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Accountant for Contractors

Expert Tax Accountants for Contractors

Whether you are an electrical contractor, building contractor, finance contractor, IT contractor, consultant, health and safety consultant, SME consultant or general contractor or consultant we have the contractor accountant and contractor accounting package for you from as little as from as little as £10 per month.

Whether you are contracting long term or on a short term basis, Accounting Wise can make life simple for you by helping you with your accountancy and tax requirements.

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Unlimited help and advice
Leading cloud accounting software

Dedicated contractor accountant
All returns and filing included

Real-Time Bookkeeping
Reminders – never miss a deadline

We provide the complete contractor accountancy for businesses nationwide

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Why use Accounting Wise for your Accounting for Contractors?

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Your Own Dedicated Contractor Accountant

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When you join us, you will receive your very own dedicated contractor accountant. Our fully qualified and friendly team will be on hand to help you throughout the year for all your financial queries.

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Leading Accounting Software

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You are provided with leading accounting software which will help reduce the time it takes to – provide quotes and invoices to customers, chase payments, and monitor outstanding balances.

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Tailored Contractor Accounting Services

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Tax & Accounting packages tailored to suit your contractor business. We are always straightforward in our services & pricing. We take care of your accounting and let you get on with making your business a success.

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Unlimited
Expert Advice

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Your dedicated contractor accountant will always be on hand to answer any questions about your contractor business. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person.

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Regular Deadline
Reminders

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We send regular automated reminders to inform you of when your accounts and returns are due to be submitted, helping to ensure you never miss a deadline for your contractor business again.

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We currently support over 2,000 individuals and businesses in the UK

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Get started with the right Accountant for your contractor business

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Included in the Contractor Accounting Package

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  • Tax efficiency and business recommendations

  • Representation in the event of an HMRC investigation

  • Unlimited help and advice

  • Reminders for all of your important deadlines

  • Access to business guides and resources

Get started with the right contractor accounting solution

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Our Accredited Accountants

You can feel safe in the knowledge that we are experts in our field.

Our online accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm.

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What is a Contractor?

Contractors are individuals who provide services to clients under specific terms. They tend to operate via their own limited companies and are not employees for a larger firm or business.

A Contractor is responsible for their own ‘business’ dealings and has control of how and when they do their work. They would either be employed through an Umbrella Company for the purpose of paying them (and paying their taxes) or have their own Limited Company or be a Sole-Trader and pay their own taxes.

A limited company is a small business set up by an individual, where they provide their services on behalf of the company.

Contractor Accounting - What is a contractor?
Things to consider as a Contractor
IR35 Contractor Accounting

Things to Consider as a Contractor

Legal structures for contractors – How best to Trade?

This is a question that all new contractors ask: whether it is better to trade as a Sole Trader, through a Limited Company or an Umbrella Company.

There are pros and cons to all methods and so it’s important that you choose the right method for you. As a Sole Trader you do not have to take IR35 into consideration (as it is your customer’s responsibility to ensure you’re operating outside of IR35) and it is more tax efficient than an Umbrella Company, but less so than a Limited Company.

A Limited Company is the most tax efficient but there is a bit more work and more responsibilities compared to a Sole Trader. IR35 also needs to be considered if you have a Limited Company. An Umbrella Company is not very tax efficient but can be less hassle which can be more convenient if you only have a short term contract.

IR35 – Contractor Accounting

In summary, IR35 is a piece of legislation designed to prevent contractors from acting as ‘disguised employees’.

This is when the relationship between the client and contractor is much the same as an employer/employee relationship and therefore the contractor should be paid through the PAYE system. It’s imperative that you have an IR35 review to see if you are inside or outside of the legislation.

If you are caught inside IR35 but trade as though you are outside of it then you are at risk of penalties if HMRC should decide to look into your business in more detail. You may have underpaid NI which may need to be backdated and paid to HMRC along with further penalties and interest. We have hundreds of contractor clients and so our accountants are extremely knowledgeable in all areas concerning contractor tax requirements, and are able to give you honest advice on how HMRC will view your business.

