Ditch the umbrella and take control
As an established contractor, freelancer or business owner, you’ve already made the decision to take control of your career – by switching from your umbrella service to inniAccounts you can ensure that your financial future is completely in your hands without surrendering hours of valuable time.
Why make the switch?
As former contractors and freelancers we understand the appeal of umbrella services: they make it very simple for you to start contracting and manage your finances with minimum hassle. However, in the long term using umbrella companies can be an expensive way of operating. If you’re currently using an umbrella company you’ve probably been paying more tax than you need to, and in addition you could be at risk should the umbrella company encounter any financial trouble. By far the safest and most tax efficient way for you to operate is by setting up as a limited company – and with inniAccounts it couldn’t be easier to do so.
Hassle-free transition
When you join innAccounts we’ll be there to support you through the entire process of switching from your umbrella service, so within a week you’ll be the director of your own limited company and totally in control of your financial future.
On top of all this you’ll also save a small fortune in tax – the following table is a guide to how much you could save each month by using a limited company. We’ve based the calculations on a 45 week working year, 20 miles per day in mileage and £100 per month in business expenses:
| Monthly net income | |||
|---|---|---|---|
| Your Day Rate | Umbrella Service | inniAccounts | Saving |
| £100 | £1429 | £1628 | £199 per month |
| £200 | £2576 | £3110 | £534 per month |
| £300 | £3589 | £4282 | £693 per month |
| £500 | £5500 | £6504 | £1004 per month |
Limited company set up
Timeline to switch from an umbrella to a limited company – click to enlarge
When you join inniAccounts, we will establish you as a limited company – this the most tax-efficient way to run your business and the process can take as little as two hours. We’ll ask you to submit a few details, then once your company is set up we’ll send you the documents that allow you to open a business bank account (we can help you with that too if required). We’ll immediately enter your company details into your account and from that moment you’re free to start using inniAccounts’ software – you can immediately keep track of time spent with clients, record expenses and travel claims, raise invoices and keep an eye on your income and expenditure.
HMRC registration
Once your company has been formed the next step is to register with HMRC – we’ll submit applications for your company PAYE scheme, VAT registration, flat rate scheme, plus a few other necessary documents. As soon as HMRC has completed these procedures we’ll update your company settings within inniAccounts and drop you an e-mail to let you know. This process typically takes between 2 and 4 weeks – we’ll keep you posted with progress and we’re happy to contact HMRC if things are taking a little longer than normal.
Ongoing Support
Throughout these early stages, if you have any questions about the company formation process or any other aspect of getting set up with inniAccounts, we’re more than willing to help. Your dedicated account manager and accountant will be on hand to provide financial advice when you need it, and you can contact us by e-mail or by free phone with any general questions you might have.
For a closer look at how inniAccounts can help your business to flourish, try a demo of our software.
Ready to switch to a limited company with inniAccounts?
Just complete our simple application form today and we’ll start the ball rolling.