Reply to: Plan It

[zathras]

How exactly do you think I am caught under the new laws?

It depends and like all modern tax law is a bit grey. Essentially it depends on how much control PLAN IT have over the company and being a Company Sec gives a lot of control (legally). In addition the IR have said that they are well aware that many MSC's are changing their services to 'get around' the legislation and they will be keeping a weather eye on those companies; so even by that you will be closer to being in the IR eyeline.

[Bluebird]

No, only if thier main business is creating managed service companies (Most accountants don't manage your LTD for you, you have to do that so they don't come into the picture).

As said before though i'm not fully up to speed on this legislation so I may be wrong, but it is definetly something to check out sooner rather than later.

Role of thumb is the more you do yourself the less likely you will come under the MSC regulations...

[Ardesco]

No, only if thier main business is creating managed service companies (Most accountants don't manage your LTD for you, you have to do that so they don't come into the picture).

As said before though i'm not fully up to speed on this legislation so I may be wrong, but it is definetly something to check out sooner rather than later.

[Limited]

so if the same place also did your company formation then they could be defined as an MSCP?

[Ardesco]

I belive it is only an issue if your company was originally set up by an MCSP

[Limited]

Plenty of accountants (SJD included) seem to offer Company Secretary services.

Surely this does not mean they fall within the definition of an MSC

Or does it?

[angusglover]

I don't mind as long as I can move away from them.

[Churchill]

No, I think what he's saying is that they set it up for him, but now he wants to leave they want to recover their costs - which should be no more than the CH fee - although my guess is they'll try and screw him for a couple of hundred.

Well, of course he's read the small print, hasn't he?

[Bluebird]

They offered you a service for a price that you accepted. End of story.

No, I think what he's saying is that they set it up for him, but now he wants to leave they want to recover their costs - which should be no more than the CH fee - although my guess is they'll try and screw him for a couple of hundred.

[Churchill]

If they ask for Company Set up costs - have a look at what it ACTUALLY costs on the Companies House Website, and agree to pay them that.

They offered you a service for a price that you accepted. End of story.

[Ardesco]

If they are down as a director or company secretary I belive it could be argued that your new limited co is classified as an MSC (As it has a relationship with an MSPC).

However I may be wrong as I haven't really kept up to date with this legislation as it doesn't affect me. I would read up on it and check it out before you transfer the co though. You don't want to spend money trasferring it accross and then finding out the new laws catch you anyway.

[Bluebird]

Yeah, I have decided to move away from PLAN IT. I don't know if I need to get a new company set up as PLAN IT will give me all of my details and I then keep the company as that seems easier than going through the whole process again mid contract. I guess I just need to fill in a form to get rid of them as company secretary...

For £141 \ month I want more than Plan IT offer...and better as well.

If they ask for Company Set up costs - have a look at what it ACTUALLY costs on the Companies House Website, and agree to pay them that.

[angusglover]

Yeah, I have decided to move away from PLAN IT. I don't know if I need to get a new company set up as PLAN IT will give me all of my details and I then keep the company as that seems easier than going through the whole process again mid contract. I guess I just need to fill in a form to get rid of them as company secretary...

For £141 \ month I want more than Plan IT offer...and better as well.

[Bluebird]

How exactly do you think I am caught under the new laws?

You are probably not caught by the new laws - it depends on what services they provide for the £141 per month.

SJD charge about £85 and Nixon Williams are cheaper again [ NW give you free Co Set up as well ].

The advise about changing seems good - who do you feel safer with:

1. An accountant who is an accountant
2. Or an ex-MSC who say they are Accountants

??

no-brainer really.

[angusglover]

I would say screw them, Find a decent accountant and get a new company set up. You will find accountants that do it for free and I belive your current company may be caught by the new MSC laws.

How exactly do you think I am caught under the new laws?