As tax accountants and tax advisors we offer specialist advice for contractors whether working in the IT sector or otherwise. Our services include:
- Incorporating a company for your if required
- Registering with HMRC as your tax advisor, and liaising with HMRC on your behalf
- Helping you get VAT-registered with HMRC
- Computing your VAT liability and filing VAT returns with HMRC
- Setting up your PAYE account with HMRC, and filing annual PAYE returns
- Running your monthly payroll for the directors and employees
- Taking care of the Companies’ House filings including annual and event-driven returns
- Providing bookkeeping and invoicing services
- Preparingmonthly management accounts if required
- Preparing statutory year-end accounts
- Advising on optimum dividend and salary extraction from the company
- IR35 compliance review and advice where required
- Transaction-specific advice for non-domiciled residents with world-wide income and gains
IR35 compliance review
IR35 or intermediaries legislation, as it is known, is basically an anti-avoidance tool. It aims to eliminate PAYE and NIC avoidance, bypersons operating through a personal service company or other ‘intermediaries’. Before its introduction in the year 2000, individuals could avoid being taxed as an employee, on payments for services and paying Class 1 NIC, by providing those services through an intermediary. The legislation basically ensures that PAYE and NIC are recovered where personal companies or other intermediary vehicles are used to disguise employment. The relevant law is chapter 8, part 2 of the Income Tax (Employment and Pensions) Act 2003. IR35 issued by HMRC provides detailed guidance on how the law applies in various situations.
Given the complexity associated with the legislation contractors need guidance and advice from IR35 specialiststo assess if they are hit by the legislation. We could provide specialist IR35 advice for individuals before and after signing up as contractors.
Contact us for a free initial consultation.