Company consolidating contracting

In financial accounting, consolidated financial statements provide a comprehensive view of the financial position of both the parent company and its subsidiaries, rather than one company's stand-alone position.In business, consolidation occurs when two or more businesses combine to form one new entity, with the expectation of increasing market share and profitability and the benefit of combining talent, industry expertise or technology.Click the following link to read our plain English Guide to IR35.Even if your contract is inside IR35 you can still claim travelling and accommodation expenses, 5% of your turnover, get the benefit of VAT flat rate (saving around £2000 a year), and get the interest on the funds held within your own Company, so yes, from a financial point of view it could still definitely be worth it.In consolidated accounting, the information from a parent company and its subsidiaries is treated as though it comes from a single entity.The cumulative assets from the business, as well as any revenue or expenses, are recorded on the balance sheet of the parent company.

The only way to be sure whether your contract falls inside or outside IR35 is to have it reviewed by a specialist.Form your own Limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure.You may also find the following pages, guides and case studies useful: *If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. Parent companies that hold more than 20% qualify to use consolidated accounting.If parent company holds less than a 20% stake, it must use equity method accounting.

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