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 should a contractor look for in an accountant?
A contractor should seek an accountant with experience in IR35, limited company accounts, and contractor-specific tax planning. Check for qualifications such as ACCA, ICAEW, or AAT, and ensure they are regulated. Ask about their familiarity with HMRC rules for personal service companies. Also consider their fees, response times, and whether they offer fixed monthly packages tailored to contractors.
How do ACCA or ICAEW qualifications benefit me?
ACCA and ICAEW qualifications guarantee that an accountant has passed rigorous exams and adheres to strict ethical standards. This means your tax returns and accounts are prepared accurately and in line with HMRC requirements. Such professionals undergo continuous training, so they are up to date with changes in Corporation Tax, VAT, and Self Assessment rules, reducing your risk of errors or penalties.
Can an accountant help with HMRC investigations?
Yes, a qualified accountant can represent you during an HMRC investigation or compliance check. They will handle correspondence, prepare necessary documentation, and negotiate on your behalf. Their expertise ensures that your rights are protected and that any issues are resolved efficiently. It is advisable to choose an accountant with experience in HMRC disputes and contractor-related enquiries.
What is the difference between a sole trader and a limited company contractor?
A sole trader is personally liable for business debts and pays Income Tax via Self Assessment. A limited company contractor operates through a separate legal entity, pays Corporation Tax, and can take dividends. Limited company status often offers tax efficiencies but comes with more complex filing requirements, including annual accounts and confirmation statements. An accountant can advise which structure suits your circumstances.
How often do I need to submit a tax return?
Self Assessment tax returns are usually submitted annually, with a deadline of 31 January following the end of the tax year. However, limited company contractors must also file annual accounts with Companies House and a Corporation Tax return to HMRC. VAT-registered businesses submit returns quarterly or annually, depending on the scheme. Your accountant will ensure all deadlines are met.
What fees can I expect for contractor accountancy services?
Fees vary based on the complexity of your affairs and the level of service. Many contractors pay a fixed monthly fee covering bookkeeping, payroll, VAT returns, and year-end accounts. Expect to pay between £75 and £200 per month for a limited company package. Some accountants charge extra for Self Assessment or advisory work. Always compare quotes and check what is included.
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