Is this accountancy legit? (MSC?)

[ramholio]

Hi guys,

There's some accountants that a lot of people I hang about with use called "Churchill Knight."

They seem to control the contractor's bank account, and make the payments, do all paperwork / divi's for you etc - I think they act as company secretarys to do all this.

From a managed service company point of view, is this legit?

(i'm not with them by the way, I use another accountant.)

[Alan @ BroomeAffinity]

I don't think they control the bank account. AFAIK, they prepare a lot of the paperwork and do the calculations for them in relation to VAT, PAYE and CT and tell the client what they should provide and how much is available to withdraw from the business. That doesn't make them an MSC. If they control the bank account however that's a different story.

[Ardesco]

Sounds like a legitimate MSC to me, of course that means your fecked when the tax man comes calling.....

[malvolio]

Sounds like a legitimate MSC to me, of course that means your fliped when the tax man comes calling.....

Not at all. As long they are telling their clients to pay normal taxes and aren't trying to claim dividends, they're doing nothing wrong.