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Q.... How can I be paid without tax being taken out ?

Mitsu Financial Services (MFS) is an Invoicing and collection company. Being self employed through MFS means that you are not an employee of any company and are therefore responsible for your own tax affairs. Therefore allowing for you to be paid your Gross Income (Income without tax being deducted).

Q.... What are my taxation responsibilities ?

You will be responsible for your own tax affairs. Therefore you will be required to ensure you make the correct tax payments to the appropriate tax authorities. This will be dependent on your tax residency status.

You will need to make yourself aware of the taxation rules and requirements regarding self-employment in the country you are working (or country of tax residency). You should comply with all rules and regulations.

For self employed individuals working in the UK visit www.inlandrevenue.gov.uk.

Q.... Am I employed by MFS ?

No. You will not be an employee of MFS. You will be considered to be a self-employed contractor.

Q.... How does Self Employment work ?

Being self-employed has many benefits including flexibility of work, being able to deduct costs from your income. Allowing you to pay less tax. It allows you to earn more money than if you were on PAYE (due to your Agency/Client not having to pay National Insurance on your behalf). All these benefits and many more make the switch to self-employment well worthwhile.

If you are currently Self Employed then this status will not change when you switch to using the services of MFS.

If you are switching to MFS to help facilitate a move to Self Employment then the process could not be easier. We help you to go through a Limited Company structure (often requested by Agencies and clients when dealing with self employed contractors). This means that we can take care of your contractual and invoicing arrangements.

Q.... Being Self Employed in the UK

If you are switching to being self-employed in the UK then you have three months to register with the Inland Revenue Office. This is a simple process and can be done at the Inland Revenue website. : http://www.inlandrevenue.gov.uk/startingup

All information required to register, and your tax responsibilities are held on the Inland Revenue Website.

As self-employed, at the end of each tax year it is your responsibility to manage your own tax affairs and to ensure that you are registered with the appropriate tax authority in order to satisfy your tax liability.

Q.... What is the Invoicing process?

Once registered with us we will then send you an invoice template to be used every invoicing period. Just fill in your time and rate and any reimbursement of expenses to be received. Printout a copy and send it along with your time sheet to your Agent/Client. Make a copy of the Invoice you have sent (either “save as” or scan it) and email it to us.

Q.... What is the payment process?

Once you have sent your invoice and timesheet to the Agency/Client and a copy to us. Your Agency/Client will make payment on the invoice. Once we have received cleared funds (amount of the Invoice, no tax deducted) into our company account we will deduct our fee and pay the remainder to the bank account of your choice (the one stated in your Start Up Pack). You will now have received your income without tax being deducted.

Once we have sent you the funds we will send you an email confirming the amount that has been made to your account. We will transfer the money within 24 hours of receiving cleared funds from your Agency/Client.

Q.... Why can I receive an increase in income when compared to a PAYE employee?

As a result of being Self Employed there is no requirement for your Agency/Client to pay National Insurance, which they would have to do if they hired you as an employee under the PAYE system. Therefore when moving from PAYE to self employed through MFS you should be able to arrange an increase of approximately 12 % to your rate.

Q.... Why use Mitsu Financial Services

We offer a professional and confidential service that enables our clients to quickly and efficiently receive their income free of tax being deducted

We allow an efficient vehicle for self employed people to work through a limited company without the administrative hassle involved in owning a company.

It is very easy to use the services of MFS. Simply fill in the Application Form. We will send you out an Start up pack for you to sign and return to us.

If you have any further questions please feel free to email us and we will happily reply to all your questions.

Frequently Asked Questions