Professional services, trainers & coaches
People accountants for people businesses
We adore working with bright, charismatic, and engaging individuals who provide professional services to others. Project managers, personal trainers, tutors, coaches, copywriters and more, if you want someone who can look after your business, meet your ambition and can walk you through the numbers, we are the accountants for you.
Specialising in services
With a vast experience in supporting service-based businesses (as well as of course being one ourselves) we understand the challenges involved.
Maybe you are considering how you can scale up without risking your service or reputation? Or you are looking to improve your marketing to remove your overreliance on one company? Possibly cash flow is an issue, where you cannot afford to have delays, or tax planning is a new dimension to consider, such as meeting VAT, self assessment or corporation tax bills.
These are all typical problems that service-based businesses experience, but we have plans and proposals to help you negotiate each one of them. We can help you make the leap to getting set up and ensure you have the tools and plans in place, whilst keeping an eye on the financials for you during your journey.
Finally, we know time is of the essence, as your time is your service. We can work flexibly around your schedule so you’re not losing out whilst discussing the books.
Taking your skill and service and putting into a business you own is one of the most empowering things you can do and will give you another level of energy and enthusiasm you won’t have had before. It comes with risk, but also great reward and we’ve helped many make the journey to have successful careers and build successful businesses doing what they love.
We cannot discuss services without talking about IR35, known as off-payroll working rules, where you provide your services through an intermediary, such as a limited company. It is anti-avoidance legislation put in place to ensure individuals who work for a client through an intermediary are taxed as if they were an employee. Such individuals are classed as “disguised employees”. It is designed to ensure HMRC can look through such arrangements and ensure they recoup taxes and national insurance as if they were employed. It also plays a role in defending employee rights, such as a right to holiday pay and a pension.
IR35 doesn’t affect everyone and there are a number of conditions which typically define whether you are caught by this legislation or not, such as control (do you control what you do, when, where and how you do the work?), substitution (can someone come in your place) and mutuality of obligation (your client is obliged to offer you work and you are obliged to accept it).
Other factors, such as whether you use your own resources or are provided these (e.g. a computer) or take a financial risk in accepting the engagement or have multiple clients can help define your status.
HMRC offers an online tool called CEST, which may help you determine your status.
IR35 is a complex area and is changing – from 6 April 2021, the responsibility to make the assessment as to the individuals IR35 status will move from the individual to the engaging client.
Ready to get going?
Get in touch today and so we can learn more about your business and work out what Mayflower can do to help you achieve your goals.