Doing your accounts will probably never become your favourite task. But accounting software may make you less prone to wanting to pull your hair out. Even if you’re not a numbers whiz.
If you are working via your own limited company, you need to keep on top of your accounting duties.
A good accountant will look after your company's affairs, however you (as a director) are utimately responsible for the accuracy of your company accounts.
Browse our accountancy guides to find out what your duties are, and what an accountant can do for you.
You may have heard your accountant or bank manager talk about your “balance sheet” and “profit and loss account”. What do these terms mean, and what information can these documents provide you about your company?
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.
There may come a time when you decide that you no longer need your limited company. Here, a leading accountant explains the procedures you must follow when shutting down your business.
Although you should expect all contractor-focused professional accountancy firms to be highly IR35-literate, some still like to advertise themselves as ‘IR35 accountants’, which is a misleading term.
Keeping accurate accounting records is an essential task for every successful contractor. Not only can you ensure that you stay on the right side of the taxman, but you should also be able to see exactly what your financial situation is at any moment in time.