For most limited company contractors, your accountant is likely to be the advisor you engage with more than any other. In this guide, we look at the professional qualifications held by accountants and accountancy firms.
Accounting Guides
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.
Can I charge my limited company rent for using a room in my home?
If you carry out some of your contract work from home, there are many benefits. There may also be some (small) pitfalls. The line between personal and work space can become blurred, and your utility bills might also start to creep up.
‘Catch up fees’ when you join a new accountant
If you decide to move to a new accountant, what happens to any accounting paperwork which is yet to be finalised? How much will it cost in catch up fees?
Three simple tips to reduce your contractor accountancy costs
Here are three top tips for saving on your business accountancy costs during this cost of living crisis.
What are the typical duties and responsibilities of a limited company accountant?
If you strip away all the marketing and price differences between competing firms, there are a number of core tasks all specialist contractor accountants undertake for their clients.
Your balance sheet and profit and loss account explained
You may have heard your accountant or bank manager talk about your “balance sheet” and “profit and loss account”. What do these terms mean in plain English?
What type of accounts do small companies file with Companies House?
This guide explains the format for filing annual accounts with Companies House each year – specifically the FRS105 and FRS102 frameworks, which apply to small companies.
Can I transfer any personal assets to my limited company?
When you set up a limited company, you may have assets you want to transfer into it. How do you go about this, and what tax rules should you be aware of?
Why there is no such thing as an ‘IR35 accountant’
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.
How long should you keep your tax and accounting records for?
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.