Getting Started

Just by reading our testimonials, you can see how easy it is to get started as a contractor at Accounts Med. We aim to take the misinformation and the myths out of the contracting, and set you on the right road. Many people are put off by what they think is going to be lots of hard work, and think that it maybe easier, just using a umbrella. However; choosing the wrong Accountant will make something easy, turn into a nightmare. All you have to do is follow our simple steps and it will work out perfectly.

1) Register the company

All you need to do, is think of a name and have £50 inc VAT on your credit card, the rest of it will be handled by the team at Accounts Med. We will register the company for you and normally within 24 hours we will have it setup. We will send you a pack with all the company information within a few days, but we will email a copy to your agency the moment we receive the electronic incorporation certificate.

2) Setting up a bank Account

Each business needs to have a bank account setup. Without a bank account, you will not be able to register for VAT and your agency will not be able to pay you. The moment we receive the incorporation certificate we will forward your details (with your permission) to either HSBC or Barclays, who will contact you directly to arrange the opening of your bank account. This is normally done within 24 hours.

3) Sign our letter of engagement

Under the ACCA rules we have to issue all clients with a letter laying out of what they can expect from us, and what we expect of them. It is not a binding contract but needs to be signed as it allows us to act on your behalf.

You will be sent 2 bound booklets with the letter (one for you to keep), and the other to return to our office in a stamped address envelope.

4) Discuss IR35, expenses, PAYE setup, VAT set up, VAT Flat rate scheme and your Salary/ dividend/ Pensions with one of the team.

Not only do we send out advice sheets, but you will get a call from a trained Accountant who will make sure you get it right from day one. They will explain to you what IR35 is and how it may affect your pay. They will tell you how your contract will be reviewed by an independent expert Qudos Consulting which is part of your package.

With regards to company expenses, unlike many of our competitors; we encourage you to pay for all your expenses directly from you business bank account. This not only helps to track your expenses but gives third party evidence that you have actually incurred these expenses. All expenses must be "whole and exclusively for the use of the business" Please read the expenses guide on the website.

We will set up your PAYE, VAT and Flat Scheme FREE of charge as Accounts Med does not charge for such services.

We will discuss with you in detail, about what salary you will be drawing money from your company. This then allows us to use our service automation, to make sure you are paying your PAYE on time to avoid fines. Please read the "how much can I take home" to understand how salary, dividend and pensions work. At the end of the call, if you still do not understand; we will ask you to email us any questions, and then call you back with the relevant answers, so you fully understand what you are getting into. We will also do a little tax planning with you at this point. Getting right at the start means less work for all in the long run.

5) Send back authorisation code

To allow us to file your VAT and PAYE online, we need to tell HMRC that we have your permission, the way this works is the accountant requests a code. Within 7 days, a code is sent to the company's business address (normally your home). This then needs to be forwarded onto us, so we can then use the code. This will allow us to set up a direct debit so once your VAT return has been submitted, the VAT office will remove the money a couple of days later.

6) Send in your information – 12 envelopes

We have a very simple method of getting you to send in your information to us. All you need to do is place all you bank statements, paperwork from your agency, receipts and other paperwork into an envelope and send it off to the address provided. It is as simple as that

7) Submitting time sheets

Depending on how your agency works, will depend on the information that needs to be displayed on the invoice. However, we always call your agency to find out how they want to see their invoice. All you need to do is fax us the timesheet or scan and email, to your dedicated account manager and the invoice will be raised.

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