Best Accountants For Contractors UK – Great Tax Tips For Contractors
Best accountants for contractors UK wide will ensure that your business is making the most of any tax breaks that are available to you. Below, we reveal some of the best tax tips for contractors in the UK.
Let’s start off with the most fun tax tip of them all; throw a party! HMRC offer a tax relief of up to £150 per employee for one staff party per year. Most business owners opt to throw Christmas parties, yet this can be at any time of year. Your tax return accountant may also advise you to purchase a mobile phone as a tax-free benefit. You can use this for both business and personal use, and your personal tax and Corporation Tax relief will not be affected. It is also a good idea to consider registering for the Flat Rate VAT Scheme. You can register for this scheme if your turnover is below £150,000. Not only will it reduce the amount of VAT you need to pay, but it will also lower the amount of paperwork you are responsible for. The next tip for managing your contractor accounts is to keep on top of your business’ tax position. Calculate your company’s profits once your expenses and salary have been taken out. You will need to take VAT and Corporation Tax into consideration as well, and this will enable you to determine your profit after tax. You also need to ensure that you claim tax relief on all expenses. This is something a quality accountant can assist you with.
AMG Financial Chartered Tax Advisers & Accountants are the best accountants for contractors UK wide. We are able to say this with confidence because we have an exceptional track record when it comes to providing bespoke tax advice for contractors. For more information, head to http://amgfinancial.co.uk, or give us call on 01243 681097.