Contractor accounting services: These services are designed for self-employed contractors who need help managing their finances. They typically include bookkeeping, tax planning, and annual accounts preparation.
IR35 compliance advice: IR35 is a set of tax rules in the UK that apply to contractors who work through an intermediary, such as a limited company. IR35 compliance advice helps contractors to determine whether they fall inside or outside of the IR35 regulations.
IR35 contract reviews: This service involves reviewing a contractor’s existing contract to ensure that it meets the requirements of IR35. The review will assess whether the contractor is genuinely self-employed or whether they are, in fact, a disguised employee.
Umbrella company services: An umbrella company is a third-party company that acts as an employer for contractors, allowing them to work on short-term contracts without the need to set up their own limited company. Umbrella company services include payroll processing, tax deductions, and insurance.
Personal tax planning: Contractors may need help with their personal tax planning, including tax returns, self-assessment, and tax advice.
VAT registration and returns: For contractors who are VAT registered, accounting firms may offer assistance with VAT registration and filing of VAT returns.
Company formation: For contractors who are considering setting up their own limited company, accounting firms may provide assistance with company formation, including registering the company with Companies House and setting up the necessary accounts.
Payroll management: For contractors who manage their own payroll, accounting firms may provide payroll management services, including payslip preparation, tax deductions, and compliance with payroll regulations.