Specialist Contractor Accountants
Are you a freelancer or a contractor? Does it get difficult to manage your accounts while also managing other aspects of your workload?
Well, you’re not alone. Many contractors and freelancers find it difficult to look after their financial needs. From having to manage your annual accounts, taxes, VAT returns and more, you may find yourself sitting with your head in your hands.
At Acumenica, we offer accounting services for contractors, consultants and freelancers. With our exceptional contractor accounting services, you will see a huge number of benefits.
Accounting Services for Peace of Mind
You can’t put a price on peace of mind, right?
Wrong (we think).
If you’re a UK based contractor or consultant, peace of mind costs just £99 per month.
Any accountant can crunch the numbers. We do more. From the first time you contact Acumenica, our focus is on adding value to your contracting company.
You’ll probably want to ensure your company is set up in the most tax efficient manner. If you’re new to contracting we’ll explore and explain the options available to you. If you’ve already got your company, we’ll perform a root and branch review to ensure that you are operating in the most tax efficient manner. Our specialist contractor accountants focus on areas such as:
Drawing strategy – how much salary, how much dividend?
Share structure – should your spouse be a shareholder?
Deferral of income- can you avoid higher rates of tax by leaving reserves in the company?
Expenses – are all expenses and reliefs being claimed?
We believe your tax planning is a process, not a service. That’s why, using the power of Freeagent, we are able to work on your real-time financial information to ensure you’re being as efficient as possible.
And our unique, pre-year end tax planning session will ensure you’re in the best shape possible.
Oh, aye, we also look after the boring stuff:
VAT returns
Annual accounts
Corporation tax returns
Self assessment tax returns
Payroll administration
Dividend management
Dealing with HMRC correspondence and queries
£99
Key Features
Ensuring Tax Efficiency
Overlooking Annual Accounts
VAT Returns
Corporation Tax Returns
Payroll administration
Dividend Management
IR35 Assessment
Our Online Contractor Accounting Services—What We Do For You
Whether you are a contractor or a freelancer, you can gain massive benefits from having experienced accountants managing your finances for you. As your accountants, we will have much more to offer than simply crunching numbers.
Once you are partnered with us, we will begin looking for opportunities to add value. We will work with you to ensure that you are set up in a way in which you can maximise tax efficiency.
If you are new to the contracting world, you don’t need to worry. We will work with you to explore the best opportunities for you in terms of financial growth and efficiency.
We can also assist you in setting up your business and choosing the proper business structure so that you can derive maximum benefits in terms of taxes, liabilities and overall operations.
With us, you will find it easy to navigate through the process of forming your business and ensuring its growth. We can take care of your accounts and manage your tax compliance. This gives you the freedom to focus exclusively on your business growth while we take care of the rest.
In addition to that, if you already have a business set up, we will dive right into a branch review that explores the roots of all your operations to ensure that your business is functioning in the most tax efficient way. Our specialist accountants will identify any areas for improvement so that you can generate more revenue and make the most out of your investments.
We will also manage your annual accounts, VAT returns, corporation tax returns, self assessment tax returns, dividends, payroll and more!
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Drawing Strategy
Having an effective drawing strategy is essential to your contractor business. A good drawing strategy can provide the right balance between your salary and dividends in a way that maximises your income. You will also have better clarity on your cash flow so you can make more informed decisions about moving or investing your money.
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Tax Efficiency Planning
It is very important for contractors and freelancers to understand how they will be taxed based on how much of their income they draw. With a contractor accountant, you will be able to avoid higher tax rates by leaving the right amount of reserves in your company. Moreover, with a structured tax plan based on your income, expenses and deductions, your business will become more tax efficient.
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Managing Expenses
Are you claiming all your expenses and reliefs? Are you on top of what type of reliefs apply to you and are available? We can make sense of it all for you. With our online contractor accounting services, you will have all the information regarding the allowances that apply to you, the documentation you’ll need and the best ways to present these claims. We will keep a record of everything and ensure that you are in compliance with rules, such as the 24-month and 40% rules.
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Share Structure Planning
Are you the director and the shareholder of your own company? Is that the most beneficial option for your business? We can give you the answers. We will provide you with the right guidance on the type of share structures that are available to you, based on your business goals. Moreover, you will gain valuable insights about who the shares should be issued to, developing shareholder agreements and more.
Why Choose Acumenica?
At Acumenica, we believe in committing ourselves to your business. With a team of dedicated professionals, we provide exceptional accounting and taxation services. As one of the leading online contractor accounting agencies in the UK, we will look after your finances so you can go on to achieve more.
Moreover, as a cloud-first, technology-driven accounting firm, we believe in delivering results. We will work with you to develop plans and strategies that will enable you to expand your business and achieve your goals.
As your contractor accountants, we ensure that you will always have access to us through phone, email or even in-person meetings.
What’s more, by partnering with us, you will gain access to FreeAgent—our award-winning cloud software that will make managing your business finances a whole lot easier. However, we are also certified partners in Xero, Dext and a variety of other solutions to meet your specific requirements.
Contact us now to discuss how we can work with you. You can also reach us via email at info@acumenica.co.uk or call us on 03330 166559
The IR35 Zone
**UPDATE 17/10/2022**
The new chancellor has rowed back on the repeal and it will no longer happen. The status quo remains in place
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**STOP PRESS** The 2017 and 2021 reforms have been repealed. Stay tuned for more information as it becomes available.
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Rarely has there been an Inland Revenue press release that has become so famous, or perhaps infamous. In March 1999 issued press release number IR35 which set out the HMRC’s plans to clamp down on the growing use of one-man-band limited companies to provide professional services to clients, where the individual was still working in a manner akin to a traditional ‘employee’ while enjoying the tax benefits afforded them by a corporate structure.
Perhaps the most significant development in recent years is the current proposal to shift the decision making process around who assesses employment status. Currently this decision rests with the “worker” but from April 2020, the decision will be made by the engager. The clear implication is that the engagers will make “blanket rulings” and deem all of their contractors inside.
Now more than ever, contractors need to be informed so they can mobilise and protect themselves. The Acumenica IR35 zone below gives you the information, while we provide the expertise.