Contractors

So can my Contractor Accountant get me to pay less tax than Uber?

Accountants don’t have ‘special deals’ with the tax man, you will need to pay some tax. We do look carefully at your finances to make sure you do everything sensible to maximise your take home pay including:

• Claiming all allowable expenses

• Profiting from the ‘flat rate VAT’ system

• Looking at the timing of your personal income between tax years

• Looking at how you pay yourself and those who help you

• Making Pension contributions – company or private

• How you pay for life cover

We like to meet, understand what you want and then advise and help you to the best of our ability.

I’m a contractor, what do I need to do?

As much or as little as you choose. You can use our industry leading online software Xero, our carefully constructed suite of spreadsheets, or just keep your paperwork and leave the rest to us. As specialist freelance and contractor accountants we know you are busy so we can even raise your sales invoices if you require.

Great advice and a personal service…are you expensive?

Our fees are competitive, are fixed and you will only pay what has been agreed in advance.

You need to produce (we will prepare for you!) accounts for the company, a tax return for you and the company, VAT returns, an annual return to Companies House and a payroll, and also keep the books in order.

We have an all inclusive package that provides all these services for just £109 per month. At Ingenious Accountants we also give you the option to tailor your packages to suit you. Because we are an independent firm we can be flexible: we can decide what you need us to do and what you want to do when we meet, and adjust the fees up or down accordingly.

What’s IR35? – Should I be scared?

IR35 is a bit of tax legislation that says (in summary) if you act like an employee you must be taxed like an employee. Does this matter? The answer is yes! This is because:

• Employees pay a lot more national insurance

• Employees can only claim very limited expenses

• You don’t want to be investigated for this by the Revenue

It’s really important that we as your contractor accountants check this out. This will ensure you benefit from the tax savings and don’t get a surprise tax bill on investigation.

Our services include:

• Annual Accounts. We will prepare your annual accounts and abbreviated accounts which are required by Companies House and HMRC.

• Corporation Tax. We will file your corporation tax return and make sure you know just what you have to pay and when. We will of course look to minimising your tax within the rules.

• Payroll. It is likely that you will want to prepare a payroll for yourself and maybe those who help you.

• VAT (Flat rate VAT). Most freelancers and contractors are VAT Registered, either because they have to be (their turnover is over the limit) or because they want to be (VAT is actually a tax you can make money from).

• Annual Returns. Each year you need to prepare (we will do for you) an annual return to remind Companies House who the directors and shareholders are and pay a fee.

• Personal Tax Returns. As a director of a limited company you will need to prepare a personal tax return.

• IR35 reviews. IR35 is a bit of tax legislation which says that if you act like an employee and have a contract like an employee, you should be taxed like an employee. We will have your contract(s) reviewed by experts to find out if you are compliant.

• Access to Xero Accounts Software We are partnered with ‘Xero’ cloud based software which we can provide to help you with your book keeping; alternatively we have a specially designed suite of spreadsheets for contractors.

• Invoice Raising. You will need to raise invoices to get paid! If it is a task you are going to delay or are too busy to do regularly it might be better to ask us to do this – so the money keeps coming in.

• Contractor Expenses. We will give you our guide to what expenses you can claim to help you reduce your tax bill.

• Fee Protection Insurance. We hope you don’t get investigated by HMRC, however our fee protection insurance covers the cost of defending yourself should this happen.

Get in contact today to book your free no obligation consultation.