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Once you have become an active client we will then proceed to register the business for all the relevant schemes. This may include VAT, PAYE and Corporation Tax. The process usually takes around 2 weeks to be completed once the registration has been actioned. This is completely dependent on HMRC once we have sent the applications and can be delayed if they decide to request further information.
We will apply for this the same day we take you on as a client (where applicable) and the VAT certificate is usually received from HMRC within a couple of weeks. However, if they request further information or do a random check into the application this could cause delays.
The Metro Bank Account is normally opened within 2-3 working days of them receiving a completed application form. If any details are missing or they need to do further checks then this timescale will be delayed.
Upon receipt of your invoices and expenses we will run your salary along with a profit calculation. Once you receive these you should transfer the net pay as per the payslip from the business account to your personal account. If you wish to declare a dividend from the available profit you can do so just let your account controller know the amount and we will produce the necessary documentation. Upon receipt of these you can pay the dividend from the business account.
If you have any questions about contracting or would like any further advice on becoming a contractor, please call our new client team on 01253 362 062