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?
A contractor accountant manages the financial affairs of freelancers and limited company directors. This includes preparing annual accounts, filing Corporation Tax returns, handling VAT, processing payroll and advising on IR35 status. They also help with Self Assessment and ensure compliance with HMRC rules, allowing contractors to focus on their work whilst maximising tax efficiency.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications are globally recognised and demonstrate a high level of technical expertise and ethical standards. Choosing a qualified accountant ensures your tax returns and accounts are prepared accurately and in line with HMRC requirements. Regulated professionals also provide reliable advice on complex matters such as IR35 and company structure.
How can an accountant help with IR35 compliance?
An accountant can review your contracts and working practices to determine your IR35 status. They advise on whether you fall inside or outside the rules and help you take steps to demonstrate compliance. This may include adjusting contract terms or using HMRC's CEST tool. Getting expert advice reduces the risk of investigations and unexpected tax bills.
What is the difference between Self Assessment and Corporation Tax?
Self Assessment is a system for reporting personal income, including dividends and sole trader profits, to HMRC. Corporation Tax is paid by limited companies on their taxable profits. Contractors typically deal with both: filing a Self Assessment tax return for personal income and ensuring the company submits a Corporation Tax return.
Can an accountant help with VAT registration and returns?
Yes, accountants can advise on whether VAT registration is beneficial and handle the registration process with HMRC. They prepare and submit VAT returns, often using Making Tax Digital compatible software, and ensure you claim allowable input VAT correctly. This saves time and reduces the risk of errors or penalties.
How do I choose the right contractor accountant in East Midlands?
Use a reputable directory like AccountingFirms to compare qualified accountants in East Midlands. Look for ACCA, ICAEW or AAT credentials, experience with contractors and transparent fees. Read client reviews and ask about IR35 expertise. Many firms offer initial consultations, so you can assess whether their services match your needs before committing.
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