ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What does a contractor accountant do for limited company directors?
A contractor accountant manages payroll, dividend planning, VAT returns, and annual accounts for limited company directors. They ensure compliance with HMRC rules, calculate Corporation Tax, and advise on IR35 status. They also prepare and file Self Assessment tax returns, helping contractors avoid penalties and maximise allowable expenses. This allows directors to focus on running their business whilst staying compliant.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications are globally recognised and require rigorous training and ongoing professional development. Choosing a qualified accountant ensures that your tax affairs are handled by someone with up-to-date knowledge of HMRC legislation. It also provides reassurance that ethical and technical standards are met, reducing the risk of errors or compliance issues with your tax return.
How do contractor accountants help with IR35 compliance?
Contractor accountants assess your working practices against HMRC's IR35 rules to determine employment status. They review contracts, advise on appropriate wording, and help you prepare for any HMRC enquiries. If you are inside IR35, they calculate the deemed employment payment and ensure correct taxes are paid. This proactive approach helps contractors avoid unexpected tax liabilities.
What is the difference between a contractor accountant and a general accountant?
A contractor accountant specialises in the tax and accounting needs of freelancers, consultants, and limited company directors. They understand IR35, dividend versus salary planning, and contractor-specific expenses. A general accountant may handle a broader range of clients but might lack the detailed knowledge required to optimise a contractor's tax position and ensure compliance with HMRC rules.
How often should I file a VAT return as a contractor?
Most VAT-registered contractors file quarterly VAT returns using HMRC's Making Tax Digital compatible software. Your accountant can prepare and submit these returns on your behalf, ensuring deadlines are met and input VAT is correctly reclaimed. They also advise on schemes such as the Flat Rate Scheme, which can simplify VAT accounting and potentially save money.
Can I claim expenses for working from home as a contractor?
Yes, contractors can claim a proportion of household running costs if they work from home regularly. HMRC allows a simplified flat rate or a more detailed calculation based on actual costs. A qualified accountant can advise on the most appropriate method and ensure claims are reasonable and defensible, reducing the risk of an HMRC enquiry.
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