Contractor Accounting & Tax

Since opening our establishment in 1994 we have acted for variety of contractors including the IT and engineering sector, to the construction and the medical sector. Moreover, we have assisted with establishing and maintaining records including; payroll,VAT, preparation of annual accounts, filing corporation tax returns, tax and tax planning, reviewing and advising on provisions of IR35.

About Our IR35 Service

Our IR35 services includes reviewing contracts, calculation of IR35 deemed payment, computing additional tax and NI liability due on contracts falling within rules of IR35.Whilst most accountants are able to assist with advice on a day to day maintenance of records and preparation of annual accounts. Few actually understand the provisions of IR35 and consequent additional cost and risk to contractor.

A S Partnership have previously worked with several contractors all from different sectors, as well as attended regular tax updates. Our previous experiences means we have developed a good understanding of key factors that are likely to make a contract fall within IR35 and can advise clients accordingly.

Who is responsible and liable for incorrect assessments

Up until recently the director of a personal company has been responsible and liable for an incorrect assessment of whether income received in a tax year was within or outside of IR35. That responsibility has shifted to the fee payer since 2017 in the public sector, and it will also apply to the private sector from April 2020. Thus, the risk of getting it wrong and liability for underpayment of tax will not be the director.

Why your business needs us

It is important that a contractor is supported by an accountant who understands IR35 and is able to lodge necessary appeals or representation. This is because a difference in income received can be several thousand pounds between a contract assessed as within IR35 or outside.

Our Service is offered at a fixed monthly fee of £120 + VAT, which includes;

• Giving help and advice on setting up company and a bank account
• Supplying and giving advice on maintenance of records on integrated excel spreadsheet or Freeagent cloud based software
• Payroll preparation and reporting (upto 2 director/staff)
• VAT registration, advice and submission of quarterly VAT return
• Annual accounts and corporation tax return
• Self-assessment return
• IR35 contract risk assessment (2 per year)
• Accountant reference (2 per year)