Contractors

Our experienced team of dedicated contractor accountants are committed towards providing you with a specialist accountancy service that suits you best. Kathryn efficiently set us up and got us running with a new system within a new business. My situation was quite complex with foreign income, joint property rentals and limited company income. Not only will your accountancy give you peace of mind that your business’s tax affairs are in proper order, but they can also advise on legislation affecting your limited company.

• Understanding IR35 rules will continue to be of utmost importance so make sure they have specialist in-house knowledge that you can easily access.
• Going forward I am confident they will keep my business on the straight and narrow and hopefully help me avoid the pitfalls of self assessment, tax and vat,.
• Your contractor accountant will be handling your most sensitive business data — financials.
• Not only can an experienced contractor accountant help you to operate in the most tax efficient manner, they can save you time and also reduce the stress of running your own business.
• So, in order to have a fruitful and satisfying relationship (and save yourself some aggravation), you should make sure these match your own.
• The plan was to extend the system to everyone else in April 2020.

Self-assessment tax returns need to be submitted and any tax liability paid in full by midnight on 31st January, following the tax year-end. There are fines and penalties for late submission and payment. This can soon add-up bookkeeping for startups so it’s important to get it done on time. Freestyle Accounting were recommended by a friend, and having previously experienced poor service from a competitor, I have been very impressed with Jon Robinson and his team.

Why Switch to Intouch Accounting?

This means you are legally responsible for the running of the company. For the vast majority of contractors, contracting through their own limited company is by far the most tax-efficient way of working. Due to the tax advantages available, you can retain more of your contracting income legally – significantly more than if you were operating through an umbrella company.

If an occasion should arise where you and your client enter a dispute over an error made, work standards, or expectations, your business needs to be protected from a potential claim. It’s worth noting that even if you are in no way at fault, a claim could still be made against your business – resulting in you having to defend yourself at your own cost. Having looked at a number of standard agency contracts hmrc has, as expected, suggested that such contracts fail ir35. Hmrc will consider only whether specific contracts fail the test and will not give any clearance on standard contracts.

Umbrella or Limited? Choose the right trading structure for your business

Our software lets you make quick and easy dividend payments at the click of a button and produces all the records you’ll need to keep for HMRC. We’ll take care of getting you registered with HMRC, as well as for any personal or business taxes, so you’ll be up and running in no time. Should you be working on a mixture of assignments, we can offer a combination of umbrella and Limited Company accounting software advice. TaxAssist Accountants are ideally positioned to make life simple for you by helping you with your accountancy and tax requirements as a contractor. If you want any help in choosing the right contractor accountant then, please feel free to get in touch with us on [email protected], and we will be more than happy to assist you.

I have always found the entire team at Freestyle very helpful if I had a query or needed some assistance with the portal. We work with the best contractor accounting software providers and come with free 121 training. Contractors can benefit from the software’s ease of accessing their accounts in real-time. You can create sales invoices and send them directly to your clients or upload purchase invoices using the mobile app. You can review our contractor accountant fees table below to find out how much fees contractor accountants charge and you can compare it with other accountants fees and services.

Calculate Your Take Home Pay

Their portal is easy to use, and returns all the relevant figures you need to know. Any questions or queries that I have had, have been dealt with promptly by team members in a friendly manner. I found Freestyle Accounting on-line when looking to setup my company.

• If you’re a Pro package client or require other types of reference, we can still help you, though there will be an additional charge.
• Our dedicated service has earned us a 5-star rating on Google reviews from 30+ clients.
• Our Limited Company Premium package includes IR35 payroll, detailed online assessments, comprehensive contract reviews and permitting being about to switch between Limited Company and umbrella payroll.
• HMRC is cracking down heavily on disguised employment, particularly in the public sector.
• HMRC doesn’t specify what format your financial records should be in, as long as they’re complete, accurate, and readable.

As a contractor, your chances of getting hired largely depends on the quality of your CV. On average, a recruiter or employer only spends around 20 seconds looking at your CV. If you haven’t looked at your CV for a while, or if you don’t have one, these tips can help you to stand out from the crowd. If you decide to become VAT registered, you may find it beneficial to use the Flat Rate Scheme (FRS).

Contractor Accountant @ £76/month

We provide specialist accountancy services and tax planning services to contractors, freelancers and consultants throughout the UK. As specialist contractor accountants, we have unrivalled experience of the freelancing and contracting industries. This experience, together with our cutting-edge IT systems, enables us to supply contractors with high quality, competitively priced accountancy solutions.