With hundreds of firms to choose from, we look at the factors you should bear in mind when comparing specialist contractor accountants.
Tax / Accounts
- If you're an umbrella contractor, then your tax and accounting needs are very simple, as you're taxed as a standard employee - with tax and NI deducted at source.
- Limited company contractors have to account for a) company tax, and b) personal tax, but a good contractor accountant can do this on your behalf.
- Find out about the taxes you'll encounter as a contractor, and how to pay yourself as a contractor.
- Find out how much contractor accountants charge in our comparison table.
If you’ve left your permanent job behind, you need to determine if your income will still be taxed at source, or if you need to join the 11 million other taxpayers who submitted a Self Assessment return last year.
Many contractors travel by car on business – they may be visiting client sites, or attending conferences and training sessions. However, when it comes to claiming tax relief for the costs of these journeys, the rules can be confusing.
From April 2017, many small limited companies which have low annual costs will face a higher VAT liability if they use the Flat Rate (FRS) scheme. Here, we look at how the changes are likely to affect contractors.
As a contractor, you may need to travel as part of your contract duties – within the UK, or even overseas. Which travel expenses can you legitimately claim?
Many people have outstanding student loans when they start contracting, but how you calculate and make repayments if you’re working for yourself, and not a ‘traditional’ employer?
If you’re a limited company contractor, before 31st January next year you are likely to have to sit down and get to grips with your Self Assessment Tax Return (SATR). Unsurprisingly, this annual task is rarely a popular one, and errors are easy to make if you are unprepared.
We look at how much the leading contractor accountancy firms charge for their services, and how the cost of ‘additional’ services, such as company formation, personal tax returns and IR35 reviews can add to your annual accounting bill.
However you decide to work as a contractor – via your own company, or an umbrella – or if you’re a self-employed freelancer, you must keep your financial records safe for a number of years. How long depends on the type of tax.
If you’re thinking of holding a small Christmas do for your limited company, you’ll be pleased to hear that your can legitimately claim back costs of up to £150 per head without any tax implications, as long as you meet certain conditions.