Freelancers & IT Contractors
We take great pride in ourselves in providing a five-star quality tax advice and accountancy services to freelancers and IT contractors who choose to work through their own limited company.
Although contracting may be a perfect option for some, it does come with a fair share of challenges. The challenges include company administration, HMRC and Companies House compliance, and the uncertainty of breaks between assignments or periods of sickness.
Generally, as a contractor if you work for a company for a fixed period under a fixed contract, you will essentially be selling your skills, time and usually be paid by the hour. Although contracts are for a fixed time they are often extended; but it is always your choice whether you stay or move on to your next contract. Other than a few small tax implications regarding travel costs to and from work, there is nothing wrong with this at all.
You would choose us as your accountants so that we can make the whole process simple and painless. We will advise you on whether it would be better to work via an umbrella company or to set up your own business and how you might be affected by the IR35 rules.
How can we help you?
As part of our bespoke services, we will answer all your questions including:
- What expenses are tax deductible?
- How to maximise your take home pay?
- How you should structure your remuneration: for example, salary, dividend or pension contributions and other profit extraction strategies.
- Can your spouse be a shareholder?
- Exit strategies when you cease contracting.
- Registering and dealing with PAYE, Corporation Tax and VAT authorities.
- Are you going to be subject to IR35 rules?
- Cloud accounting software selection & training (FreeAgent, Xero, QuickBooks and KashFlow).
This is just a flavor of what we can do for you. Our services will extend beyond this and you will be provided with a full accounting package, starting from structuring and forming your company to the preparation of VAT returns, full tax planning and preparation and submission of statutory accounts.
If you are thinking of becoming a contractor, advancing from using a bookkeeper, or changing your accountant to an industry specialist, you should take action. For more information or help, please contact us.