Accounting for Contractors
Accounting for Contractors
As a contractor or freelancer, you benefit from a level of freedom and flexibility rarely found in traditional employment. However, this autonomy comes with significant responsibilities, especially when it comes to managing your finances. Accurate record-keeping, timely HMRC submissions, and adherence to tax regulations are crucial to maintaining your business’s compliance and success.
Whether you’re contemplating going solo or have been operating as a contractor or freelancer for a while, investing in professional accounting support can be a game-changer.
Cutts & Co specialises in assisting self-employed individuals with years of experience in the sector. We can streamline your accounting processes, reduce the risk of bookkeeping errors, and ensure compliance with tax obligations. Our dedicated team provides a range of services tailored to your needs, giving you the peace of mind to focus on growing your business and boosting your profitability.
Why are Cutts & Co the Ideal Accountancy for Contractors?
At Cutts & Co, you can expect a team of dedicated accounting professionals combined with a modern, innovative approach to financial management.
Our expert team specialises in supporting contractors and freelancers across a diverse range of industries—from construction and engineering to creative and digital fields. Whether you’re a construction contractor managing complex projects or a creative freelancer juggling multiple clients, we have the expertise to streamline your accounting processes and ensure compliance.
Our Contractor Accounting Services
If you are a contractor or freelancer looking for a complete accounting service, here’s what you can expect from Cutts & Co.
- Limited company registration with Companies House
- Registering with HMRC
- Registering with CIS
- Advising on insurance as a freelancer
- Contract advice in-line with IR35
- Long-term tax planning
- Completing corporate tax returns
- Submitting self-assessments
- Process VAT returns
- Expert bookkeeping
- Handling key deadlines
- Preparing you for MTD (Make Tax Digital) changes
- Taking your accounts online with Xero
IR35 Legislation
The IR35 legislation pertains to off-payroll workers, including contractors. These rules are designed to ensure that individuals who provide services through their own companies or an equivalent intermediary pay income tax and National Insurance (NI) contributions at similar rates to those of employees.
Key Points About IR35:
- Responsibility Shift: Since April 2021, the responsibility for ensuring compliance with IR35 now rests with the client rather than the contractor.
- Compliance Importance: Adhering to these rules is crucial to avoid potential tax liabilities and penalties.
At Cutts & Co, we offer comprehensive advice and guidance on IR35 legislation. Whether you are a contractor seeking to understand how IR35 affects your operations or a client needing support with compliance, we can provide the information and assistance you need.
