Accountants for contractors – How we can help
The Accountancy Solutions is a company with over a decade’s experience in helping Contractors with their accounts and taxes. We offer professional knowledge and experience across different business sectors including but not limited to IT, Medical, Engineering, and Finance. As a contractor, you may feel overwhelmed by your financial paperwork. We as accountants for contractors can help you to maintain your accounts, adhere to policies and help you to get a good picture of your finances. We can also help you file tax returns and respond to any queries from HMRC, taking a weight off your shoulders.
Bookkeeping is a chore to most contractors and yet still a necessity. Whether you have a new business or are looking for a new approach to paperwork, our online bookkeeping service can help you. We can help you maintain clear records in order to run your business effectively and make it easier to complete tax returns at the end of the financial year. Consistently good bookkeeping will save headaches and help you to respond quickly when any financial reports are requested. The Accountancy Solutions doesn’t offer a one size fits all solution to bookkeeping, we tailor a service to your unique needs. This can include weekly and monthly nominal ledgers and the recording of revenues, gains, losses, and expenses.
An experienced bookkeeper will compile a profit and loss report to see where the company is doing well and where improvements can be made. This will help with your future projections. A tax accountant can help you keep track of accruals and prepayments to ensure you don’t miss payments or make overpayments. This builds a full financial picture for you to use to run and develop a successful business and make improvements in future.
Stringent account keeping is necessary to ensure compliance with relevant legislation but it can be overwhelming if you are not well versed in accounting. The Accountancy Solutions as Accountants for contractors have trained professionals to do the hard work for you. They will keep you up to date on the latest rules and regulations and ensure you use best practice to maintain the integrity of your business. Lack of good account management can result in incomplete or inaccurate financial reports.
We help you by:
- Designing and customising accounting systems to fit your exact needs and requirements
- Preparing your annual financial accounts ready for HMRC to calculate your tax bill. This also allows you to identify where you are excelling or struggling
- Completing financial statements to enable you to see where your company is positioned and give an outline of your business performance
- Preparing, reviewing and reporting your statements ready to present to the relevant body
- Maintaining records and accounts throughout the year, not just at year-end
Corporation tax returns
Completing tax returns has become an ever more complex task for contractors. It takes a lot of time and often causes frustration. We offer a comprehensive corporation tax compliance service to help you out. We have completed many hundreds of tax returns and understand how to do so with precision and accuracy, saving you a job and ensuring it is done right on the first attempt. We can make sure you include all the correct documentation to comply with HMRC’s requirements.
Self-assessment tax returns
A long and often loathed task for self-employed contractors. The process is even more drawn out if you don’t have the information to hand. The Accounting Solutions can offer help in person, on the phone or online depending on your needs. HMRC set out strict requirements and you may face penalties if your return isn’t done correctly or on time, and yet many tax returns are completed incorrectly. We help you to complete accurate and timely submissions. We can also assist you in claiming any tax refunds owed to you as these are not automatically processed by HMRC.
This is tax law legislation that affects contractors who don’t fall into the category of self-employed and can result in contractors owing more tax. IR35 status means that contractors become eligible for national insurance and income tax. To be IR35 compliant, you will need to collate, organise and record all contracts, expenses and communication. Work with the our specialist IR35 Accountant to establish what is needed under the complex compliance rules.
HMRC are looking to generate more income by closing tax loopholes that would previously have helped contractors to minimise their tax contributions. Investigations may be instigated if you have submitted incorrect returns or if they are suspicious of an avoidance scheme or fraud. Employee Benefit Trusts (EBTs) and disguised remuneration are examples of reasons that contractors may be investigated. Contractor loan schemes may be seen as a form of tax avoidance and HMRC are doing everything they can to recover every penny. Following the crackdown in 2014, contractors are now more likely to be subject to investigation. HMRC will challenge every case of this type of avoidance and if they find out that you have been part of one of these schemes you will be put under investigation to uncover unpaid taxes, duties and levies.
HMRC win 90% of the cases taken to court. If you have been offered a part in one of these schemes and chosen to participate then The Accountancy Solutions can offer advice as to the best way of complying with the investigation and what your tax liability may be.
Finding out you are subject to investigation can be a worrying thought but The Accountancy Solutions have a specialist team to help. Compliance with HMRC is likely to result in a better outcome for you and will make the process easier. If you are unsure what to provide or don’t have the required information then we can advise. Our aim to resolve disputes with as little disruption to your business as possible. Call us today on 0207 0784 001 or 0121 629 7768 to discuss your requirements and free and no obligation advice.