Has anyone come across these, had any dealings with them
Personal circumstances mean I need to go down the self employed route and I can’t go Ltd Co. (Tried last year, unable to get a business bank account anywhere)
They appear to be better than an umbrella in that they set up and manage a Ltd co for you and the fees appear to be better than the likes of Nova
So are they any good or is it the usual BS.
I’ve been with them 2 years. They charge £20 fees per payment (I opted for monthly pay, so only pay £20 p/m) they include in that your self assessment etc. never had any bother at all with them tbh. Plus I received £350 in “reward points” from them at Chrimbo too. Oh, £200 tax free if you introduce someone to them!
Avoid like the plague they are cowboys from my experience i had issues obtaining business account Barclays were only bank to help they take personal circumstances into account not just credit score
Getting a business account is no problem.
I use cashplus. Its free after an initial set up fee.
Does everything u need to run as an agency driver as a ltd company.
For books i use quickfile, easy to send out invoices. £199 for them to do your year end accounts.
Find em both easy enough with a quick search.
I’m interested as to why you have to have a business account to have a limited company?
Because a limited company is a seperate legal entity (Which is run by directors), and as such needs its own bank account.
Everyone i have worked for insists on your company having it’s own bank account.
I personally dont use "Think accounting" ........however I know quite a few who do, and the feed back Im getting is that they`re more acceptable than the rest, which is why they guys I know use them. Several guys have switched to them recently as I understand their fees are easier on the pocket, Timesheets, invoices and expenses are faxed/emailed by the guys to “think” & they process the payroll, the guys appear to be happy with how its run, with little or no errors in payroll.
calsdad:
Because a limited company is a seperate legal entity (Which is run by directors), and as such needs its own bank account.Everyone i have worked for insists on your company having it’s own bank account.
Well I seem to manage my limited company without a separate bank account.
Smart Mart:
calsdad:
Because a limited company is a seperate legal entity (Which is run by directors), and as such needs its own bank account.Everyone i have worked for insists on your company having it’s own bank account.
Well I seem to manage my limited company without a separate bank account.
How do you manage corporation tax, VAT, personal income v. company etc, or is it you have a bank account as Joe Bloggs t/a xyz trucking ltd?
A lot of accountants will do an ‘all in one’ package these days, where they do everything for you.
All you do is give them your hours, the rate for the job, and they will do the rest, including your pay into your personal account each week.
I know a few guys who do that, because they either:
A. Can’t be bothered to get involved in their company business.
B. Are not business minded when it comes to paperwork.
I personally keep an eye on my accounts, but have an accountant who does my year end books/corporation tax.
Ken.
del trotter:
Smart Mart:
calsdad:
Because a limited company is a seperate legal entity (Which is run by directors), and as such needs its own bank account.Everyone i have worked for insists on your company having it’s own bank account.
Well I seem to manage my limited company without a separate bank account.
How do you manage corporation tax, VAT, personal income v. company etc, or is it you have a bank account as Joe Bloggs t/a xyz trucking ltd?
Joe Bloggs is the trading name of Fred Smith Limited, would do it perhaps.
HMRC don’t mind where the money comes from, as long as they get it! Although I’m not VAT registered anymore as my turnover is below the threshold for registration; I don’t buy fuel. If you have refunds from HMRC you can select which account they are paid into. 
I keep my own accounts and submit them to HMRC. You could keep the money in a box under your bed if you wanted. I haven’t paid an accountant for over 15 years!
I was once told that all you needed to keep business accounts was a pencil and a piece of paper - it’s a lot easier now with computers though! If you have complicated tax affairs then an accountant may save you money; or if you are not business minded or interested in book-keeping.
You just need to put the details of the account you want your customers to pay into on your invoice - well that works for me.
Smart Mart:
calsdad:
Because a limited company is a seperate legal entity (Which is run by directors), and as such needs its own bank account.Everyone i have worked for insists on your company having it’s own bank account.
Well I seem to manage my limited company without a separate bank account.
Ouch. It’s not a management issue, it’s a legal issue. You better hope HMRC, and/or Companies House don’t come sniffing 
Also, quite surprised the bank are allowing it (fraud, money laundering, etc) unless they are unaware. And, you’ll be getting tax deducted from interest (LTD companies don’t).
This gives a good summary as to why it’s a bad idea: brighton-accountants.com/blo … k-account/
Chris1207:
Smart Mart:
calsdad:
Because a limited company is a seperate legal entity (Which is run by directors), and as such needs its own bank account.Everyone i have worked for insists on your company having it’s own bank account.
Well I seem to manage my limited company without a separate bank account.
Ouch. It’s not a management issue, it’s a legal issue. You better hope HMRC, and/or Companies House don’t come sniffing
This gives a good summary as to why it’s a bad idea: brighton-accountants.com/blo … k-account/
As it says in the first line of the brighton accountants, it is not a legal requirement, and my affairs are quite small by comparison to others I think. Anyway, it has worked for me for many years, but at the end of the day, you do what you think right.
Think Accounting have just done an “up and under” now trading under a different name. Avoid like the plague.
robbo99:
Think Accounting have just done an “up and under” now trading under a different name. Avoid like the plague.
Interesting. I finished with them last year and they have supposedly done my year end tax return. I have email proof that the said it was filed.
Anyway I’m due a refund according to them. will take 2 to 4 weeks. That was 5 weeks ago. I have emailed them but no reply.
Now this.
lets hope you get your refund but if it were me I wouldnt be too optimistic, HMRC are on their case along with many others. The goings getting tough for them so they have closed under their old name and opened up a new company to walk away from their debts, but HMRC are a bit too big for them and they are also being investigated for being a managed service company provider which if found to be the case then many of the drivers who use them will be getting hefty tax demands.
robbo99:
lets hope you get your refund but if it were me I wouldnt be too optimistic, HMRC are on their case along with many others. The goings getting tough for them so they have closed under their old name and opened up a new company to walk away from their debts, but HMRC are a bit too big for them and they are also being investigated for being a managed service company provider which if found to be the case then many of the drivers who use them will be getting hefty tax demands.
Thats very convenient of them, they have had the money drivers earned last week, which would be due to be payed out to drivers tomorrow.
The drivers will still get paid as the accountants need them as their customers to rake in their fees, the problems are brewing with the managed service company legislation because if it is enforced then all of the drivers that use their services will be deemed to be an employee and therefore be liable for large income tax bills, also all expenses will be recoverable by HMRC. The legislation goes for the company if that cannot pay the tax bill then the director, ie the driver is liable. This piece of legislation is quite unique in that it can enforce the tax bill on the director, even if the company ceases trading.
robbo99:
The drivers will still get paid as the accountants need them as their customers to rake in their fees, the problems are brewing with the managed service company legislation because if it is enforced then all of the drivers that use their services will be deemed to be an employee and therefore be liable for large income tax bills, also all expenses will be recoverable by HMRC. The legislation goes for the company if that cannot pay the tax bill then the director, ie the driver is liable. This piece of legislation is quite unique in that it can enforce the tax bill on the director, even if the company ceases trading.
So, Think Accounting are still trading then?
Think Accounting is still listed as active on companies house but if you type their name into your search engine it takes you to the new companies website.