Our services for Hounslow contractors
Chartered Accountants in Hounslow
Here at Pearl, we have over 30 years of illustrious accounting experience, though we continually ensure that we remain innovate and ahead of the times. We are accountants for contractors in Hounslow, although we also work with clients such as small businesses and landlords too. We provide our clients with personalized services, using renowned systems such as Quickbooks to make the accounting process seamless and transparent for everyone involved!
Hounslow Accountants for Contractors
We are a specialist accounting service for contractors in Hounslow, meaning that we assist you with your company setup and a free IR35 basic review.
As a Hounslow accountants for contractors, we are able to:
- Maximize your take-home pay
- File your accounts and tax returns to HMRC
- Offer you advice on contractor business models
- Offer you a choice of accounting software to make bookkeeping easier
- Manage accounts
- Ensure IR35 compliance
- Manage statutory year end accounts
- Submit self-assessment tax returns
We can provide you with all this and more, tailoring our service to fit your needs as a contractor.
Although working as a contractor can have its advantages over working as a regular employee, there are certain limitations which need to be taken into account, such as the usual lack of sick pay and holiday pay. In addition to this, different tax regulations often apply to contractors, which means you need to keep on top of your tax liability if you want to remain in good standing with HMRC. When you become a contractor for the first time, it is important to contact a Hounslow accountants for contractors and seek professional advice.
Choosing the best contractor business model
There are different business models which contractors can choose to follow, all of which have different tax liabilities and regulations attached to them. As an accountants for contractors in Hounslow, we can advise you on the best business model for you – the one which will allow you to pay the least amount of tax, legally. Below you can find a summary of the different business models available to you.
This means that your tax liability is “limited” as the name suggests, so you’re not personally liable if your company should fall on hard times financially. A limited company is separate from you, meaning that you will not personally be affected if the company goes bankrupt. Although a limited company must pay Corporation Tax, you will be able to track your business expenses and use them to reduce your tax liability. As an accountants for contractors in Hounslow, we can advise you on all of this and more.
This is the simplest business model, especially if your business itself is rather straightforward. Being a sole trader means that all your profits are yours, and there is no separation between you and the business.
This is similar to a sole trader model, but simply involves 2 people working together on a shared company.
An umbrella company structure makes you an employee of a company. Although it can be a simple structure for contractors, you will be treated as an employee and therefore pay more in taxes.