Our services for Staines contractors
Chartered Accountants in Staines
Pearl Accountants is a London-based chartered accountancy firm which has offices in Staines and many other parts of London. We serve clients from Staines, London, and across the UK, acting as business advisory accountants which aim to simplify your bookkeeping and save you money on your taxes where possible. We combine our 30 years of traditional accounting experience with our forward-thinking adoption of new digital accountancy solutions, enabling us to amplify our services and provide you with the “best of both worlds” in terms of accountancy.
accountants FOR CONTRACTORS in STAINES
Our Staines accountants for contractors are able to help you in many different ways. Here at Pearl, we can effectively:
- Minimize your tax bill
- Set up your company with HMRC
- Offer you a free IR35 basic review
- File your tax returns on your behalf
- Advise you on business models which will benefit you
- Provide you with Quickbooks software solutions
- Manage and oversee your accounts
- Manage your statutory year end accounts
- File your self-assessment tax returns on your behalf
- Much more!
What is the best contractor business model?
Contractors come in many different forms, at least in HMRC’s eyes. “Sole traders” and “limited companies” are different kinds of contractor, for example, with each offering their own pros and cons when it comes to bookkeeping simplicity and tax minimization. Our Staines accountants for contractors will be able to advise you on which contractor business model will best suit you.
Pearl’s accountants for contractors in Staines have over 30 years of experience in working with contractors of various types, and know how to choose a structure which will suit you. If you’re looking to maximize your take-home pay whilst still fulfilling your legal obligations, then get in touch with one of our Staines accountants for contractors today. Below we have created an overview of the main types of contractor for you to peruse!
Limited companies have to pay corporation taxes, although they can receive tax relief due to their business expenses, assuming that they are recorded properly. Limited companies are treated as separate entities to a contractor, meaning that you wouldn’t be personally liable and forced to pay if your limited company went bankrupt. This makes them a safe business venture for people with slightly complicated businesses.
A sole trader basically means that HMRC treats you as the business yourself, so you simply file self-assessment tax returns whilst providing information about your own personal profits, losses, and expenses. The sole trader contractor model is ideal for contractors who have simple businesses with very few overheads and running costs.
A partnership is very similar to a sole trader, except that it treats 2 people as a legal entity who have to pay their taxes together. Our accountants for contractors in Staines can assist you in more detail if you feel like a partnership may be right for you.
Being employed by an umbrella company (as a contractor) means that your tax and bookkeeping process is greatly simplified, yet it means that you will not enjoy the many tax reliefs and deductions available for most self-employed people and contractors.