UK Contractor Accountants
UK Contractor Accountants – Year-End Tax Planning For Contractors
UK contractor accountants are a must for year-end tax returns. However, this does not mean that you should put your head in the sand. You still need to be prepared and make sure you are taking advantage of all the tax breaks that are available to your company.
One of the greatest tax advantage of operating as a contractor is being able to mitigate any NI costs. To do this, you will need to make certain that the director’s fee that your business pays is set to the optimum level. Aside from this, you need to make sure that you know your company’s tax position and make certain that you keep it as up-to-date as you can. You also need to claim tax relief on all allowable expenses. By doing this, you will save at least 20 per cent of tax relief. Ensuring you are using the best VAT scheme for you is also important. The Flat Rate VAT Scheme is an option worth considering. You can save thousands per year by going down this route, as you will pay a set fee each year. Of course, you will need to liaise with your tax return accountant to determine whether this is right for you. You also need to know how much you can take as dividend. Finally, the most important thing to do is find a high-quality tax return accountant that can take care of your contractor accounts and ensure you are paying the correct amount at the end of each financial year.
So, get started with year-end tax planning today by using the services of one of the best UK contractor accountants, AMG Financial Chartered Tax Advisers & Accountants. We have helped many businesses to achieve tax efficiency and to get all of their accounts in order. To discover more, all you need to do is head to https://amgfinancial.co.uk.