Whether you are an existing contractor or just starting out contracting, hiring a good accountant can make lots of difference,especiallyif the accountant understands the tax challenges faced by contractors and offer a proactive advice tailored to your contracting needs.
At Accountancy Managers we specialize in personal service companies accounts and taxation. We services to contractors include the following benefits;
- Unlimited face to face meetings
- Tax expertise on IR35 legislation, with free contract reviews
- Dedicated accountant who is available, approachable and understands the ins and outs of your industry
- Value for money advise, we believe in results and can make sure that you get best out of your money you spent in paying our fees
- VAT savings
- Tax savings in both corporate and personal taxes
We offer more than the traditional accountancy package to contractors andendeavour to bring tax efficient income to clients.
Our comprehensive accountancy package covers the following work;
- Record keeping advise and review
- Preparation of your quarterly VAT returns
- Preparation of Management Accounts, this helps to plan your taxes
- Payroll and RTI compliances
- Handling your dividend paperwork and administration
- Generally dealing with HMRC on your behalf with respect to your taxes
- Company secretarial
- Complex tax planning (both on personal tax and corporate tax)
- Support with succession, profit extraction and remuneration planning
- Personal taxation and self-assessment tax returns
- Access to expert advice
- Useful resources
Accountants for Contractors
We are top Accountants for Contractors based in London and offer efficient, proactive, professional and friendly services to clients.We have been assisting hundreds of personal service companies (PSC) in their taxation.
The term ‘personal service company’ (PSC) is typically used to refer to a company which provides the service of one individual, usually the sole director and shareholder. Compared with employment, it delivers a significantly reduced rate of tax and NICs for both the client and the worker.
Many businesses require a large number of workers on a regular basis. Others need to expand and contract their workforce on a flexible arrangement. The most common arrangement is employment. This may be on a permanent, fixed term or temporary basis, but it is essentially a contract of service. This contrasts with a contract for services which arises between a client and service provider. The service provider is essentially conducting a trade, profession or vocation.
The service provider has the freedom to structure their business as they choose, and it is common to use a limited company in many industries. One of the advantages of the use of a company is the lower effective rate of tax on earnings.
There have been a number of tax anti-avoidance measures introduced to prevent the use of such arrangements instead of employment.
To protect the exchequer, anti-avoidance legislation was introduced from April 2000. Its formal name is the intermediaries legislation because it covers the provision of services via an intermediary, usually a company, but now known as IR35.
IR35 catches individuals who, if they did not use a service company, would be categorised as employees of their clients.
In addition, from 6 April 2013, the provisions also apply to individuals who are an office-holder of the client and the services they provide relate to the duties of that office.
The effect of IR35 is to collect roughly the same tax and NICs as would have been paid if an individual had been employed directly by his client. Both tax and NICs are collected from the service company as PAYE and Class 1 NICs respectively.
We have expertise in this tax law and can assist you to ensure that you are IR35 compliant!
If you are planning to start contracting or would like to move over from your current accountant to an expert accountant who can assist you in this area with his expertise, then do get in touch with us. Our chartered qualified accountants can make a lot of difference in your income extraction.
We also offer free initial assessment on your contracts, why do not come and see us for a free initial consultation.