Gondal Accountancy introduces specialised services providing accountants for contractors. We work with individuals operating as sole traders, running Limited Companies or working for Umbrella Companies. You can adjust our accountancy service plans according to your business structure to ensure your financial statements and taxes are sorted according to HMRC rules and regulations.
Receive dedicated support and financial advice to streamline bookkeeping, account management, tax compliance, and other operations. You can also seek consultancy services to receive accurate and detailed financial forecasts based on your current cash flow, revenue generation, and business expenditures.
These will allow you to make informed decisions and find sustainable solutions concerning money matters.
Our experienced contractor accountants provide simplified solutions tailored to individual needs. Guided support can help you make cost-effective decisions whether you work on temporary contracts or more permanent projects.
With our assistance, you receive:
Overall, our contractor accountants will lend their expertise in every way possible to help you achieve your budget and revenue goals.
IR35 is tax legislation for intermediaries, aka off-payroll workers. It differentiates genuine B2B service providers, aka limited company contractors, from disguised employees who avoid paying taxes and NICs (National Insurance Contributions) despite operating as typical employees.
If you are operating inside the IR35, employers need to deduct taxes and NIC payments through the PAYE. Alternatively, limited companies and contractors working outside the IR35 rule are held responsible for their taxes and dividends.
Note that the new reform of 2021 hands over the responsibility of determining employment status to intermediaries operating outside the public sector. Our contractor accountants understand the nuances of the IR35 rule and shall guide you accordingly.
As a sole trader, the terms and conditions of the IR35 will not apply, and you'll be responsible for paying your taxes and calculating rebates through the HMRC Self Assessment form. You'll have more financial responsibilities if you decide to set up a Limited Company. Depending on your relationship with the end-user, you must also check whether your contractual projects fall inside or outside IR35. The business model is considered more tax-efficient than other structures.
However, if you are only working on temporary engagements, you may prefer working under an Umbrella Company. You don't have to worry about your IR35 status as the Umbrella Company deducts PAYE tax and National Insurance before you receive your salary.
If you're starting, our accountants for contractors can help you make an informed decision about your business structure. We shall select the most tax-efficient route based on your business goals and financial circumstances.
General accountants often overlook the technicalities related to contractor accountancy like IR35 status, due to their lack of knowledge. Therefore, you should hire qualified accountants that have extensive expertise and experience in your niche area of operations. We have specialists ready to share advice based on your business model, service sector, and financial situation.
It doesn't matter if you work as an IT contractor, take up engineering projects or are a business consultant. We can provide personalised support to match your unique needs. Our accountancy services include routine bookkeeping, payroll management, self-assessment form submissions, and customised plans to ensure you pay your taxes on time.