Some contractors start out by thinking an accountant is an added expense that they don't need.
We believe that hiring a contractor specialist accountant is one of the best moves any contractor will make.
It's obvious that this would be our opinion, but we're going to explain why it makes so much sense with just two reasons.
If your run a Limited Company then you have a great number of legal responsibilities, from maintaining bookkeeping records to submitting year end accounts at Companies House to Corporation Tax returns, Personal Tax returns and payroll returns at HMRC.
By law Corporation Tax returns must now be submitted online in a certain format along with specially prepared year end accounts. This means you will need to purchase tax return software - in the region of £400.00 + vat per year, year end accounts production software for £200.00 + vat per year, payroll software will cost £200.00 + vat per year and bookkeeping software £200.00 + vat per year. Already you will be spending £1,000 + vat per year.
The 123 Way costs £780 + vat & includes all of the above & a lot more.
Once you have the software you will have to spend days or weeks learning how to use it and trying to understand the incredibly complex UK tax system. For every mistake you make there are a huge range of fines and penalties that could cost you thousands of pounds - HMRC will not accept the excuse "I didn't know I was meant to do that" they will simply fine you.
On top of this you are more than likely to be missing out on different tax reliefs that you are entitled to claim - HMRC won't tell you about them - costing you even more money. DIY is not a good option.
Why should I pay a monthly fee to a contractor specialist accountant - there is an accountant round the corner from me?
Simple - accountancy and taxation is a very complex profession and contractor's needs are very specialist, your accountant round the corner will probably not understand these requirements and they will miss many of the tax reliefs in place specifically for freelance contractors.
specialist knowledge and advice could increase your income by thousands
- literally we could increase your take home pay by several thousand
pounds - depending on your exact situation it could be even more.
Our fee pays for itself and what's more we can tell you how much more you can expect to take home before you appoint us as your accountants.
Contact us today on 0845 834 0269 or simply go to the Join The 123 Way page and fill out our quick and easy joining form.