Personal service companies

integro Contractor Tax, Starting Up

So, what exactly is a personal service company (PSC)?

A personal service company is when a company derives its main source of income from offering a service which is for the most part performed by the owners of the business i.e. the shareholders. Most limited companies run by freelancers, contractors and consultants will fit into the above description and consequently fall into the ‘personal service company’ category.

How does being a personal service company impact IR35 status?

Whilst the concept of providing a personal service is one of the elements of being in employment, operating a personal service company does not dictate that a relationship of employment exists. Provided that the personal service company has the option to recruit staff and hire sub-contractors for use as personnel on its contracts then personal service is not required for the contract.

What about the personal service company question on HMRC’s self assessment return?

If your personal income is derived from a personal service company, be it in dividends or salary, the total amount should be declared on this part of the self assessment return. Integro Accounting will complete this for you as the self assessment return is part of our fixed fee service.

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 Hickmott FCCA, 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 christian@integroaccounting.com or request a callback.