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
Why should contractors use a specialist accountant rather than a general practitioner?
Contractors face unique tax rules such as IR35, dividend taxation, and allowable expenses that general accountants may not handle daily. A specialist contractor accountant understands these areas and can ensure your tax return is accurate and tax-efficient. They also keep up to date with HMRC changes affecting contractors, helping you avoid penalties and maximise take-home pay.
What qualifications should I look for in a contractor accountant?
Look for membership of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications indicate the accountant has met strict training and ethical standards. Additionally, check they are registered with HMRC as an agent and have experience dealing with contractor-specific issues like IR35 and company accounts.
How can an accountant help with Self Assessment and Corporation Tax?
An accountant prepares and files your Self Assessment tax return and Corporation Tax return accurately, ensuring all allowable expenses and reliefs are claimed. They calculate your tax liability, advise on payments on account, and can correspond with HMRC on your behalf. This reduces the risk of errors and penalties whilst saving you time.
What is IR35 and how does it affect contractors?
IR35 is legislation designed to ensure contractors who work like employees pay similar tax. If your contract falls inside IR35, you may need to operate PAYE on payments. An accountant can review your contracts and working practices, advise on your status, and help you structure your affairs compliantly to minimise tax risk.
Can a contractor accountant in Leicestershire help with VAT registration and returns?
Yes, accountants in Leicestershire can advise on whether VAT registration is beneficial, handle your VAT returns, and ensure you comply with Making Tax Digital. They can also help with VAT schemes such as flat rate or cash accounting, which may suit contractors and simplify record-keeping.
How do I choose the right accountant for my contractor business?
Compare providers based on qualifications, experience with contractors, fees, and range of services. Use a directory like AccountingFirms to browse local firms in Leicestershire, read about their specialisms, and connect with verified accountants. Ask about IR35 support, software compatibility, and whether they offer fixed monthly fees.
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