Contractors

Tax Return Services for All Types of Self Employed, Freelancers & C.I.S Contractors

Welcome to the world of contracting, you must be excited as contracting can be much beneficial as compare to PAYE job as long as you have the right accountants working with you. At ACCOTAX, we have extensive experience of working with contractors from different industries; we have helped over 800 contractors to date to ensure they get the maximum out of contracting.

We are proud to offer wide range of services to contractors and freelancers at very competitive rates without compromising the quality. We commitment allows us to deliver  clear and professional advice, and great customer service

If you are working under construction industry scheme (C.I.S), we can help you to file your personal tax return. At the end of the tax year ( usually 5th April ), HM Revenue & Customs will send you a notice to file the tax return or if we are acting an accountant for you, we will send you a reminder to file your personal tax return.

You will have to declare the income from all the resources in the tax returns.

  • The full amounts on your invoices as income
  • any deductions contractors have made in the ‘CIS deductions’ field

We will guide you on the relevant expenses that you can claim to minimise your tax liability. We will work out your tax and National Insurance bill and take off any deductions/expenses made by you.

If you still owe tax after this, you’ll need to pay it by 31 January following the end of the tax year. If you’re due a tax refund, we will help you to get the refund from HM Revenue & Customs.

  • Register as a self-employed with HM Revenue & Customs within 3 months of your setting up
  • Pay Class 2 National Insurance contributions (£2.95/week for 2018/2019). This is collected on an yearly basis with your tax bill. HMRC may abolish this from 6th April 2019 on wards.
  • Set up a separate business account If possible – Ask us if you need to open a business bank account.
  • File Self-Assessment tax return every year, The tax year in UK runs from 6th April to 5th April every year.
  • Pay tax on yourself employment profits according to the tax band you fall in.
  • Pay Class 4 National insurance contribution on profits above £8,424 (2018/2019)
  • Register your Business for VAT in turnover is above the VAT threshold ( Currently £85K a year – 2018/2019)
  • If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
  • Keep records of all Sale invoices
  • Keep records of all Purchase invoices/ Expenses – if you are our client, you can request us a list of possible allowable expenses. This will give you an idea what you can and can’t claim for.
  • Keep records of all business bank statement
  • Keep records of business credit card statements if any
  • Keep records of VAT – if registered
  • Keep record of all the employees & casual labour
  • Keep records of any other information which you believe is relevant.
  • Record Keeping recommended By HM Revenue & Customs – Click here to read more.

We try to make things transparent for our clients by providing maximum information. If you are looking for self employed accountant in London, please feel free to contact us on 0800 6441 258 or email us on info@accotax.co.uk.

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