WHO WE HELP    

Small Businesses • Limited Companies • Contractors • Sole Traders • Dentists, Medical & Healthcare Professionals

               Contractors

Accounting services for Contractors Embarking on a contracting journey is undoubtedly thrilling, yet it's crucial to deliberate on several factors before diving in. To steer clear of initial hurdles and navigate through intricate regulations smoothly, opting for specialized contractor accounting services is highly advisable to kickstart your venture. 

At Samir & Co, we've assisted numerous novice contractors in transitioning to entrepreneurship by offering tailored accountancy packages designed specifically for contractors. 

Understanding contractor legislation 

Understanding contractor legislation is vital for ensuring compliance and avoiding legal pitfalls when operating as a contractor. Key aspects of contractor legislation typically include: 

1. IR35 Rules: IR35 legislation in the UK determines whether a contractor is considered a genuine independent contractor or a disguised employee for tax purposes. Understanding IR35 rules is crucial for managing tax obligations correctly. 

2. Taxation: Contractors often have different tax obligations compared to regular employees. This includes understanding tax liabilities, allowable expenses, VAT regulations (if applicable), and other tax considerations specific to contractors. 

3. Contractual Agreements: Contractors typically work under contracts, and understanding the legal implications of these agreements is essential. This includes payment terms, scope of work, termination clauses, and intellectual property rights. 

4. Legal Status: Contractors may operate as sole traders, limited companies, or through other legal structures. Each option has different legal and tax implications, and contractors must choose the structure that best suits their circumstances. 

5. Employment Rights: Contractors do not typically have the same employment rights as regular employees. Understanding the difference between contractor and employee status is crucial for avoiding disputes and legal challenges. 

6. Data Protection: Contractors may handle sensitive data as part of their work. Understanding data protection regulations and ensuring compliance with data protection laws is essential for protecting client information and avoiding legal consequences. 

At Samir & Co, we're equipped to address your inquiries and provide guidance on operating your company in the most tax-efficient manner. Whether it's determining the optimal amount of pay to take home, managing dividend distributions, maximizing expense claims, registering for the Construction Industry Scheme, devising tax planning strategies, or crafting long-term financial strategies, our in-depth understanding of contractor-specific legislation positions us as the ideal partner for your needs. 

The benefits that we can bring to your contracting business: 

• Help you set up as a Limited Company and deal with all HMRC and Companies House administration. 

• Set you up as part of the Construction Industry Scheme (CIS) - where applicable. 

• Assist you in maintaining online accounting records 

• Submit your corporate tax returns to HMRC. 

• Draw up directors’ self-assessment returns. 

• Provide tax advice and recommendations for long term planning. 

• Advise you on dividend payments to ensure tax efficiency. 

• Run your monthly PAYE returns and submit data to HMRC. 

• Process your quarterly VAT returns. 

• Manage your Construction Industry returns - where applicable. 

• Remind you of important deadlines. 

• Answer any day-day questions you may have relating to your contractor tax affairs.