Accountants for Contractors VS Traditional Accountants

The primary distinctions between accountants for contractors and a typical accountancy practise will be emphasised in this essay.

You should use an accounting firm that specialises in solutions for contract workers if you are a contract worker or freelancer running your own limited company. The following are some justifications for thinking about utilising accountants for contractors:

1: Experts

You will receive the greatest guidance from accountants for contractors on how to run your business as a contract employee in the most tax-efficient manner. You can take advantage of accounting and tax services like the FLAT RATE VAT plan, which you might not be informed about if you work with a regular accounting firm.

2 – Financial Counseling

Numerous accountants for contractors also offer financial guidance on mortgages, pensions, and insurance plans created especially for independent workers and contract workers.

3. More approachable

In general, the service you get from accountants for contractors will be friendlier than what you would get from a regular accountancy practise. You’ll probably be assigned a specific Account Manager that you can get in touch with frequently.

Can relieve some of the pressure on your shoulders?

For contractors who don’t want the responsibility of managing their bookkeeping, tax affairs, and general administration, accountants typically offer specialised accounting solutions. If you use a regular accountancy practise, you probably won’t discover a package designed especially for contractors.

5 – Monthly fixed cost

Accountants for contractors should only advertise a certain monthly rate. Run a mile if you ever come across an accounting firm that charges a portion of your revenue! Depending on the degree of service, accountants for contractors often charge anything from £80 to £130 per month.

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What are the duties of your accountants?

The following are some accounting elements your contractor accountants ought to provide:

Reviews of IR35 contracts
Payroll for one fee-earning director and one additional non-fee-earning employee on a weekly or monthly basis. Notification of PAYE payments every quarter.
-Annual PAYE returns, which include P35 and P11D forms.
Yearly Statutory Accounts (Full and abbreviated)
-Annual company tax returns and computations
-The director’s yearly personal tax return.
Administration of dividends – Assistance with all secretarial issues
-Handling all routine mail from Companies House and HMRC
-Preparation of all tenancy and mortgage references
Access to specialised financial services for contractors
the creation of a thorough spreadsheet with important financial data
Full-service bookkeeping Simply transmit all of your company’s documents. Quarterly management accounts are prepared.

Read: Real Time Information Proposed for UK PAYE

Registration Office Service

Send us a timesheet, and we’ll charge your client for sales.
-Creating advice sheets on a weekly or monthly basis that emphasise director payments and available profit
-Public liability, employer’s liability, and professional indemnity insurance

Read: Small Business Accounting – A Short Insight

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