Best contractor accounting services
First of all, the creator of this resourceful website is a Contractor Accountant specialist who offers accounting services for UK contractors and freelancers alike.
What’s more, we provide some of the best contractor accountancy services and look after clients in all industries throughout the United Kingdom.
Online Accounting
Making Tax Digital (MTD) is now on the scene. Therefore, many contractors that are VAT registered need to maintain their company’s records on a digital system. This is effectively accounting software on a digital platform that you will access via the internet.
With the new MTD rules in place, there is a growing number of digital systems available.
However, FreeAgent, Sage, Xero, and Quickbooks are the more established ones. When you are looking for a firm of UK Contractor Accountants, they should be familiar with how these online services work.
FreeAgent is suitable for small businesses, including contractors, and works well for all of our clients.
Xero is suitable for more significant concerns.
Are you looking for the best contractor accountancy services?
What to consider?
When you work through an umbrella company, all of the admin-type tasks are looked after for you. However, when you work for yourself, you may need a dedicated accountant to guide you.
There are many accountancy firms out there, including on the high street as well as online. However, out there, there are specialist contractor accountants which are experts in the contracting area.
If you appoint a firm of accountants, it is better to have a personal accountant that is dedicated to looking after you. This is better than being dealt with by different members of staff as they may not necessarily know exactly what is going on with your affairs. Your personal accountant can look after you from day to day and deal with any issues that arise.
An ideal accountant will provide limited company accountancy and also specialise in this area. They will provide news and updates whenever something new or important arises. In addition, they will also contact you with news with regards to any important changes that affect you. There should also be the option of face-to-face meetings if the need arises.
The best time to change
If you are looking for a contractor accountant or small business accountant or are thinking of changing your accountant, the best time to do this would be at the start of a new financial year. We have written a couple of articles on this that are on this site.
Alternatively, if you are looking to appoint a specialist professional who provides accountancy services for UK contractors we would be happy to help. We will help you form a limited company and guide you going forward. Please note that we will also help you maximise your take-home pay and notify you of tax-saving ideas. There are lots of Contractor Accountants in the UK, and we offer an excellent and competitive service. Contractor accountants will usually offer accountancy packages that include a fixed fee and this will help you spread the cost over a calendar year.
Our charges
Please note, our charges are very competitive and good value for money.
Top tips
If you are starting up for the first time or are thinking of changing contractor accountants, one key thing to do is set up your own Business Tax account with HM Revenue & Customs. This makes the process of appointing us as agents for your company taxes (Corporation Tax, VAT and PAYE/NIC) much quicker (days, not weeks). You can use this link and once registered, you can add each tax service (where relevant) to your account. Please use this link to register as a limited company or other organisation (please scroll down and it is the third bullet point on the list): https://www.gov.uk/log-in-register-hmrc-online-services/register
When you open a business bank account with Natwest, RBS or Mettle, the bank will cover your FreeAgent licence fee and therefore the above monthly charges would be £80.00 + VAT £16.00 = £96.00.
Please read our guide to UK contracting (this can apply to UK businesses too):
https://www.contractoradviceuk.net/a-guide-to-contracting-in-the-uk/
We recommend that you read our guide to running your own company too:
https://www.contractoradviceuk.net/running-my-own-limited-company/
Please also read our latest guide on tax tips:
https://www.contractoradviceuk.net/tax-tips-for-uk-contractors/
Included in our fees
Our accountancy services for UK contractors cover all the annual cycle of reporting to the authorities. This includes:
We check your VAT return figures before filing these and advise you what to pay.
We prepare monthly payroll and the associated RTI (Real Time Information) filings with HMRC. Your payslips will appear on FreeAgent automatically once these are processed. We advise you quarterly on what to pay to HMRC for PAYE/NIC.
The annual company accounts preparation. This work includes Corporation Tax calculations, a Corporation Tax return and the online filing of these with Companies House and HMRC.
Any admin-type work. This work includes preparing minutes, making changes with Companies House, forwarding mail, etc.
Included in our fees (continued)
We prepare and file your and your partner’s personal tax returns.
We look at tax planning for you and your company.
As part of the contractor accounting services, we answer any questions as and when these arise. If the query is complicated and involves detailed research, an additional fee may apply for our time.
Final Thoughts
If you are looking for accountancy services for UK contractors and are interested in signing up as a client or would like to know more, please complete the fields below or you can also complete the contact form at the bottom of the home page
