Here is a list of the most regularly asked questions which we hope will cover any queries you may have. Please give us a call if your query is not covered
What is March Mutual GoLTD?
This is our Personal Services Company service (also known as a Single Person Limited Company). It is designed for contractors wishing to operate as a business: you become the sole employee and shareholder of your own company. MarchMutual will set the whole thing up, and run it for you.
What is IR35?
Known formally as The Intermediaries legislation (IR35 was the title of the press release), IR35 is a Government law introduced in April 2000 to stop contractors and freelances avoiding tax and National Insurance payments.
With March Mutual GoLTD, there are no IR35 risks associated with your status or income. You'll remain completely within the rules and regulations of UK tax law at all times.
How much does March Mutual GoLTD cost?
There are no set-up charges for GoLTD. We simply charge a flat annual fee of £900.00 (including VAT). This is taken monthly at a rate of £75.00. This charge is tax deductible against your company profits.
Even after our monthly fee has been deducted you will still take home a far greater portion of the money you earn.
What do I get for my money?
Once your PSC has been set up by MarchMutual you will be the Director, sole shareholder and an employee of your company. We will set up and administer the whole thing for you including payroll, all accounts, tax returns and communication with Companies House. You will be given a portal into our online system to create your invoices and enter your expenses. We will produce monthly reports on the basis of the information you supply.
Is it easy to set up in business with March Mutual GoLTD?
Yes, it couldn't be easier. The first step is to call us so we can advise you on the best – and most tax-efficient – set-up for your circumstances. Then we'll ask you to register on our on-line system, and that's it – you're ready to start working for your own PSC.
Do I have an employment contract?
Yes, you have a contract with your own Personal Services Company. You'll have full employment status and enjoy the benefits this status offers. It doesn't matter whether you're a home-based business or a freelancer or contractor working within an agency, you will receive the same rights.
How will I get paid?
As an employee of your own Personal Services Company, you will receive a salary, legitimate expenses, plus a tax-efficient dividend payment. First, we will arrange for you to be paid a salary equal to your tax free allowance. You must receive this in order to minimise your tax and allow you to claim normal statutory benefits such as sick pay and qualify for a contribution to State Pension.
In addition to this salary, you can also claim business expenses against your company. It's essential that you claim your full allowable expenses if you want to reduce your tax liability and maximise your take-home pay.
Once we have deducted your salary and expenses from your PSC's income, we will be able to calculate your profit, paid to you (once tax has been deducted) as a dividend.
Your clients will pay your company invoices directly into your business bank account. We will produce a report each month including your basic wage and dividends plus expenses that been entered. We will tell you how much you can legally transfer to your own personal bank account.
How do I claim my business expenses?
It's easy – just complete the March Mutual GoLTD online expenses claim form. You are also required to retain all your original receipts.
There is no limit to the amount of expenses you can claim. By claiming for what is rightfully yours, MarchMutual can ensure that you are offsetting as much against your tax as possible – meaning more money for you every month.
How do I know if something is a legitimate business expense or not?
Your online MarchMutual system contains comprehensive guidelines as to what you can and can't claim for. However, we're here to help, and recommend that you call us the first time you make an expenses claim so we can check you're following our guidelines correctly – and not missing out on tax breaks.
Can I work wherever I want?
Yes, where and how you work is up to you. You can work for clients based anywhere in the world. Whenever you have a new client you will add their details to the invoicing system and you can create and send off invoices to them for work you carried out. We are always happy to review contracts that clients ask you to sign.
What about if I want to work abroad?
Our system has been set up to allow you to invoice companies in any part of the world and in any currency. Please contact us if you have any concerns.
Are agencies happy for me to work as a PSC?
Yes, it's great news for your employers. As you're a PSC managed by MarchMutual, we'll look after all the payroll admin and your finances, saving them both time and money.
Will I need to complete a self-assessment tax return?
Yes. As a Director of a UK Limited company you will have to complete a self-assessment tax return. Our professional accountants will take care of the whole process for you. We will also provide you with tax help whenever you need it.
- Is all of this completely safe and legal?
How do I get started with March Mutual GoLTD?
One quick call is all it takes to get the ball rolling. We will discuss with you the suitability of your situation for a PSC.
We will then send you a login to our online system for you to complete a simple registration form. Once you have registered and you forward proof of ID, you can be up and running within days.
Contact us today to start enjoying less paperwork – and more take-home pay.
Have a question?
If it’s not covered in our FAQ’s call us on 0203 151 5100 or click the "Contact us" button