A managed service company or ‘MSC’ is a term used to describe composite company solutions whereby a provider would manage all of the invoicing and funds distribution for a client who would have a shareholding but no directorship in a limited company. These companies were wholly managed by the provider with many shreholders each holding a different share type.
Whilst the tax savings of a limited company coupled with no directors’ duties sounds appealing this has not been a legitimate way of working since legislation was passed in 2007 to prevent it.
It is therefore important to make sure that your accountancy provider is compliant with the MSC legislation. For example, they should not have control over your company bank account to organise your salary or dividend payments and they should provide you with advice as to how to structure your income – the choice should ultimately be yours over the amounts and timings of your payments.
Several agencies will ask for assurance that your accountancy provider is compliant with the MSC legislation and send you a form to complete at the same time as your company’s contract.
Integro Accounting are fully compliant with the MSC legislation and we are more than happy to complete these forms as part of our fixed fee service for our clients to return to their agency.
Why Integro Accounting?
Integro Accounting is the UK’s only specialist provider of fixed fee, limited company accountancy services for contractors, consultants and freelancers that was established to an award winning standard – our Practice Manager, Maria Williams, won The British Accountancy Awards’ ‘Accountant of the Year’ in 2011.
We were set up with the vision of providing a service that is the ultimate for the dynamic, busy professional of today in a language you understand.
Integro Accounting have designed a bespoke service for the contractor who is always on the go; never forgetting that one size will never fit all.
The relationship you have with your accountant is the most important factor in our service which is why we will always offer unlimited contact with your own personal accountant; whether that contact is via the phone, email or face to face.
We have our 3 offices located in London, the South-West and on the Bedfordshire and Buckinghamshire border. There are also meeting locations in many of the major cities and towns across the Home counties, South-West and South Wales, all conveniently placed so that you never have to travel far to meet your accountant.
If you have any questions about contracting or would like to find out more about how Integro Accounting can help you and business please call Christian on 01525 303984, email email@example.com or request a callback.