hi before i take the plunge & take on an accountant i wondered if anyone has heard of MARKET PLACE ACCOUNTING SERVICES
the way they work is as follows
They say they offer a specialist accounting service which is specifically tailored for Agency workers and Contractors and this would enable me to take home UPTO 91% OF MY EARNINGS
They also say that My Limited Company will incorporated by MPACS on my behalf (is this an umbrella). As it also claims that i will be the sole director / shareholder of my own Company. They are going to charge me a one off fee of £20 plus VAT (paid out of my first weeks earnings).
They say that my Company will be the Contracted party and that i will invoice the client (Agency or Business) direct. The income that’s generated by the Company will be paid to me by way of expenses, weekly wages and a dividend payment as I am the shareholder.
They say i’s as easy as 1-2-3
What i have to do is.
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I have to Submit A timesheet detailing all my hours worked on a weekly basis & send it to both MPACS and to the client (Agency or Business).
Once received, MPACS will raise an invoice which will be paid by the client into the MPACS Client bank account. -
Complete expenses form All business expenses (i.e. motor mileage) that can be claimed against taxable income will be claimed by MPACS on receipt of a completed Expense Claim Form with supporting receipts or relevant documentation.
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And Get paid UPTO 91% OF MY EARNINGS, which will be put into my personal bank account on the day monies are received from the client.
They also say that The following deductions will be made before payment is made to me:
MPACS fee £30 plus VAT,
PAYE/NI, VAT, and Corporation Tax - held in MPACS client account and paid to HMRC on your behalf when due.
A summary sheet and payslip will be sent weekly to show how the net pay has been calculated.
is this legal
sorry for droning on
