Easy, Fast, Reliable contractor accountant in UK
Contractor accounting can be very complicated and subject to be compliant with IR35. We have designed all-inclusive contractor accounting package that will provide everything you need to take the hassle out of running your company. The service package starts from £54.95
- limited company formation.
- Director payroll and payslips.
- Vat preparation and submission
- HMRC correspondence
- Contract review for IR35 compliance.
- Tax Planning to maximise your take-home pay legitimately.
- Providing a reference for mortgage and rental purpose.
- Annual accounts return to company house, CT600 submission to HMRC.
- Submission of confirmation of statement to company house.
- Unlimited business advice and customer support.
Benefits with Tax Care Accountant
- Over 5 years experience in contractor accounting supervised by IFA.
- Dedicated account manager who will manage your accounting and taxation issues.
- Access to cloud based software. You can check your business financial performance
- Download any report or download payslip with any device from anywhere in the world.
- Access to mobile app to scan and capture your expenses with a touch. It is time for you to get rid of all the papers. You just need to capture your receipt with the mobile app. Once you scan your receipts you do not need to do anything as the mobile app will automatically analyse the receipt, enter the data and send it to your accountant. We will store the receipts for you for upto 7 years that will meet the HMRC requirements.
- Access to easy invoicing and easy payment. We can set up a payment link with your invoice so you can get paid fast for your job.
- Access to project accounting and financing. You can add certain expenses to a specific project. For instance, if you are a graphic designer you add the expenses of purchasing photos to the specific project.
- Unlimited business advice and business support
- Exclusive access to Tax Care networking event
What is IR35?
IR35 is imposed by HMRC to combat “disguised employment” by the forming of personal service company. Put simply, if you behave like an employee you should be taxed like an employee. If you are not sure whether you are employee or a contractor, please contact Tax Care today for a free advice.
How does IR35 can affect you?
If your contract is found inside of IR35, you will not be qualified as a contractor. You may not be able to enjoy the same level of tax savings scheme if you are under PAYE/Payroll system. HMRC may issue a huge amount of penalty notice and ask you to pay whole outstanding tax from the beginning of the contract. It might put you in a difficult situation.
How is your IR35 status determined?
HMRC’s complex test considers a number of factors when looking at your contract, including:
Direction and Control – how much control does your client have over your working conditions?
Substitution – do you have a replacement to undertake your work in the event that you cannot fulfil your duties?
Mutuality of Obligation – are you required to complete a specific task or is their scope for your client to ask you to perform additional duties?
How do know if a contractor or an employee?
There are three major points determines your status in relation to the inside or outside of IR35.
Substitutions: it means you can be substuted and somebody else can get the job done if your company sign up a contract with another company.
Controlibility: it means who is controlling you and how much control your client has over your work condition. Do they treat you like an employee? The level of authority and responsibility will determine whether if you are a contractor or an employee.
Length of contract and obligation: are you obliged to carry out the work at end of your contract? To qualify as a contractor you must work from project-to-project, with no obligation to carry on working for the client after the contractual works are fulfilled. There are some employees who work for same company at the same place for more than 5 years. They might not be qualified as a contractor by HMRC as they may not meet the definition IR35 of contracting.
If you are a contractor, you can terminate the contract at anytime whereas an employee has certain obligation to continue working when their contractual taks are complete.
How do I avoid this?
You do not need a Tax Advisor to determine your status. You can ask the HR department to determine your status by reviewing your contract specially if you work as contractor for a large company. Contact Tax Care today, we will review your contract to ensure you are compliant.
Are you qualified and professional accountant?
Yes, Tax Care Accountants is a certified accounting firm with a valid practicing certificate. The firm is fully compliant with HMRC Anti Money Laundering (AML) regulation requirements. Every single client manager at Tax Care is a qualified accountant with industry experience who will be taking care of your business. The firm is regulated and supervised by the Institute of Financial Accountant (IFA) and HMRC recognised Tax Agent.
What is your pricing model?
We work on the basis of a fixed fee with no hidden cost, you will know exactly what and how much you are paying for.
How do I pay for your services?
Most of our clients pay monthly by setting up a direct debit or standing order. You can also pay your fees by installments.
Are your accountants insured?
Yes. Our clients are fully protected in case if there is a worst-case scenario of a huge loss.
How can you take care of my business and my employees?
We strongly believe the significance of the popular accounting quote “ behind every successful business there is a smart accountant”. At Tax Care we work as a virtual extension of your company in order to free up your time, we advise you on how to save money and provide you the key financial information in order to make informed decisions. We will simplify your payroll, accounting and financial functions of your business and integrate all in one system. That will help you to collect all relevant business information with one click. Your accountant can also help you analyze and understand your cash flow, so you can make better plans on how to work out your monthly budget, sale target, break-even etc. We make sure your employees are paid correctly while your business is compliant with HMRC requirements, pension regulator requirements, court order requirements.
Which businesses do Tax Care Accountants specialise in?
Our accountants have over 5 years of experience in the SME business community and their expertise and knowledge covers all business sectors – whatever your business, we cover it.
Do Tax Care Accountants understand what it’s like to run a business?
Yes, we do. We fully understand the pressures that you are under and offer a wide range of commercial experience which can help with the development of your growing business. We believe a little growth in your business means a little growth in our business.
How do Tax Care Accountants keep up-to-date with current issues and regulations?
As a member of IFA Tax Care Accountants must comply with continuous professional development regulation in order to keep up-to-date with current issues and regulations. We regularly attend various seminars and training workshop regarding recent updates on accounting softwares, finance acts and government regulations.
Do I need knowledge of accounting and tax?
No! Tax Care Accountants will manage all aspects of your business financial activities, so you can focus on running and growing your business.
Who will be doing the work?
A professional certified accountant will be dealing with you directly to meet all of your accounting and tax requirements. We work as a team and one of the senior accountants will finalise the work.
How do I get in touch with Tax Care Accountants and how often?
You can contact us as many times as you want to. You can contact us via telephone, email or face-to-face. If it is necessary, we will visit you. We will explain to you the technical accounting terms and the accounting requirements in a simple language so you would know what to do and how to do it. Our general response time 24 hours.
How can you help me to make this tax season better than last year’s?
Taxes are always part of running a business, and you can always look for ways to improve how you handle payments, deductions, record-keeping, and so on. Your accountant, the expert on tax laws and their constant changes, can give you the insight you need.
Your accountant can help you answer questions like:
- What are the latest changes in tax law that affect my business?
- When is the best time to make big equipment purchases?
- How can I best keep track of deductions?
- How can I maximize my tax savings?
What’s the best way to contact you and how often should we be in touch?
This might seem like too simple a question, but clear, effective and frequent communication is the key to a healthy, beneficial relationship with your accountant. Establish early on how often you’ll connect, either in person, on the phone or online (via a video chat app like Skype, Google Hangouts or Facetime). Decide together if you’ll meet weekly, monthly or bimonthly.
How can you help me clamp down on my cash flow?
Properly projecting your business’s cash flow is as essential as creating an effective mission statement and living up to it. Tedious, detailed flow projections aren’t easy to wrangle, but that’s what you have an accountant for.
Your accountant should be able to help you develop an organized, effective cash flow model that allows you to adjust your operations in ways that help you survive shortfalls, as well as improve receivables and manage payables.