Best Accountant in London

I have been dealing with Contractor clients for a couple of years. There are some problems that I come across in normally all of them are as follows, I am sharing this as it might be helpful for any person who is starting contracting or already a contractor.

One thing is clear that you will be able to take home 75-80 percent of the income for example if you earn 350 pound per day you will be able to take home 280 per day and more with you are earning more 350 per day. And it is far more tax efficient than being in permanent employment.

Secondly as a director of the business you can take salary and dividends of a total of 42,000(approx). And if you have no more personal income like: rental etc you can save personal tax or even not pay any personal tax at all.

Thirdly the most important thing that a director of a limited company needs to know is how to use the business bank account and which expenses to claim for. The expenses that are wholly and exclusively for the business are eligible expenses, and the director has to pay for the normal expenses of the business through personal account after transferring a fixed amount of money from the business account. And update the expenses claim monthly. The expenses to be paid directly from the business account are: Professional insurance, Health insurance, Professional fees, Pension contribution, HMRC taxes, Wages and salaries, Dividend and the transfer to director personal account.

There are more to accounting for contractors than just the three points above. I will try to cover more points in my coming posts. Should you be looking to find accountant in London please feel free to contact Excellence Accounting Limited at accounts@excellenceaccounting .com/ 02032894704

We have a specialist team in London office that deals with contractors, freelancers, self employed and startups. We are available Monday to Saturday 11am to 11pm.Our response time is within 24 hours and we have a team of qualified accountants for contractors who are very flexible and can meet with you via email, phone or face to face anytime you need.

Limited Company Setup/Startup

How easy it is to setup/start-up a limited company

Setting up a limited company only takes a few hours. Once a contractor has decided to form a Limited company rather than working under an umbrella company, it can be set up and registered with Companies house with in three working hours.

Opening a bank account and free business banking

Opening a bank account can take somewhere between one day to three working days but it’s best to choose a bank that offer free business banking for a good few months so that it doesn’t start charging even though there are no transactions on the bank account. Santander and Lloyds are amongst a few banks that facilitate the small businesses with free banking.

Accounting services for contractors

A typical contractor require an accountant for the following services. Company Incorporation (can be done directly through Companies house)

Bookkeeping

Year end accounts and tax return

Tax advice

Payroll

VAT

Cloud accounting is one of the best options available in the market for contractors. This helps both clients and their accountants keep track of all the information and update the system on real time basis. Excellence accounting offer choice of software clients can choose from like free agent, XERO, Clear books and Liberty.

For more information please visit www.excellenceaccounting.com

Why Use Excellence Accounting for your Contractor Accounting

Excellence Accounting provides the highest quality Accounting and Taxation services for contractors and small businesses. Our team is based in Holborn London EC1, and work for clients nationally around UK. We provide services that match exactly with your requirements. Our team understands that each limited company is different and has own requirements that needs to meet in order to achieve the best possible savings in corporation tax as well as personal tax. Our work style puts client in the center of the project, keeping you involved at every stage of the process. As an Accountant for contractor firm we have years of experience in services of many types companies resulting in maximum tax saving under the limited company route.

Client is always at the forefront of our services and our website is created to be accessible and standards compliant. We give 24/7 access to clients on the accounts online that they can login to view, add invoices/expenses. We design your service using the latest rules of HMRC so that you are perfectly placed to have full advantage of being a Limited company director. We use many different tools like: Direct upload of bank statements/Invoices/Expenses, Initial tax planning meeting/Comparison of PAYE Vs Limited Company in terms of taxes and PAYE.

We can help you be on time with deadlines to pay taxes such as PAYE/VAT/Corporation tax/Self assessment and plan ahead at the start of the year so that you have a complete understanding of Limited company cash requirements and your own requirements so that you can plan with us your tax efficient Salary and dividend that will allow you to control and manage your own business and finances. We also provide Email/Telephone support so that you can speak to your own Account manager easily or even book a meeting if you need to speak to your Account manager in person.

Why Use Excellence Accounting for your Contractor Accounting?

 Our combination of professional skills and knowledge, and years of Contractor accounting experience allows us to provide excellent services for our clients. We want our services to work perfectly for you, your business and your agency.Since the start of 2014 we have been providing Contractor accounting solutions to contractors of different industries in London. Good, quality service is at the core of everything we do, no matter what your business requirements are, the Excellence Accounting team has the skills to provide you with the best Contractor Accounting solution.

                                               

We create attractive, eye catching plans that also provides the highest level of tax saving, and we firmly believe in creating a service plan that not only looks great but work effectively too. We have a huge array of experience in providing Contractor accounting services to contractors of different industries, creating tax plans, professional service with our personal communication led contractor accounting service.

Please feel free to contact us if you have any questions about our contractor accounting servic.