LATEST NEWS FROM STERLING TECHSERV
STERLING STANDS ALONE
Following complex negotiations, the directors of Sterling, have bought out two of its major shareholders who held a 25% stake in the company. The buyout was secured with help from some of the North West’s premier financial and legal bodies, these firms were RBS, Grant Thornton and Hill Dickinson.
Founded in 1998, and employing over 100 staff, Sterling has built a formidable reputation for providing sub-contracted labour to over a thousand recruitment agencies across the UK.
Covering construction, engineering, oil and gas and associated trades, we are proud to have many contractors placed on such prestigious assignments such as the Liverpool Echo Arena, Wembley Stadium and the Olympic 2012 projects.
Sterling is the parent company of three sub-brands: Sterling Techserv, Sterling Solutions and Sterling CIS. Through these companies we provide payment methods, payroll management services and other supporting services to enable temporary workers to work tax efficiently.
Ian Black, Managing Director of Sterling commented: “The team effort to achieve this buy-out puts Sterling in a strong position. The new company structure will allow Sterling to continue to progress in our expert market, whilst introducing us to new challenges and focusing on areas such as the IT, medical and financial sectors in the future. We have been successful year on year, since 1998 and I am confident 2008 will be our most competitive yet.”
“The introduction of two new products, Sterling Solutions and Sterling Techserv in 2007, tested us and our industry, but thanks to our strong brand name and reputation for compliance, our business has grown to facilitate this buyout.”
Registering as self-employed
Sterling Techserv is specifically for contractors working outside of the construction industry.
As a compliant company we will not accept registrations if you are classed as a Limited Company.
You must be aware that Sterling Techserv are not responsible for arranging National Insurance Contributions (NIC) or other accountancy requirements, these must be organised by yourself.
Sterling Techserv does recommend the services of AGP, who are specialists in accountancy services for self-employed contractors.
You can work for up to 3 months as self-employed, but you must confirm with HMRC within three months of the end of your first month in business about your status.
If you are considering becoming self-employed, we advise that you read the PDF "HMRC Guide to becoming self-employed" below before registering.
To register as self-employed, please contact
• The HMRC Self-Employed helpline on 0845 9154 515 (open from 8.00 am to 8.00 pm Monday to Friday and from 8.00 am to 4.00 pm at weekends)
• You will need a National Insurance Number to complete this process.
HMRC Guide to becoming self- employed PDF
For more information on self-employment click here
2007 Budget response
As you may be aware, the Government announced in December 2006 that it was intending to consult on possible action to tackle what they describe as “Managed Service Companies”.
In the budget speech of 21 March 2007 the chancellor released his decision on Tackling Managed Service Companies.
The key elements of this release are as follows;
• The transfer of debt provision for agencies has been deferred to 6 January 2008, with no reclaim of debt for the period 6 April 2007 to this date
• The transfer of debt for directors and office holders of MSC’s has been delayed until the later Royal Assent is delivered or on the 6 August 2007
• Exclusions for employment agencies and business’s who do not influence or control the finances of the companies
Sterling will offer from the 6 April 2007 three products, Sterling CIS self-employed, Sterling Techserv self- employed and Sterling Solutions. Sterling Techserv will sub-contract to recruitment agencies for all sub-contractors outside of the construction industry.
Construction Industry self-employed sub-contractors and sub-contractors outside of this industry and also umbrella employees have not been sited in this legislation. Sterling believes that from this budget we can only offer these services that are not within the legislation to safeguard all parties concerned.
The contractual chain between Sterling Solutions, CIS and Techserv and recruitment agencies will be treated in the following manner;
Assignments within construction the two options will be;
• Sterling CIS self-employed - Sterling CIS deduct the statutory 20% CIS taxation (this is to increase from 18% on the 6 April 2007) from the gross payments received, the onus for year end tax returns and any such liabilities being on the self-employed sub-contractor
• Sterling Solutions – the employed route, Sterling Solutions welcomes contractors to become employees of Sterling Solutions. Business related expenses can be claimed on a weekly basis and holiday pay will be retained on a weekly basis.
Assignments not within construction the two options will be;
• Sterling Techserv self-employed –Gross payments received - the onus for year end tax returns and any such liabilities being on the self-employed sub-contractor. The onus for year end tax returns and any such liabilities being on the self-employed sub-contractor.
• Sterling Solutions – the employed route, Sterling Solutions welcomes contractors to become employees of Sterling Solutions. Business related expenses can be claimed on a weekly basis and holiday pay will be retained on a weekly basis.
If an individual wishes to operate via a personal service company, then such a company must contract directly with an agency. If they require professional services for their company we would recommend AGP Chartered Accountants 01925 418 386, but they could use any one else of their choice if they prefer.
If an individual needs to purchase a limited company we would recommend Mandarin Formation Services Limited 0870 754 1212, but once again the choice is theirs.
Sterling CIS Limited or Sterling Techserv Limited will not be sub-contracting to Personal Service Companies.
|
