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 including IR35, dividend taxation, and allowable expenses that general accountants may not fully understand. A specialist contractor accountant ensures compliance with HMRC requirements, maximises legitimate tax reliefs, and provides tailored advice on salary and dividend planning. This expertise typically results in significant tax savings and reduces the risk of costly errors or penalties.
What qualifications should I look for when choosing a contractor accountant?
Look for accountants holding recognised qualifications such as ACCA, ICAEW, or AAT. These professional bodies ensure members meet strict ethical and technical standards. ACCA and ICAEW accountants are also recognised by HMRC for filing tax returns and handling Self Assessment. Membership of a reputable body provides assurance that your accountant is properly regulated and continuously updated on tax legislation.
How do contractor accountants help with IR35 compliance?
Contractor accountants assess your working practices against HMRC's IR35 rules to determine whether your contract falls inside or outside IR35. They review contracts, advise on necessary adjustments, and help document your status. If you are inside IR35, they calculate deemed employment taxes correctly. This proactive approach helps contractors avoid HMRC investigations and ensures accurate tax returns.
Can contractor accountants assist with VAT registration and returns?
Yes, contractor accountants handle VAT registration, advise on the most suitable VAT scheme, and prepare and submit VAT returns in line with Making Tax Digital requirements. They ensure you reclaim allowable VAT, meet deadlines, and avoid penalties. For contractors trading through limited companies, VAT compliance is essential, and professional guidance simplifies the process considerably.
What ongoing support can I expect from a contractor accountant?
Most contractor accountants provide ongoing support including bookkeeping, payroll, dividend planning, annual accounts preparation, Corporation Tax returns, and Self Assessment filing. Many also offer access to accounting software and unlimited advice on tax matters throughout the year. This comprehensive service allows contractors to focus on their work whilst remaining fully compliant with HMRC obligations.
How does AccountingFirms help me find the right contractor accountant?
AccountingFirms allows you to browse local firms, compare providers, and connect with verified accountants specialising in contractor services. Established in 2019 and built by ICAEW and ACCA accountants, the directory lists regulated professionals only. You can review credentials, services, and fees to make an informed choice that suits your needs and budget.
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