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.