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 tax rules. Check for qualifications such as ACCA, ICAEW, or AAT, and ensure the firm is regulated. Experience with Self Assessment, VAT returns, and Corporation Tax is essential. Reading client reviews and comparing service packages can help contractors choose a professional who understands their industry and financial goals.
How can an accountant help with HMRC compliance?
An accountant ensures that all tax returns and payments are submitted accurately and on time to HMRC. They advise on allowable expenses, VAT registration, and payroll obligations, reducing the risk of penalties. For contractors, they clarify IR35 status and help with Self Assessment and Corporation Tax. By keeping records compliant, accountants allow contractors to focus on their work without worrying about HMRC investigations.
What is the difference between ACCA, ICAEW, and AAT qualifications?
ACCA and ICAEW are professional bodies for chartered accountants, focusing on advanced financial reporting, audit, and tax. AAT is a technician-level qualification covering bookkeeping, accounts, and basic tax. All three ensure high standards. For contractors, an ACCA or ICAEW accountant often handles complex tax planning, whilst an AAT-qualified professional may manage day-to-day bookkeeping and VAT returns.
Do contractors need to submit a Self Assessment tax return?
Yes, most contractors must submit a Self Assessment tax return, even if they work through a limited company. This includes reporting dividends, salary, and other income. A contractor accountant can prepare and file the return online, ensuring all income is declared correctly. They also calculate any tax owed and advise on payments on account, helping contractors avoid unexpected HMRC bills.
How does IR35 affect contractor accountants?
IR35 determines whether a contractor is taxed as an employee or self-employed. An accountant assesses contracts and working practices to establish status, helping contractors avoid unexpected tax bills. They can review IR35 compliance, suggest contract changes, and handle HMRC enquiries. With off-payroll rules in the private and public sectors, professional advice is crucial to manage risk and maintain tax efficiency.
What ongoing support can a contractor expect from an accountant?
Contractors can expect ongoing support with bookkeeping, payroll, VAT returns, and year-end accounts. Accountants provide tax planning, dividend advice, and HMRC correspondence handling. Many firms offer cloud accounting software setup and unlimited advice. This ensures contractors remain compliant, informed about deadlines, and able to make strategic financial decisions throughout the year.
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