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 do contractors need a specialist accountant rather than a general practitioner?
Contractors face unique rules around IR35, dividends, and allowable expenses that general accountants may not handle daily. A specialist understands limited company structures, umbrella payroll, and HMRC compliance for freelancers. This reduces risk and often lowers tax bills. Choosing a specialist ensures accurate filings and proactive advice tailored to contracting.
What qualifications should I look for in a contractor accountant?
Look for ACCA, ICAEW, or AAT membership, as these bodies regulate and monitor professional standards. Membership confirms up-to-date knowledge of HMRC rules, Corporation Tax, VAT, and Self Assessment. Regulated accountants must follow ethical guidelines and carry professional indemnity insurance. Always verify credentials before appointing an accountant.
How can an accountant help with IR35 compliance?
An accountant reviews contracts and working practices to assess IR35 status, then advises on whether a contract falls inside or outside. They help document evidence, calculate deemed employment taxes if needed, and liaise with HMRC. This protects contractors from unexpected tax bills and penalties. Specialist support is vital given ongoing IR35 reforms.
What ongoing services do contractor accountants typically provide?
Typical services include limited company accounts, Corporation Tax returns, VAT returns, Self Assessment, payroll, dividend planning, and IR35 reviews. Many also offer bookkeeping, expense management, and HMRC correspondence handling. Ongoing support ensures deadlines are met and tax efficiency is maintained throughout the year.
How much do contractor accountants charge for their services?
Fees vary based on the complexity of work and level of support. Monthly packages often range from modest fixed fees to higher amounts for full-service offerings. Some accountants charge separately for year-end accounts, VAT, and payroll. Comparing quotes from several firms helps contractors find value.
Can an accountant assist with switching from umbrella to limited company?
Yes, accountants guide contractors through incorporation, HMRC registration, and setting up payroll and VAT. They explain the tax implications of moving from umbrella employment to a limited company, including IR35 considerations. This ensures a smooth transition and helps maximise tax efficiency under the new structure.
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