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Contractor Accounts

Contractor Accounts: All Businesses Need An Accountant

Contractor accounts are essential if you are considering setting up your own limited company and working as a contractor, consultant or freelancer. While this step gives you more freedom, it also gives you greater responsibilities; including tax, payroll, balancing your books, and creating a long term financial plan. As the boss the final responsibility for all of this lays with you, but that does not mean you can’t get support where you need it. A tax return accountant can offer just such support at every stage of your new contract company’s birth and growth.

Tax Return Accountant And Their Role In Setting Up Your Limited Company

Becoming a contractor takes time and effort. Firstly, you need to set up your company, and to do so correctly. Getting this step wrong will impact negatively on almost every other aspect of your business. If you are creating a limited company, rather than being a sole trader or partnership, then you need to consider any additional steps you need to take, and the tax liability that comes with being a limited company. Getting advice from a tax return help and contractor accountant UK wide is essential in ensuring that you understand all the information regarding the tax liability of the type of company you are setting up. As well as registering your company name with Companies House you will also need to register for VAT. To be able to stay within your legal duties you will also have to register for PAYE if you have employees. Again, these are areas where a contractor accounts professional will be able to offer advice, and help you through the setting up process. Contractors generally need to bid for work. Getting the bid in will be your job, or that of your bid writing team, however, understanding the financial implications may be one thing that your accountant will provide insight into. Once trading you will need to keep accurate and up to date records, put money aside to pay tax and VAT, and meet your payroll. Records take time to keep and therefore engaging an accountant for contractors UK wide, that has experience of bookkeeping can be an added benefit.

Finding The Best Contractor Accountants UK

But, how do you find the best contractor accountants UK wide? What do they need to have that other more generalised accountant don’t? Of course, they will need to be good with numbers, and understand the tax and VAT system inside out. They will need to have the right qualifications and experience of working within the industry. But, more importantly they will need to understand your business model. The needs of the small shop owner and yours are very different when it comes to tax calculations and associated financial concerns. One aspect of your business that shows the need for a UK contractor accountant, more than any other is the IR35. It was produced by the government to make the role and liabilities of contractors clearer. It was also developed to better define the difference between someone who runs their own business, but provides a set service for another business or organisation, and a permanent employee of the said company or organisation. Where your business is considered to be inside or outside the IR35 makes a difference to the tax you pay, and getting it wrong can have negative consequences, particularly if the HMRC think you have deliberately mislead them at any stage. This is only one example of why a company such as AMG Financial Chartered Tax Advisers & Accountants is essential to the financial wellbeing of your contractor business and finances.

Have AMG Financial Chartered Tax Advisers & Accountants Do Your Contractor Accounts And Relax

You can be rest assured that your contractor accounts are in good hands when you with AMG Financial Chartered Tax Advisers & Accountants. We have accountants that are experienced and dedicated to working in partnership with contractors to get the very best results in all areas of financial record keeping and tax planning. Your tax return accountant from us will provide excellent customer service and the benefit of their extensive taxation knowledge. You can find out exactly how we can help you by checking out our website at http://amgfinancial.co.uk. And, if you would like to speak to us, phone us on 01243 681097 or 07986 347396. You can email andy@amgfinancial.co.uk for a quick response.

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