Accounting for Contractors
Accounting for Contractors
Operating as a contractor or freelancer, you’ll know it offers you a level of freedom, flexibility and autonomy you rarely find with permanent work. But trading in this way also comes with more responsibility, and this is especially true for your accounting. You’re liable for ensuring your records are accurate and up-to-date, and making sure any HMRC record checks are completed properly and on-time.
Whether you are thinking about going it on your own, or have been working as a contractor or freelancer for some time, investing in an accountant who can guide and support you through all aspects of your business might be the best business decision you make.
Cutts & Co have years of experience in helping self-employed workers to fulfil the potential of their businesses. By investing in us as your accounting partner, we’ll ease the burden of account admin and help protect you and your business from erroneous bookkeeping or non-compliant contracts. We can help with all aspects of self-employed accounting, giving you the peace of mind to get on with making your business as profitable as possible.
Why are Cutts & Co the Ideal Accountancy for Contractors?
With us, you can expect a team of determined accounting wizzes combined with our modern, innovative approach to accounting.
Our expert team deals with contractors and freelancers working across all industries and areas of business, from construction contractors to creative freelancers.
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 refers to the rules around off-payroll workers, including contractors. These rules are in place to ensure that workers who offer their services through their own companies or an equivalent intermediary, pay income tax and National Insurance (NI) contributions broadly in-line with the rates they would pay if they were employees.
It’s vitally important that these rules are met, and the changes to the legislation in April 2021 mean that the responsibility of ensuring these rules are met correctly lies with the client.
If you are a contractor or client and want to know more or are seeking advice around the IR35 legislation, we can provide all the details you need to know.
Whilst it’s important you find an accountant who can provide the services you want, if you are switching from an existing arrangement, we will work to make switching as easy as possible to ease what can be a disruptive time.
You’ll need to make sure you consider a few key areas when you decide to switch accountants to ensure the process is as smooth as possible.
