Contractor Accounting

How can we really help Contractors / Sole Traders

No matter how one decide to go ahead with the business structure, it is so very important for Contractors to understand about a few important points below:

1. IR35 Legislation

2. Income splitting

3. Dividends

4. Type of expenses that can be claimed

With us, we guarantee that all your business activities will be looked after. Right from the word go, services like company formation, payroll registration, VAT registration if required and a proper proactive dedicated support from your account manager.

Difference between an Umbrella Solution and Limited Company

When you plan to start contracting you will need to set up a way to get paid. And as a first time contractor you have two tried and tested forms of company/payment structure. 

Depending on your skills and knowledge that you already have, we understand that you might require customizations in the type of service you would require. Based on this, we have classified our services as per your need:

01. Total Assurance Service (TAS): £ 150 per month

In this package, we provide total assurance for all the admin support that you might need. At an affordable price of £ 150 per month, your dedicated account manager will provide you the following services:

Accounting Software:

  • We shall provide you with an online accounting software subscription, with one hour set up and consultation services

Bookkeeping:

  • Posting of all your receipts and invoices into the software
  • Posting of all your bank transactions
  • Reconciliation of your books and accounts
  • Quarterly review of your bookkeeping file

Payroll:

  • Processing monthly payroll for up to 2 employees

VAT:

  • Preparing and filling your quarterly VAT returns

Tax and Compliance:

  • IR35 Review and compliance
  • Preparing a list of all the expenses to be claimed in the year
  • Annual Statutory Financial statement
  • Corporation tax returns
  • Self-Assessment Tax returns for 2 directors

Dedicated Account Manager Support:

  • A 60 minutes (telephonic / Skype) business consultation support per Month with your dedicated account manager
  • Unlimited email support from your dedicated account manager

Additional Services included in the package:

  • VAT registration
  • PAYE registration
  • Company Secretarial Service
  • P11D Returns

02. Required Contracting Services (RCS): £ 100 per month

In our opinion to have peace of mind, you must have a minimum requirement to avail these services. This comes at a very affordable price of £ 100 per month. Your dedicated account manager would provide you with the following services:

Accounting Software:

  • We shall provide you with an online accounting software subscription, with one hour set up and consultation services

Bookkeeping:

  • Posting of all your receipts and invoices into the software
  • Posting of all your bank transactions
  • Reconciliation of your books and accounts
  • Quarterly review of your bookkeeping file

Payroll:

  • Processing monthly payroll for up to 1 employee

VAT:

  • Preparing and filling your quarterly VAT returns

Tax and Compliance:

  • Preparing a list of all the expenses to be claimed in the year
  • Annual Statutory Financial statement
  • Corporation tax returns
  • Self-Assessment Tax returns for 1 director

Dedicated Account Manager Support:

  • A 60 minutes (telephonic / Skype) business consultation support per Quarter with your dedicated account manager
  • Unlimited email support from your dedicated account manager

03. Admin Consoled Services (ACS): £ 75 per month

We understand that you have been in the contracting business since a long time now, probably you would have possessed a little knowledge of books and accounts so far. So in such a case, you might be now looking for options for price reduction in their package. No matter what expertise one has gained, it should be kept in mind that the quality of output that you get is really satisfactory or not. So keeping the quality of the output intact and with as little distribution of the work on the contractor himself, we have customized the following services at the cheapest rate of £ 75 a month for the following services:

Accounting Software and Support:

  • We shall provide you with an online accounting software subscription, with 30 minutes set up and consultation services
  • Quarterly Review of Books

Payroll:

  • Processing monthly payroll for up to 1 employee

VAT:

  • Preparing and filling your quarterly VAT returns

Tax and Compliance:

  • Preparing a list of all the expenses to be claimed in the year
  • Annual Statutory Financial statement
  • Corporation tax returns

Dedicated Account Manager Support:

  • A 15 minutes (telephonic / Skype) business consultation support per Month with your dedicated account manager
  • Unlimited email support from your dedicated account manager.

04. One-off Service (OS): £ 500 one off

If the contractors are ready to take up all the monthly work on their own, we could still help them in Tax and compliance on a yearly basis. At the most affordable rate of one off £ 500, a dedicated account manager will provide you the following services:

Tax and Compliance:

  • Compiling and analyzing the data in the required format
  • Preparing a list of all the expenses to be claimed in the year
  • Annual Statutory Financial statement
  • Corporation tax returns

Dedicated Account Manager Support:

  • Two 30 minutes (telephonic / Skype) business consultation support with your dedicated account manager
  • Unlimited email support from your dedicated account manager