020 8582 0076

Contractor Accountants


Specialist Accountants for Contractors

Latest Testimonial

Pearls Accountants are unique as you get a personal one to one service and they always answer your queries in a fast and professional manner.

Then i first opened up as a limited company i was clueless, but Pearls Accountant kindly assisted me the best way so i felt at ease and understood how the operation works.

Everything was explained clearly in detail and i could ask as many open questions and they where happy to help.
How bigger team is on board so its quicker response turnaround.

Naila Mughal

Naila Mughal Entertainment

Accountants for Contractors

Pearl’s many years of accounting experience means that we can provide a great specialist accounting service for contractors.
A specialist accounting service built for the modern contractor where management of your accounts and full compliance with IR35 rules and regulations are provided by Pearl’s accounting experts.
With Pearl, you’ll get a dedicated accountant who’ll know how to:

  • Maximize your take-home pay
  • File your accounts and tax returns to HMRC
  • Offer you advice on Contractor Business models
  • A choice of accounting software to make bookkeeping easier
  • Monthly Managed Accounts
  • IR35 Compliance
  • Statutory Year End Accounts
  • Self-Assessment Tax Returns

We’ll get to know you and your business so we can give a service built around your specific needs.

IR35 rules and regulations are provided by Pearl’s accounting experts.

  • Maximize your take-home pay
  • File your accounts and tax returns to HMRC
  • Offer you advice on Contractor Business models
  • A choice of accounting software to make bookkeeping easier
  • Monthly Managed Accounts
  • IR35 Compliance
  • Statutory Year End Accounts
  • Self-Assessment Tax Returns

We’ll get to know you and your business so we can give a service built around your specific needs.

Moving from permanent employee to contractor

Working as a contractor has advantages over working as an employee including greater job satisfaction and more take-home pay. Note that a contractor has ‘contracts’ for jobs that are to be undertaken and contractors are bound to complete all work promised to the client under this contract. However, the contracting rules can make it incredibly complicated and specialist advice should be sought.

Contractor Business Model

The key decision when starting out as a contractor is to decide what type of business model you will follow. This is an important choice as it will affect how much tax you will eventually pay. Our expert contractor accountants can advise you on the best options.

Limited Company

 A limited company gives contractors “limited” liability which means that they are not personally liable for any financial difficulties faced by the company. The company is a separate legal entity i.e. if your company goes bankrupt your personal assets will not be affected. A limited company can claim business expenses which can include equipment, mileage allowance, business trips, stationary etc. Business expenses are deducted from the company’s profit meaning that you will end up paying less tax at the end of each tax year. Note that a Limited company also pays Corporation Tax. 

Partnership

When two or more people work together as a single company – similar to a sole trader structure.

Sole Trader

The easiest and most straight forward option for contractors as there is no separation between you and the business and all profits are yours. Note that clients are less likely to work with contractors who are sole traders though.

Umbrella Company

An umbrella company deals with things like sending invoices and chasing payments making you, the contractor, an employee of this company. It is a simple solution for contractors but you will pay higher taxes due to the fact that you are an employee and not a contractor.

Advantages and Disadvantages of Contracting

Advantages of Contracting?

  • Higher Pay and more take-home money
  • Lower taxes through expert advice from our specialist contractor accountants
  • Greater job satisfaction
  • Longer and more secure contracting projects
  • Greater freedom as to when and where to work
  • Being your own boss

Disadvantages of Contracting?

  • Manage your own business and assume all director responsibilities
  • Finding contract work reducing job security
  • Travelling a lot more to new contracting clients
  • Staying in contract as much as possible to ensure financial security
  • Work to deadlines which can be stressful
  • No employee holiday benefits
  • IR35 compliance to ensure that all rules and regulations followed

Basic Contractor

£69/month + VAT
  • Ideal package for the straight forward contractor, we will ensure your accounts and tax returns are filed with HMRC and Companies House.

Premium Contractor

£89/month + VAT
  • Fully loaded package covering all aspects of what a contractor would normally require, including quarterly VAT submission and monthly payroll.

LATEST POSTS

National Insurance for Contractors – Key Tips

Paying National Insurance(NI) is required by both employed and self-employed people above 16 years of age. The amount payable is the same for women and men. By contributing to your NI, you can receive a State pension and Jobseekers Allowance after a set time-period....

Paper Self-Assessment Tax Return Deadline

HM Revenue and Customs (HMRC) deadline for 2016/2017 Paper Self-Assessment Tax Return is 31 October 2017. If you fail to meet this deadline then your Self-Assessment Tax Return will have to be submitted electronically as the deadline for Online Tax Returns is the 31...

Resolving Disputes for Contractors – Top Tips

Resolving a dispute as a contractor can have implications in terms of money and time as well as reputation which could cost you future contracts. It is thus vital for disputes to be settled as quickly as possible. Here are some tips to ensure that disputes are dealt...

Contractor Pensions – Quick Guide

A contractor should take out a pension as it offers many benefits in the long run. This quick guide will highlight the key points when choosing a contractor pension scheme. Pension Funds for Contractors As a Contractor, taking out a pension fund is a sound financial...

Mortgages for Contractors

Securing a mortgage for a Contractor can be a lengthy and cumbersome process. However, with the right financial advice it is one of the best investments a Contractor can make. This guide will provide you with all the advice that you will need as a Contractor to take...

How to find the best contract – Quick Guide

This guide will take you through the steps to ensure that you find and secure contracts as a UK based contractor. Plan your search A thorough investigation and lots of research into the contracting market will help you find the best contracts available. However, this...

FREE BROCHURE DOWNLOAD

Watch our quick introduction Video

FREE Brochure Download

Download our FREE Brochure for Contractors

Included in our Brochure:

  • IR35 Explained
  • How to Save Tax
  • Advantages and Disadvantages
  • Contractor Obligations & Responsibilities
  • Much more..


OUR OFFICES

020 8582 0076

staff@pearlaccountants.com

ACCOUNTANTS
LONDON

Pearl Accountants London, Covent Garden

Central London Office
90 Long Acre
Covent Garden
London
WC2E 9RZ

ACCOUNTANTS
EAST LONDON

Peral Accountants East London

East London Office
29th Floor
One Canada Square
Canary Wharf
London
E14 5DY

Accountants East London

ACCOUNTANTS
HOUNSLOW

Pearl Accountants Hounslow

Hounslow Office
Quest House
Ground Floor
125-135 Staines Road
Hounslow
TW3 3JB

Accountants Hounslow

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KINGSTON

Peral Accountants Kingston

Kingston Office
Unit 3
Kingsmill Business Park
Chapel Mill Road
Kingston-upon-Thames
KT1 3GZ

Accountants Kingston

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HARROW

Pearl Accountants Park Royal Office

Park Royal office
Suite 618
Crown House
North Circular Road
Park Royal
NW10 7PN

Accountants Harrow

Accountants London
Company Registration No. 07078392