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 limited company directors?
A contractor accountant manages statutory accounts, Corporation Tax returns, VAT filings, and payroll for limited company directors. They advise on salary and dividend strategies, IR35 compliance, and allowable expenses to minimise tax liabilities. They also handle Self Assessment returns and communicate with HMRC on your behalf, ensuring all deadlines are met and penalties avoided.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications guarantee that an accountant has met rigorous professional standards and continues to uphold ethical and technical requirements. Regulated accountants stay current with HMRC legislation, tax changes, and compliance obligations. Choosing a qualified professional reduces risk, ensures accurate filings, and provides confidence that your financial affairs are managed to the highest standard.
How do contractor accountants help with IR35 compliance?
Contractor accountants assess your working arrangements against IR35 rules, reviewing contracts and working practices to determine employment status. They advise on whether your engagement falls inside or outside IR35 and recommend adjustments to reduce risk. They also assist with Status Determination Statements and liaise with HMRC if enquiries arise, protecting you from unexpected tax liabilities.
What is included in a typical contractor accounting package?
Most contractor accounting packages include limited company formation, bookkeeping, statutory accounts preparation, Corporation Tax returns, VAT registration and filing, payroll for directors, and Self Assessment returns. Many firms also offer IR35 reviews, dividend planning, and access to accounting software. Packages vary, so compare providers to find one matching your specific requirements.
How often must contractors submit VAT returns and Self Assessment?
VAT-registered contractors typically submit returns quarterly using Making Tax Digital compatible software. Self Assessment returns are filed annually, with the deadline of 31 January following the end of the tax year. Corporation Tax returns are due within twelve months of your accounting period end. A contractor accountant ensures all submissions are accurate and submitted on time.
Can I switch contractor accountants mid-year without penalties?
Yes, switching accountants mid-year is straightforward and does not incur penalties from HMRC. Your new accountant requests professional clearance from the previous firm and obtains relevant records. The transition is usually seamless, with the new firm handling all outstanding filings and ensuring continuity. Compare providers on AccountingFirms to find a suitable replacement.
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