer is that 'outside IR35' you may pay yourself through a mixture of dividends and PAYE, or 'inside IR35' you must ensure that all your earnings are fully subject to schedule E tax and National Insurance for earnings related to the affected contract.
The non technical answer is where you will really begin to appreciate the value of Advantage Solo's management reports, advising you on what you can pay yourself and what you may wish to save for tax. This will reflect whether you are inside or outside of IR35.
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Does using Advantage Solo mean that I need not worry about future tax penalties?
No accountancy service can offer this promise. Being in business does carry an element of risk and this is unfortunately part of that. Like most responsible businesses you can take sensible precautions to ensure that you minimise that risk by running your company in as compliant and organised manner as possible. Advantage Solo is specifically designed to help you do this.
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I'm not sure how operating through a limited company will affect my current pension arrangements?
Recent relaxation of regulation in this area means that your options have never been more open and flexible. We can recommend independent FSA regulated advisors to assist, or you can consult your own financial advisors for further information.
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How do I get started?
The team at Advantage would be happy to discuss with you any queries you may have and explain the simple joining process. Please contact us on 0844 800 6985 or complete the online enquiry form.
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