One of the most important decisions you will make in your working life will be whether you want to remain comfortable in the world of employment or you want to venture into the potentially more rewarding world of contracting.
There are big rewards to becoming a contract worker and running your own limited company, which include:
– More flexibility
– Higher returns on pay
– Tax efficiency
– Freedom to work on your own terms
Accounting for contractors means that you should also be able to take advantage of some financial benefits to becoming a contract worker. From a tax perspective, there are a number of legislative measures which can work in favour of a contract worker which your specialist contractor accountant should be able to identify for you to ensure that you take advantage of everything that applies to you.
Limited Company Accounting for Contractors
We specialise in accounting for contractors, so we can advise on key areas of your business finances, including monthly payroll (PAYE and National Insurance Contributions), Corporation Tax liabilities, quarterly VAT returns, prepare your full year-end accounts for you and complete your annual return.
One of the key areas is for you to be able to get access to the right advice when you need it and for someone to be able to deal with HMRC on your behalf. Personal tax and accounting for contractors are renowned for being incredibly complex areas of running your own business which can be time-consuming and costly for anyone who does not know or fully understand latest regulations/legislation.
The very last thing that you want to be worrying about is whether your accountant is fully equipped to be able to manage your own personal and business finances. Having to contact or deal with HMRC can be one of the most frustrating tasks for any business owner to make sure that your accountancy service offers you full coverage in this area.
IR35 knowledge is key
One of the major and most critical areas for any specialist accountant is to have an extremely detailed and up to date knowledge of the latest IR35 legislation or to be able to forward you to a specialist provider of IR35 advice.
Services offered by specialist contractor accountancy firms
Your Limited Company business finances are one of the most critical parts of running your own business and potentially one of the highest areas of risk for any contract worker, so your contractor accountancy provider should be able to provide you with a number of key areas of support:
- Payroll (PAYE/NIC’s): Calculation of your monthly take-home pay including PAYE and National Insurance Contributions
- Expenses: Organising and calculating your weekly and monthly expenses for travel, accommodation or professional fees
- Corporation Tax: Calculate your monthly, quarterly and annual corporation tax liabilities for your Limited Company
- Online bookkeeping: Access to your online portal using the latest Accounting for Contractors software to give you all the information you need at the touch of a button
- HMRC communications: Assisting you with any communications to and from the HMRC to help you save time and money
- Contractor support: Provide you with access to other services which can be extremely valuable to any contract worker
Gorilla Accounting is a specialist Accountancy firm for Contractors with years of experience and expertise to ensure that your contract business and limitedcompany runsextremely efficiently.