Contractors Accountant UK – Beginners Guide To IR35
Contractors accountant UK can help you to get to grips with IR35 and how it impacts you. IR35 is a regulation that came into place in 2000, and it is also known as Intermediaries Legislation. It is something that all contractors need to be aware of. Read on for more information about it.
IR35 was established as a way to establish the true employment status of the contractor. Basically, it was introduced so that the relationship between the contractor and the end user could be examined to determine whether it was a genuine business relationship or one of ‘disguised employment’. Accurately assessing your IR35 status is of paramount importance, as it plays a crucial role when it comes to your contractor accounts and the decisions you make. For example, if you do not carefully assess your status, you could receive a penalty from HMRC. It will also determine how you take income for your business and the tax rules that apply, as well as your preferred operating structure, i.e. whether to work through your own limited company or through an umbrella. It can also help you to determine whether or not you should take an assignment. For example, if you have two possible assignments at a similar rate, one outside of IR35 and one caught by IR35, you will probably choose the former, as it is more valuable to you. This can be a lot to take in, which is why you need the assistance of an accountant.
If you are looking for a contractors accountant UK based, AMG Financial Chartered Tax Advisers & Accountants can assist. Not only can we help with IR35, but also we are a leading tax return accountant, and we will ensure your business operates efficiently. For more information, all you need to do is head to http://amgfinancial.co.uk.