Why should you hire an accountant

Mistakes such as wrong business structure, failure to consider all costs, or IR35 ignorance can have dire financial consequences. You will also want to keep your tax bill as low as possible.

Whether you are getting started as a contractor or a seasoned pro, a good accountant who understands how contractors get paid and are up-to-date with the latest applicable tax laws is essential.

The right accountant will take care of your tax paperwork and help you make sure you do not pay more than you have to. More importantly, they will advise you on complicated rules like IR35, so you can crack on with your work without having to worry about what would happen if HMRC were to investigate you.

While you might think it is a big expense – especially if you have not made any money from contracting yet – it is worth hiring an accountant before you even start because they make the process of setting up as a contractor much smoother, and they will advise you on your tax obligations.

Our accounting services for contractors

Although starting a new business by becoming a sole trader is the easiest and fastest way to get trading, this simply is not a workable solution for contractors. So, you will have to choose whether to join an umbrella company or incorporate on your own. If you decide to go it alone, we can help you with the following:

• Setting up your limited company
• Registering you as an employer
• Preparation of your annual company accounts
• Company tax returns and VAT filings to HMRC
• Handling of correspondence from HMRC and Companies' House
• Providing advice and support with your tax affairs
• Companies' House filings
• Setting up and running your payroll
• Your personal tax calculation and self-assessment tax return
• References, for example if you are applying for a mortgage