What is a contractor accountant
If you choose to contract through your own limited company, you’ll need an accountant to look after your tax and accounting needs. A contractor accountant specialises in serving contractors. They’ll be familiar with all the complex legislation that affects the contracting industry, and expert at helping contractors maximise their rewards. Your choice of accountant can have a significant affect on your experience and success as a contractor, so it’s well worth making sure you choose the right one.
Common questions about contractor accountants:
This is an accountant who specialises in the contractor market, which means they’re used to working with individuals, as opposed to larger businesses, and they’re expert in all the regulations and tax laws surrounding contracting and self-employment.
There are a number of tasks that you can expect your accountant to assist with or carry out on your behalf:
Getting started:If you’re just starting as a contractor, or you’ve just made the decision to “go limited” you’ll need to incorporate your company via Companies House, open a business bank account and register to pay VAT, Corporation Tax, and PAYE tax and NI.
Once you’re trading:You can expect your accountant to run payroll (usually for you as the only employee), submit payroll data to HMRC, deal with correspondence with HMRC, complete your company’s VAT returns, annual accounts and tax return, provide tax planning advice and answer any questions you might have about your tax affairs.
Your accountant may also offer:Bookkeeping though online accounting software, completion of your personal self-assessment tax return, provision of a registered office address, and introductions to third party experts like specialist mortgage brokers, IR35 specialists, insurance experts, financial advisers and CV/interview advisors.
Orange genie Accountancy have got a team of expert contractor accountants. They cover all the major cities in the UK such as London, Manchester, Birmingham, Aylesbury, Liverpool, Leeds, Oxford, Glasgow, Bristol, Edinburgh, Cambridge, Belfast, Hull, Bath, Leicester, Blackpool, Nottingham, Peterborough, Plymouth, Portsmouth, Southampton Stoke-on-Trent and much more.