Our services for Kingston contractors
Pearl Kingston Accountants
We have over 3 decades of accounting experience, which has provided us with a wealth of experience, intuition, and expertise in accountancy. We are business advisory accountants, meaning that we can provide extra support to businesses who are looking to grow and expand whilst keeping their books and tax obligations in order. We provide our clients with a personalized service, solving their accountancy needs and tailoring our services to their requirements.
Accountants for contractors in Kingston
As one of the best accountants for contractors in Kingston, we are able to provide you with several services, including your company setup and IR35 basic review.
Our Kingston accountants for contractors can:
- Minimize your tax liability
- Submit your tax returns and accounts to HMRC
- Advise you on efficient contractor business models
- Set you up on Quickbooks
- Manage your different accounts
- Ensure IR35 compliance
- Manage your statutory year end accounts
- File your self-assessment tax returns, if necessary
Our personalized service is designed to meet the needs of various kinds of contractors, ensuring 100% customer satisfaction.
I’m a new contractor – where do I start
If you’re new to contracting, you need to familiarize yourself with the different business models that are available to you. You can be different “types” of contractor in HMRC’s eyes, all of which have their own specific pros and cons. Some you simply won’t be eligible for, but in other cases, you’ll be able to choose between a couple of potential options. Our accountants for landlords in Kingston are able to advise you on all the options available to you, keeping you abreast of the latest developments in HMRC regulations and how they may affect you.
Which business model is best for me
It goes without saying that you probably want to pay as little tax as possible whilst still fulfilling your legal obligations to the government. Our Kingston accountants for contractors can advise you on the best business model for your personal contractor situation, encouraging you to save money in the long run. Here is a more detailed rundown of the main business models available to contractors in the UK.
Running a limited company means that the company is a separate legal entity to you, so you won’t be personally liable if things go wrong. In other words, the company going bankrupt will not affect you personally. A limited company, however, is required to pay corporation tax like any other company. You can, on the other hand, track your business expenses via our Quickbooks software are use them as tax deductions when the tax year comes to an end.
If your business is simple and straightforward with few overheads (for example, if you’re a babysitter or copywriter) then being a sole trader could be the way to go. This means that you and your business are legally the “same” entity, so your business’s taxes are your own taxes too. Our accountants for contractors in Kingston can provide you with further information if necessary.
Partnerships are similar to sole trader business models; they simply just revolve around 2 people (traders) instead of 1 sole trader.
Umbrella companies “employ” you as an employee of their company. This means that your taxes will be simple, but you will pay more in taxes via PAYE, like any regular employee does.