Trusted, experienced freelance contractor accountants in Milton Keynes
Contracting and freelancing aren’t easy these days. We realise that and will do our bit to make it a little simpler for you.
Not all contractor accountants are the same. We are definitely more proactive than most, with unrivalled support and advice including an ‘out of business hours’ contact facility.
Our freelancer and contractor fees for either year end accounts filing or a monthly support package are both cost effective and affordable.
How Brilliant Accountants help Contractors?
Contracting through your own limited company is now extremely popular in the UK. However, there are extensive HMRC compliance requirements and legislation regarding contractor and freelancer arrangements. We can’t over emphasise the importance of appointing an experienced accountant to deal with your affairs.
We can assist you with an initial assessment of your proposed working relationship and contract and any potential IR35 implications.
If you are an established contractor, we are sure you know what you need from your accountant. We believe that’s a rapid response to any transactional queries and support along the way. We’ll advise you about legitimate ways to loosen the HMRC noose around your neck.
It’s becoming harder to reduce your tax liability but you will find our support levels unrivalled.
Affordable freelancers and contractor accountants in Milton Keynes
Although we never intend to market our contractor and freelancer accountancy services as ‘cheap’, our fees do appear to be amongst the lower charges in the area.
Regardless of the fee we charge, all services we perform for contractors and freelancers are undertaken by experienced and qualified personnel.
New to contracting?
If you have been made an offer or have decided to start a contracting career there’s a lot to think about. Don’t panic. Relax and embrace the situation. We’ll discuss and advise on the pros and cons of different business structures. These might include setting up a limited company, operating as a sole trader, partnerships or working through an umbrella company.
We will also explain IR35 to you in as simple terms as possible.
Frequently Asked questions:
How do I start a Limited Company?
The organisation you’re working for (the main contractor) will often require you (the subcontractor) to operate as a limited company. Incorporation of a limited company all starts with thinking of a business name. A lot of people choose their own name or a mixture of family initials, followed by a generic word. Examples could include CAB Services, KASA Consulting, DODO Consultant followed by Limited or Ltd**.
Ideally think of three alternative names because someone else might already use your preferred choice. Brilliant Accountants can register the new subcontractor business at Companies House. We will make sure all the mandatory and legal rules are followed and registered correctly. Registration can take from a few hours to a couple of days.
**Please note that the names shown as examples here should not be confused with any such entities that are or have traded with such names.
What other things will you need to be a Contractor/Freelancer?
You will want to be paid, right? We can point you in the right direction for business bank accounts. Insurance is likely to be required, either professional or Public Liability, or both. Again, we can assist you with this.
Will I be employed by my own Limited Company?
Normally, yes you will. The business will need to register as an employer, again something that Brilliant Accountants can do for you.
How much of the money that comes in can I keep?
Managing your finances as a contractor or freelancer needs to be planned from the beginning.
We explain in easy to follow terms a wages structure for you and the business. You’ll have a clear picture of how much to leave in the business for tax liabilities.
Do I need Accounting Software?
Yes, it’s advisable to invest in accountancy software such as Quickbooks, Xero, Sage or Free Agent. It will help you to keep, maintain and manage your bookkeeping and to make sure general record keeping is accurate.
We are well versed with all of these systems and can help you choose one, give you initial training and continued support if that’s what you require.
Do I need to register for VAT?
You must register for VAT if your turnover is over £85,000. You can register voluntarily if it suits your business. For example, this might be of interest if you sell to other VAT-registered businesses and want to reclaim the VAT.
VAT applications are something best left to professionals whether at the start of your contracting journey or later. We are on hand to undertake this for you.
Get things right and don’t lose out
Invest in Brilliant Accountants to handle your contracting or freelance accountancy and tax affairs. This will make sure you claim all relevant expenses and don’t end up overpaying tax.
We are more than happy to answer any specific questions you might have. Please give us a call or complete the contact us form and we will get in touch. There’s no obligation on your part, this will just be an initial informal meeting or chat. We’ll see if we can help you with any accounting issues. We can check if there’s anything that may be looming that requires some tax advice and planning.
Get in touch
Rock solid accounting support for your business
Contact us today for all things accountancy & tax in Milton Keynes.