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 a limited company director?
A contractor accountant manages statutory accounts, Corporation Tax, VAT returns, and Self Assessment filings. They advise on IR35 status, salary and dividend optimisation, and allowable expenses. They also handle HMRC correspondence and ensure compliance with Making Tax Digital. This allows directors to focus on their contract work whilst their financial affairs remain accurate and tax-efficient.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications signify rigorous training and adherence to professional ethics. These accountants stay updated on HMRC legislation, tax rates, and compliance requirements. Their regulated status means they must maintain high standards, hold professional indemnity insurance, and undertake continuous development. This protects clients from errors and ensures reliable, expert advice for contractor-specific tax matters.
How do contractor accountants help with HMRC investigations?
If HMRC opens an enquiry, a qualified accountant acts as your representative, handling all correspondence and negotiations. They prepare documentation, explain your tax position, and work to resolve the matter efficiently. Their knowledge of HMRC procedures and tax law helps minimise stress and potential penalties. Having professional representation from the outset is crucial for a favourable outcome.
What is the difference between Self Assessment and Corporation Tax for contractors?
Self Assessment is the personal tax return filed by directors to report dividend income, salary, and other earnings. Corporation Tax is paid by the limited company on its profits. A contractor accountant ensures both are filed correctly and on time, applying allowable deductions and reliefs. They also coordinate payments to avoid penalties and optimise overall tax efficiency.
Can an AAT qualified accountant handle my VAT and payroll?
Yes, AAT qualified accountants are trained in bookkeeping, VAT, and payroll. They can manage VAT registration, returns, and Making Tax Digital compliance. For payroll, they process salaries, PAYE, pensions, and RTI submissions. Many AAT professionals work under supervision or hold senior roles in firms, ensuring accurate and timely filings for contractors.
How often should I review my contractor accountant's services?
Reviewing annually is advisable, especially if your contract volume, IR35 status, or business structure changes. A review ensures fees remain competitive and services align with your needs. If you expand into new areas or face HMRC enquiries, reassess immediately. Regular reviews help maintain tax efficiency and ensure your accountant continues to add value.
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