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 for a limited company director?
A contractor accountant manages statutory accounts, payroll, VAT returns, and Corporation Tax filings for a limited company. They advise on IR35 status, dividend strategies, and allowable expenses. They also handle Self Assessment tax returns and communicate with HMRC on the director's behalf, ensuring compliance and reducing administrative burden.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications are recognised professional standards that require rigorous training and ongoing development. Choosing a qualified accountant ensures your tax affairs are handled by someone with proven technical knowledge. Regulated professionals must adhere to ethical codes and can provide reliable advice on complex contractor tax matters.
How do contractor accountants help with IR35 compliance?
Contractor accountants assess contracts and working practices against IR35 rules to determine employment status for tax purposes. They advise on whether a contract falls inside or outside IR35 and help structure engagements accordingly. This reduces the risk of HMRC investigations and unexpected tax liabilities for contractors and their clients.
What is the difference between Self Assessment and Corporation Tax for contractors?
Corporation Tax is paid by the limited company on its profits, whilst Self Assessment is the personal tax return filed by directors on dividend income and other earnings. A contractor accountant prepares both, ensuring deadlines are met and reliefs are claimed correctly. This dual approach keeps company and personal tax affairs compliant.
Can a contractor accountant help with VAT registration and returns?
Yes, a contractor accountant advises on whether VAT registration is mandatory or voluntary, then manages quarterly returns using HMRC's Making Tax Digital system. They ensure input and output tax is calculated accurately, claims are valid, and submissions are made on time. This avoids penalties and keeps cash flow predictable.
How often should a contractor review their accounting provider?
A contractor should review their accounting provider annually or when business circumstances change, such as turnover growth, new contracts, or IR35 status shifts. Comparing services and fees ensures the accountant still meets needs. Regular reviews help identify whether a more specialist or cost-effective provider is appropriate.
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