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 look for an accountant with specialist knowledge of IR35, limited company accounts, and contractor-specific expenses. Check for ACCA, ICAEW, or AAT qualifications to ensure the professional is regulated and competent. Experience with Self Assessment, VAT, and Corporation Tax is essential, as is a clear fixed-fee structure and good communication.
How can an accountant help with HMRC compliance?
An accountant ensures all tax returns and payments are submitted accurately and on time to HMRC. They advise on allowable expenses, tax-efficient remuneration, and VAT obligations. By keeping abreast of changing legislation, they help contractors avoid penalties and interest, whilst ensuring full compliance with Self Assessment and Corporation Tax requirements.
Are ACCA or ICAEW accountants better for contractors?
Both ACCA and ICAEW accountants are highly qualified and regulated. The best choice depends on individual needs. ACCA accountants often have broad business and finance expertise, whilst ICAEW accountants are particularly strong in audit and tax. Contractors should prioritise experience in the contractor sector over the specific body.
What is the difference between a contractor accountant and a general accountant?
A contractor accountant specialises in the unique tax and accounting needs of freelancers and limited company contractors. They understand IR35, umbrella companies, and contractor-specific expenses. A general accountant may lack this niche knowledge, potentially missing tax-saving opportunities or compliance issues specific to contracting, such as deemed payments or off-payroll working rules.
How much does a contractor accountant typically cost?
Fees vary depending on the level of service, but many contractor accountants offer fixed monthly packages. These typically cover limited company accounts, payroll, VAT returns, and Self Assessment. Costs may range from around fifty to two hundred pounds per month. It is advisable to compare providers and clarify exactly what is included before committing.
Can an accountant help with tax returns for contractors?
Yes, an accountant can prepare and file Self Assessment tax returns, Corporation Tax returns, and VAT returns on behalf of contractors. They ensure all income and expenses are correctly reported, claim allowable deductions, and calculate the tax due. This reduces the risk of errors and helps contractors meet HMRC deadlines without stress.
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