Bespoke accounting for contractors
Whether your new to contracting or been doing it for years, choosing the right accountant can be a headache. With Adroit you will see a bespoke level of service matched with a one to on advisory. We believe very much in working in the 21st century (with all the software’s) but more importantly using an old school methodology of building relationships with you and guiding you step by step through the whole process.
From face to face meetings, to a detailed tax planning session we will have you on the right path from the very beginning. Our aim is to maximise your take home and guide you in running your limited company in the most tax efficient way (while still being compliant obviously!)
Be it forming the company or just advice on how to run the limited company to it’s maximum potential, we’ve got you covered!
We have a team of expert accountants whose knowledge and experience with the contracting world is second to none, they will take away the headache of dealing with HMRC or the taxman and be pro-active in their approach so you never miss a deadline. We are also IR35 experts so can guide you in the best way forward in regards to that too.
We also work with many different partners so can get almost everything done in house for you, to name a few of the services we can help with:
Setting up a business bank account, business insurance, pensions/wealth management etc…
Why not speak to one of the team today and see how we can help!
Choosing how you work is probably the most important decision you’ll have to make when starting out in business.
As a contractor, you can kick-start your own business in one of four ways:
- Working as a sole trader.
- Setting-up a limited company.
- Joining an umbrella company.
- Being paid through a recruitment agency.
Deciding which option you take involves weighing up the risks and rewards of each. Our team is on hand to help you make the right call.
IR35 is a piece of legislation that can apply if you’re working for a client through an intermediary or ‘middle man,’ whether it’s another person, partnership or limited company (sometimes called a ‘personal service company’).
It’s there to ensure that you pay the right amount of tax and National Insurance contributions (NICs) when your relationship with a client is pretty much the same as an employer-employee relationship – where tax and NICs are paid through the Pay-As-You-Earn (PAYE) system
If you work as though you’re outside IR35, but HMRC finds that you’re actually inside it, you can incur penalties and be charged interest on underpaid tax and NICs. So, it’s important that you have an expert consider your situation so you can find out where you stand.
If you’re a sole trader or work through a limited company, your take-home pay can be much higher if you register for Value Added Tax (VAT) – normally, on the Flat Rate Scheme (FRS).
If you sign-up to the FRS, you pay over a smaller proportion of the VAT collected from your clients and keep the balance, which may mean significant savings and increased profits for your business in the first year.
What’s more, if your clients are VAT-registered, they can reclaim the additional 20 per cent you charge them when they file their VAT Returns, so it won’t cost them a penny. So, it’s a win-win situation for you and your clients.