Accounting Services for Contractors

Here at TaxAgility we offer a range of different contractor accountancy packages to suit your individual needs, from one-off business set-up consultancy to all-inclusive financial management.

Our fees are fixed; meaning you only pay what has been agreed in advance, with no hidden charges. If you have specific requirements we’ll be more than happy to tailor a flexible package to suit your personal needs.

For competitive monthly fees and professional, friendly advice you can trust, contact us today on 020 8108 0090 or get in touch with us via our contact page to arrange a complimentary, no obligation meeting.

Our Contractor Tax and Accounts Services

At TaxAgility, our experts in contractor tax and accountancy services are here to help you better understand your personal tax situation, as well as the various options you have open to you as a contractor.

Contractors setting up a Limited Company

There are many different ways you can choose to structure your business as a contractor. If you choose to set up your own limited company, we’ll help guide you through the necessary legal requirements in the simplest and most tax-efficient manner. We’ll also make you aware of your legal and financial responsibilities as a director or shareholder in the company and can advise as to whether this structure is the right fit for your business.

On-going accounts and bookkeeping management for contractors

Ensuring that your accounts are accurate is vital when choosing to take control of your business and financial affairs. Here at TaxAgility, our experienced, professional accountancy and bookkeeping managers are able to assist with the preparation of your monthly or quarterly management accounts, annual statutory and management profit and loss accounts and balance sheets, contractual budgets and cash-flow forecasts, and VAT returns, among a wealth of other services.

IR35 Support for contractors

Introduced in April 2000, IR35 legislation aims to reduce the occurrence of contractors working through intermediaries (such as personal services companies or registered business partnerships) to avoid tax and national insurance contributions. Under this statute, contractors found working in these circumstances without reasonable cause, whereby they would normally be regarded as a typical employee for tax and national insurance purposes, are penalised. We’ll work with you to ensure your contract work is regarded as outside IR35, allowing you to avoid the taxes and penalties that come with it.

IT Contractor Accounts

If you’re an IT contractor, our team of experienced accounting specialists here at TaxAgility can work with you to ensure that you’re not over or underpaying in your accounts, and that all required forms and legal documents are submitted as and when they’re due. You already know the financial benefits of working as a contractor, which is why it’s our duty to make sure you don’t lose any unnecessary income along the way.

Construction Industry Scheme (CIS) Support

Contractors working in the construction industry must register for the Construction Industry Scheme (CIS), which is Her Majesty’s Revenue and Customs’ method of deducting tax and national insurance contributions from any payments you may receive from subcontractors as advance payments. If you’re purely a subcontractor you won’t be made to register for CIS, but by not doing so you’ll have your deductions taken out at a higher rate after the fact.

Umbrella Company Setup

Choosing to run your business through an umbrella company can help you to avoid many of the administrative duties associated with running a limited company. Under this, you’ll essentially be an employee of the umbrella company, meaning you’ll be expected to submit timesheets and expenses, and in return, the umbrella company you’re working under will take care of the majority of any administrative duties and paperwork required of you.

If you choose to operate through an umbrella company you should be aware that doing so is more akin to being employed in a traditional job than working for yourself. We can help you weigh up the advantages and disadvantages of each, to ensure you make the right choice for you.

We provide a wealth of relevant resources and services designed to help contractors just like you to keep their finances in order, and their business in check.

Contractor Tax Advice

Here at TaxAgility, our contractor accountants offer personalised tax advice designed to maximise your take-home pay. Our tailored, specialist tax advice comes from our accountants knowing your background ahead of time, and any professional plans you may have going forward. We’re more than happy to answer any and all tax questions you have on your mind.

Self-Assessment Tax Returns

As a contractor, you’re required by HMRC to submit a self-assessment tax return each year. If you’ve never submitted a tax return before our tax specialists are on hand to assist with drawing one up for you swiftly and efficiently, explaining each step along the way and providing you with tips to maximise your savings while doing so.

Personal Investments

Working as a contractor typically allows for you to charge higher prices for your services, which therefore increases your take-home pay compared to working as an employee in the same field. For this reason, if you have made any personal investments our team of financial specialists and contractor accountants can work with you to keep on top of them; submitting any forms that need to be seen to, and advising you on any future investments going forward.

To find out more about how our Contractor Accountants can help contractors, such as yourself, save money, contact us today on 020 8108 0090 or get in touch with us via our contact page and we’ll call or email you back (your preference).