Whitefield offers a fixed price package of services for Personal Service Companies (PSCs).
This service specification should be read in context with our main Terms of Business document which it supersedes where appropriate
The service is suitable for professionals, contractors, freelancers and similar, who need to operate through a limited company.
We have the following tariff levels:
- Comprehensive PSC service with complimentary use of Whitefield PSC Spreadsheet – basic fee £1,000 pa + vat, payable by monthly standing order of £100 including vat.
- Comprehensive PSC service with FreeAgent – basic fee £1,180 pa + vat, payable by monthly standing order of £118 including vat.
- Comprehensive plus PSC service – basic fee £1,400 pa + vat, payable by monthly standing order of £140 including vat.
- A separate charge of £120 + vat is made for company formations, which also covers the first months accounting fees.
These are monthly fees for the bundle of services, the annual fee being shown for comparison. Monthly or annual vat invoices available on request.
The fixed fees are subject to Fair Use
Our comprehensive package covers within the fixed fee:
- Annual pre year end tax review where requested
- Preparation of annual accounts
- Preparation of the company’s corporation tax computations, iXBRL tagged accounts and CT600 return
- Calculation and administration of PAYE/NI scheme including monthly RTI submissions, for the director and one other (eg company secretary / spouse)
- Assistance with the calculation and administration of quarterly VAT returns, where our spreadsheet template is used. Submission of the returns via HMRC online is your responsibility. (If you’d like us to complete the spreadsheet for you, and file VAT returns, see our comprehensive plus service)
- Preparation of directors and spouses personal Self Assessment returns
- IR35 advice and assistance (separate charge for Contract Reviews)
- Dealing with all routine tax issues related to your business (other than HMRC full enquiries and IR35 status challenges)
- Companies House administration (other than Confirmation Statement)
- Registered office service
- Liaison with your pension/investment advisers
- References for loans, mortgages and tenancies (where straightforward, charges may apply in more complex cases – see our guide to Accountants References – Lending/Renting/Verification)
- Ad-hoc advice as necessary (subject to Fair Use)
- Pre booked phone meetings, or face to face meetings at our Isle of Wight office
The following services are charged separately, as used/requested :
- Filing of your Confirmation Statement at Companies House £48 including VAT to include statutory filing fee (many clients deal with this themselves)
- Tax Enquiries and fighting IR35 status challenges (available at £150 per hour but we strongly recommend that you take out fee protection cover for this separately.
- IR35 Contract Reviews (Informal £50+vat, formal £200 + vat)
- Annual dividend vouchers and minutes £100 + vat (many clients deal with this themselves as necessary, but we offer the service for clients who request it)
- Major items of additional work – these will be charged by the hour, but you will be advised in advance before incurring charges. The Fair Use policy touches on this.
The comprehensive plus service covers all the above, plus writing your basic bookkeeping up each quarter from bank statements / invoices and receipts, alleviating the need for you to keep a basic record yourself.
Our fixed fee packages are priced to cover the typical service level a client needs. In any given year some clients will need more support or service, others less, and our fees balance this.
However occasionally a clients service needs, or the complexity of their requirements, will go beyond that anticipated. Rather than have a long list of exceptions or small print, we operate on a fair use basis. Where services cannot be accommodated in the fixed fee:
- we will endeavour to let clients know at the start of the engagement, or if not as early as possible
- we will avoid unreasonable suspension or withdrawal of services at short notice
- we will avoid incurring any material additional charges for clients without authorisation
- we will work collaboratively with clients to resolve the issue, either by re-pricing, a service restriction, or by agreeing changes to record keeping and presentation
Under our Terms of Business, either party can cancel the contract between us with no notice.
Leaving, joining and termination
We aim to make it as easy as possible for clients to join us or leave us, either to close a company down or to move to another accountant.
The annual fee is split into a monthly payments which act as a retainer for using our services, and you can cancel the agreement with us at any time, and without notice. However once the agreement is cancelled we will not carry out any further work for you, including tasks in progress or outstanding, eg completion of a set of accounts where the year end has passed.
No refund is given or price adjustment made for unused services.
If payments are missed we will ask you to make a catch up.
If we are closing a company down for you, you will need to continue paying the monthly fee until the company is ready for either strike off or liquidation. We promise not to prolong unnecessarily the preparatory work such as final accounts and tax returns.
We need to ensure a minimum revenue from each client engagement; so to keep things simple we operate a minimum fee:
- where there are no arrears periods, that’s to say you join us with a new company that we’ve formed for you or you have formed yourself, the minimum fee is 6 months at the full level (i.e. normally £500 + vat based on our comprehensive service). If you cancel the agreement with us and less than six months fees have been paid, we will ask you to make up the difference.
- where we have to catch up with a period of arrears of more than three months for the current financial year, then we do not charge any catch up fee for this period, but the minimum fee becomes 6 months at the full level plus a further month for each two months of the catch up period (eg if the catch up is 8 months, then the minimum is 6 + 1 = 7 months). If you cancel the agreement with us and less than this has been paid, we will ask you to make up the difference.
- where we have to catch up for a previous financial year, we will provide you with a separate quotation for this work as a one off additional charge, and the normal six months minimum fee referred to above will apply for the current year.
Out of contract
If you are not actively generating income in your company for more than three months then we will normally agree to a 50% reduction in our fees from month 4 – we ask you to apply to us for this reduction as we may not have up to date information to apply the adjustment automatically. We will still provide the full contracted services at the reduced rate.
You must claim this reduction by contacting us and amending your standing at the time you place your company on hold – we cannot apply the reduction retrospectively.
If your company becomes dormant (using Companies Act definition of no significant accounting transactions) – we may be able to agree a further decrease in our fees depending on service level required.
Running two companies
Where you run a second company a discount of 30% will normally be offered for the second company.
More than one contractor
Normally we will make a surcharge of £20 per month + vat for each additional contractor working through one company, however a bespoke approach may be necessary.
IR35 contract reviews
Upon request we will review contracts and offer (i) an opinion as to their IR35 status and (ii) advice on ways that the IR35 status may be strengthened.
We don’t enter into contract negotiations with an agent or client on your behalf, or draft contract clauses.
Our opinions on IR35 status are offered as advice, and the responsibility for making a decision on the status of each contract rests with you.
Although we endeavour to complete them promptly, our contract reviews are not intended to act as a pre contract approval service. Contract reviews are specialist services, and in the event of staff holidays or sickness there may be a delay of up to four weeks in processing them; normally we will process them within a week.
Companies House Confirmation Statement
We don’t routinely prepare our clients Companies House Confirmation Statement (formerly known as the Annual Return).
These are a annual confirmation of shareholders, directors and addresses to Companies House, with a statutory filing fee, currently £13. The return doesn’t cover accounts or tax matters.
Most clients are happy to do this return themselves, but if necessary we can prepare it for £40+vat (£48 including VAT) including the £13 filing fee.
Pre Year End Review
Our Pre Year End Review is a structured process to help clients review their tax affairs before their year end both to ensure optimum structure and to ensure liabilities are adequately provided for.
Theres no separate charge for this service, but we must have a up-to-date spreadsheet and a completed planning questionnaire by 14 February annually.