Limited Company FAQ
WHAT INFORMATION IS REQUIRED FOR ME TO REGISTER MY LIMITED COMPANY?
As part of your online registration process, we will request the following information:
Your Limited Company Name, Company Number and Company UTR
Proof of your Business bank account
VAT registration (if applicable)
WILL IR35 IMPACT MY LIMITED COMPANY?
The Off-payroll working rules, known as IR35, applies to contractors who provide their services through a Limited Company or another type of intermediary to an end client.
In instances where Stonebridge are the end client within the chain, it is our responsibility to complete an IR35 Status Determination for your Limited Company. Following your registration, the Stonebridge Compliance team will be in touch to complete an online status determination prior to engagement.
If you are working via an agency and Stonebridge are the Umbrella company in the chain, we will be provided with a Status Determination Statement from that agency and their end client for your assignment. Stonebridge are bound to the status determination outcome provided.
HOW DO I SUBMIT MY INVOICES / TIMESHEETS AND EXPENSES?
Upon completion of your Limited Company registration, Stonebridge will provide you with a template application form for submitting your payments. Expenses and associated receipts will be submitted along with this form to firstname.lastname@example.org
HOW DO I KNOW I HAVE BEEN PAID?
Stonebridge will send you a text message once your payment has been processed which will also indicate your payment date. You will receive a self-bill invoice via email, which will detail your gross earnings and a breakdown of deductions. This will also be uploaded to your online portal, to view at your convenience.
DO I NEED TO REGISTER FOR VAT?
You can voluntarily register for VAT if you are making taxable supplies (consider whether your customers will be able to reclaim VAT), but you must register for VAT and charge it when your turnover reaches £85,000 in a 12-month period or you expect to go over the threshold in a single 30-day period. If you exceed the threshold in a 12-month period, you must register within 30 days. If you don’t, you will still have to pay what you owe from when you should have registered. You can register online by visiting the following link:
DOMESTIC REVERSE CHARGE (DRC)
It is important to note that if your role falls within the scope of CIS, Stonebridge are legally obliged to make deductions and account for VAT Domestic Reverse Charge.
DRC changes how VAT is handled for certain construction services. This legislation applies to transactions that are reported under the CIS.
If you are VAT registered, provide Stonebridge with construction services and your service falls inside CIS, your supplies to us will be subject to the DRC. This means that payments we make to you will not include VAT.
It is the obligation of Stonebridge to account for DRC; your self-bill will display the amount of VAT that we have accounted for.