Accounting Wise, as part of our Contractor Accounting package, review your circumstances and give you their opinion on whether or not your business falls within the legislation, meaning that you can be safe in the knowledge that you are trading in the correct way.

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Essential FAQs for Contractor Accounting Services

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A contractor accountant helps you manage business accounts, tax returns and financial records around your contracting work. Depending on your setup and package, support can include bookkeeping, VAT, payroll and personal tax returns, with relevant IR35 or CIS work agreed separately.

Your fee depends on your trading structure, transaction volume and the services required. Compare our contractor packages or build your own quote. Check the returns, software and support included, VAT on fees and any additional charges.

Yes. We tailor the accounting work to your structure. Limited company contractors may need company accounts, Corporation Tax returns and director payroll, while sole traders generally report business profits through Self Assessment. Your quote confirms the services appropriate to your business.

The right setup depends on your contracts, client requirements, income and circumstances. A limited company brings additional administration and different ways of taking income. We can explain the accounting and tax implications; incorporating does not automatically reduce your tax bill.

We can discuss your working arrangements and the IR35 review support available within your chosen service. A review considers both contractual terms and how you actually work. Its scope and any specialist advice should be confirmed upfront; no review guarantees a particular tax status.

For public-sector and medium or large private-sector clients, the client generally determines your employment status for tax. When working for a small private-sector client, responsibility generally rests with your intermediary. The rules apply contract by contract, so different assignments can have different outcomes. GOV.UK

Tell us about its status and outstanding obligations. Dormant and overdue work may need a different scope from routine accounting for a trading company.

No. An inside-IR35 engagement does not automatically remove company accounts, filing or other tax obligations. Tell us about the status decision, deductions and payments received so we can establish the correct accounting treatment and the work your company still needs.

Relevant expenses may include software, insurance, equipment and professional subscriptions, depending on your structure and circumstances. Travel and subsistence require particular care. We review costs within your agreed service and explain the supporting records needed, rather than assuming every contract-related purchase is deductible.

For limited company contractors, we can explain the tax and accounting implications of salary, dividends and director’s loans. Dividends require available profits and appropriate records. Advice depends on your personal circumstances and contract income, including any off-payroll deductions.

They depend on the services you select. Software access is different from managed bookkeeping, and payroll may have limits on director or employee numbers. Your quote sets out the work included, service limits and any additional fees.

Yes. Our CIS services can support relevant registration, subcontractor verification, deductions and monthly returns. We also help record deductions suffered by subcontractors. The work required depends on your role; CIS deductions are advance tax payments, rather than your final tax liability.

We usually need your business and tax details, recent accounts or returns, accounting records and information about how you contract. Relevant documents may include contracts, status determinations and CIS statements. We explain what is required for your agreed services and how to share it securely.

Switching to us for your contractor accounting is easy

1 Choose Your Package

Pick the contractor accounting services that you would like from either our pre-built packages or build your own to find out exactly how much you will be paying each month.

2 Sign up with Us

Once you have picked your level of service you’ll simply need to send over a few extra details to register with us via our sign up form or over the phone

3 You’re ready to go

That is it, we will begin to set your freelancer services up for you, contact your previous accountant if required, and begin the authorisation process with the HMRC

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Company Formation

Free company formation with our Pre-Built or Bespoke Accounting packages!

All Official Documents

Manage Your Company Online

London Registered Office Address

Your own limited company

Accounting Software

Whatever your size, our accounting software supports your business.

Quotes & Payment Reminders  

MTD VAT & CIS Returns 

Payroll Services & HR Support 

Unlimited Support & Advice 

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Accounting Wise is a trading style of Accounting Wise Ltd, a limited company registered in England under company number 09365202. Our registered office is: The Carriages, Station Road, Ware, SG12 9PL UK.

Content is for general information only. Always take advice.