I'm about to set up a new company. I've read around this forum and decided that InTouch looks like the best bet to provide accountancy services. A couple of questions follow - the best answer gets my referral if you'd like it (which will probably be on Wednesday 8th April).
I'll be a contractor but not in IT. I have one contracting job (for the next month or two) - after that I may go back to permanent work or may carry on contracting.
1. I intend to make my wife a shareholder (49% seems sensible so I always have control) and an employee as she'll be on a lower tax rate than me. It this sensible?
2. I may use some (most?) of the revenue to pay into my wife's pension because I'm at the end of my career and close to the lifetime allowance. I've read that HMRC require 'commercial justification' for paying a substantial salary to a spouse. Any thoughts about this?
3. Any negative thoughts on InTouch? (I've read lots of positive ones.)
4. What's the typical time for InTouch to respond to a phone call or email? Do you always get the same person? What if you don't like the person they give you - can you change?
5. Registering a new company on the Companies House website looks pretty easy. Is there merit in doing this now, or should I wait and let the accountant do it?
6. I'll have a few initial costs before I get any revenue (eg the accountants). Can I just pay these out of my own pocket and claim them back later or should I loan some cash into the company at the beginning and repay the loan once the company has some cash?
7. If I go back to permanent work, I guess I can just leave the company ticking over until I need it again (is this what 'dormant' means?). Are there any ongoing costs of doing this (assume there is no revenue after 2015).
Thank you for your help