Common Questions
Frequently Asked Questions
I'm a Friern Barnet CIS subcontractor. Am I owed a refund?
Almost certainly, if you've had 20% deducted and haven't claimed it back. The 20% is HMRC's estimate before expenses and your personal allowance. After your £12,570 allowance and legitimate expenses (van or mileage, tools, PPE, materials, phone, registrations, accountancy), the actual tax due is usually far less. Full-year CIS refunds are typically £2,000-£6,000. We'll maximise yours.
I run a Friern Barnet Road shop or business. What do you provide?
Retail and food bookkeeping, the right VAT treatment, payroll, annual accounts and Corporation Tax if a company, plus director self-assessment, bundled into a fixed monthly fee with cloud accounting for automatic bank-feed capture.
I'm a Friern Barnet contractor through my Ltd company. IR35 position?
Depends on the client and working practices. Medium/large clients assess your status; small clients mean you self-assess. The tests are control, mutuality of obligation, substitution, financial risk and integration. For genuinely independent contractors with project-based work IR35 is usually outside. We review your contracts and working practices.
Should my Friern Barnet business be a Ltd company?
At profits above £40,000-£50,000 a Ltd company typically saves £2,500-£5,000+ a year through salary-plus-dividend structuring, plus limited liability. Below £30,000 the saving rarely justifies the extra admin. We'll model both with your numbers.
I'm a Friern Barnet landlord. What records do I need?
Rent received, allowable expenses (repairs, insurance, agent fees, ground rent and service charges if leasehold, mortgage interest with the Section 24 restriction), and any capital improvements recorded separately. HMRC needs these kept for the relevant period. We set up simple landlord bookkeeping and file your self-assessment.
I'm a tradesperson paying my own subcontractors in Friern Barnet. CIS contractor?
Yes, if you pay subcontractors for construction work you're a CIS contractor. You register, verify each subcontractor, deduct CIS at the correct rate, file monthly returns by the 19th of the following month and issue deduction statements. We handle the monthly compliance.
I'm a Friern Barnet sole trader thinking about incorporating. When does it make sense?
Roughly £40,000-£50,000 net profit is the usual breakeven. At £40,000 a company saves £1,200-£2,500 a year; at £60,000, £3,500-£5,500; at £80,000, £5,000-£7,500. Below £30,000 the saving rarely justifies the extra admin. We'll model it with your numbers.
How do I get started?
Book a free 15-minute call via Calendly, or call our office on 020 8050 4564 or mobile 07478 645331. We work with Friern Barnet clients fully online and we're experienced with CIS trades, contractors and the N11 business and landlord community.