ACCOUNTING FOR CONTRACTORS
CONTRACTOR – WORK ON YOUR OWN ACCORD!
You are defined as a contractor if you work under contract for somebody else for a fixed period to help them complete a project. There are several reasons that you might choose to become a contractor- money being one of them. However, it is important to understand that being a contractor is very different from being employed. Contracting offers far more financial freedom and independence than permanent work however at the same time you are very much responsible for your own successes and failures.
Once a contract is secured you would need to decide how you want to work. There are two main options available;
- PAYE umbrella
- Limited company
The route you decide to take depends on your individual circumstances, however, working through a limited company is probably the most tax efficient way of working.
If you are unsure about which option is best for you then get in touch with us and we will help you through the entire process of setting up and getting settled in as your contractor Accountants.
HOW DOES IT WORK (WHAT’S INCLUDED)
- A to Z of compliances including year end accounts, taxes and online filing
- Help maximise your take home pay
- IR35 compliance
- Dividend planning and documentation
- Expense claims
- Help with Self–Assessment tax returns
- Deal with HMRC on your behalf
- Short term and long term planning
BENEFITS OF AIMS BUSINESS PARTNER
We are your AIMS Business Partners, we assist you at everysingle of contracting and provide our full support throughout the process;
Benefits of using AIMS Tax Partners are;
- Optimal salary structure
- Optimal profit extraction structure
- Advice on company’s assets and benefits (cars, insurances and subscriptions)
- In depthexpense / allowance system
- Expert guidance throughout the process
- Liaising with your Agency on initial contract (IR35 manual review)
- Extensive mid-term and long-term planning
- Business and tax advice
- Work with our specialist Chartered Accountants
- Complex tax issues expertise
- Efficient and in-depth examination of your accounts
Get in touch
Contact either Awais – awais@accountancymanagers.co.uk or Tania – tania@accountancymanagers.co.uk and we will arrange to chat to you first, send you more information on our services and set up an introductory free consultation.
During this consultation, we will apply our work principles, identify structure, growth opportunities, provide you solutions to your contracting.