Contractor Accountants in London
We have specially designed packages of accounting for the contractor due to high demand. We are currently working with a number of contractors from different industries, Such as IT, Designers, Locum, Engineers, Oil & Gas, Project Managers, Finance & Management Consultant, Journalists and others in London. Accotax is a contractor accountant in a London firm that has all the experience and expertise that you want in an accounting firm to handle all your bookkeeping requirements, accounting, and taxation necessities. Our services are specially customized and tailored according to the needs of our clients and customers. We make sure that the compliance work of our clients is done within the required deadlines with the minimum of fuss. If you’re a contractor looking for an ideal contractor Accountants in London, look no further. Let us work for you. We start off with a free basic IR35 review and provide company setup. Our accountants for contractors understand your business and work on a profit-generating strategy for you.
Here’s what you get when you have us on board:
- Bookkeeping made easier by our high-end software.
- Self-assessment tax returns.
- Statutory year-end accounts.
- Great advice on your contractor business model.
Contractors Accountants Packages in London
We have designed special packages for contracts due to high demand of our diverse services. We have worked with a number of contractors from different paradigms e.g. IT, designers, Engineering, Finance, Doctors, Small businesses, Self-employed and a lot more. Unlike other firms we have a professional procedure when it comes to charging for our services, it makes it pretty obvious that there will be no awful surprising bills or hidden costs at all if you hire our professional Accountants for IT Contractors. Our professional all-inclusive accounting packages only start from £55 plus vat per month with no hidden costs or no surprise bills at the year-end. Please select one of the packages and see what we have in the box for you.
Experienced and Professional Contractor Accountants London
Accotax is a firm that only incorporates professional and experienced accountants, who are absolutely the best in their field of work. They have been providing contracting, bookkeeping, and taxation expertise to clients for years now, and that is their extensive experience which makes our services highly demanded in the London chartered accountancy arena. Our aim is to provide all sorts of small, medium, and large businesses with professional assistance with their accounts, in the most affordable prices that they have never imagined. So if you need our assistance call us now and hire our absolutely professional and mature Contractor Accountants London service.
C.I.S Tax Returns
If you are working under the 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 as 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.
Things To Do
- 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 a yearly basis with your tax bill. HMRC may abolish this from 6th April 2019 onwards.
- 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
If you’re just starting off a business, you’ll know what contractor package to follow. This is an important choice, as you decide how much tax is due. Let us sort out the best contractor package for you. We’ll help you figure out the best contractor package. We’ve got a package for everyone.
Please click here to see the comparison table and choose the right accountants package for contractors according to your needs.