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 tax returns, handling VAT, and advising on IR35 compliance. They ensure you meet HMRC obligations whilst maximising allowable expenses and tax efficiency. Many also provide payroll services and dividend planning to help you take home more income legally.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications are globally recognised and indicate a high level of training and ethical standards. Accountants with these credentials stay updated on changing tax laws and HMRC regulations. They can provide accurate advice on Corporation Tax, Self Assessment, and VAT, reducing the risk of errors or penalties. Choosing a regulated professional ensures you receive reliable, professional service.
How do contractor accountants help with IR35?
IR35 rules determine whether a contractor should be taxed as an employee. Contractor accountants assess your working practices and contracts to determine your IR35 status. They can help you implement compliant contract terms, calculate deemed employment payments if needed, and liaise with HMRC. Their expertise helps you avoid costly mistakes and ensures you pay the correct amount of tax.
What is included in a typical contractor accountant package?
Most contractor accountant packages include annual accounts preparation, Corporation Tax returns, Self Assessment tax returns, VAT returns, and payroll services. Some also offer bookkeeping software, dividend advice, and IR35 reviews. Fees are often fixed monthly, providing predictable costs. It is important to compare what each firm offers to ensure your specific needs are covered.
How often do I need to submit a tax return?
If you are a limited company director, you must submit a Corporation Tax return annually and a Self Assessment tax return each year. VAT returns are typically quarterly. Payroll submissions are due monthly or quarterly depending on your scheme. A contractor accountant ensures all deadlines are met, avoiding penalties and interest from HMRC.
Can I switch accountants if I am unhappy with my current one?
Yes, you can switch accountants at any time. The process involves notifying your current accountant and providing professional clearance to your new one. A reputable contractor accountant will handle the transition smoothly, obtaining necessary records and ensuring no disruption to your filings. It is advisable to check for any outstanding fees or contractual obligations before switching.
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