Contractor Accounting Services

from as little as £40 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.

Included in the Contractor Accounting Package

What is a Contractor?

Contractor Accounting ServicesContractors 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.

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

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.

Why use Accounting Wise for your Contractor Accounting?

At Accounting Wise we take care of all your contractor accounting and taxation requirements for a competitive monthly fee. We can offer many contractor accounting services including help with registering the business with Companies House and offer ongoing support and assistance going forward, including an IR35 review. We also regularly review your business to see whether it is operating in the most tax efficient way.

We make accounting simple

Running a company can be time consuming enough without dealing with accounting and tax headaches which is why we take care of everything from the Confirmation Statement to the Corporation Tax Return for our contractor clients. We have designed our service to include everything you would expect from an accountant and much more which saves you from getting bogged down by paperwork and deadlines.

Advice and Support

We have a large number of contractor clients and subsequently a lot of experience in the various industries contractors typically operate in, allowing us to offer specialist advice for both you and your business.

We also benefit from a broad range of experience in dealing with clients of all shapes and sizes, meaning that we can offer advice on situations many local accountants or specialist contractor accountancy practices will not have experience of.

Accounting Wise’s contractor accounting package is perfect for providing support to freelancers and contractors and covers issues such as IR35, VAT schemes, tax efficiencies and improving your take home pay.

Reviews from google.com

    review rating 5  We have been using Accounting Wise since May 2016 and cannot fault attention to detail. Vending Sense Group Limited would recommend his services to anyone looking for a professional Accountant.

    thumb Sam Marra
    4/16/2018

    review rating 5  They always looks after myself & my wife when it comes to tax time of the year. Highly recommend!

    thumb Stuart Mackay
    3/16/2018

    review rating 5  I have been using Accounting Wise for the past 3 years and have nothing but positive feedback. Ian is contactable at all hours and responds in a very fast manor. He takes time out to answer any queries and is very approachable and professional. Highly recommend!

    thumb Sinead Brophy
    6/22/2018

    review rating 5  I have been using Accounting Wise for the last few years now they have helped me stay on top of my accounts, I now have a simple process which saves me hours of personal time all thanks to there expertise and friendly effortless service. Highly recommend

    thumb lee thompson
    3/11/2018

Our Accreditation’s

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

Our 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, and a HMRC registered Agent.