Contractor Accounting ServicesExpert Online Accounting Services
We are ideally positioned to make life simple for you by helping you with your accountancy and tax requirements as a contractor.
As a freelancer, you want to be in control of your income and be ready to take on the next project without the hassle of accountancy getting in the way.
What is the next step?
We offer a simple to use online facility with our Online Accounts package to keep you abreast of your invoicing and allow bookkeeping to be an integral part of your business. We will also go through everything you need to know about complying with HM Revenue and Customs and Companies House.
If you are new to contract work then we can set up the following for you:
- Register you with HM Revenue & Customs
- Set up your Limited Company
- Help you set up a business bank account
- Register for Value Added Tax (VAT)
- Set up your Payroll arrangements for monthly payments
- Provide you with the best tax saving structure possible
First we need to sit down with you and review your current tax position and to find out whether you will be affected by IR35 legislation.
We can provide you with a fixed fee quote that lets you know just how much you will be paying each month and keeps your costs under control.
Many of our clients are freelance so we therefore have the expertise provide the solution for all of your needs.
The Construction Industry Scheme (CIS)
The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.
Services we provide for contractors:
- Register you with HM Revenue & Customs (HMRC) as a contractor
- Verify your subcontractors with HMRC
- Ensure you pay your subcontractors correctly within the scheme
- Supply deduction statements to the subcontractors
- Keep your records in good order and supply HMRC with monthly returns
Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.
Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HMRC, checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.
Sub-contractors: If you are a sub-contractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.
Services we provide for subcontractors:
- Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly
- Verify you with HMRC on behalf of your contractor
- Manage and organise your business records
- Prepare your end of year self assessment tax return and calculate your tax liability/ refund where applicable
Any contractor that you work for must determine whether or not you are to be treated as employed or self-employed for each and every contract. If you are an employee for the purpose of the contract, the contractor will need to operate a PAYE scheme whereby tax and National Insurance Contributions will be deducted from the payments made to you.
If you are self-employed, HMRC will register you as a sub-contractor under the CIS scheme and they will set you up to receive payments ‘under deduction’. This means contractors must make a deduction of tax at 20% (30% for unverified subcontractors) from the labour element of your invoices and pay it over to HMRC.
Whether you are the contractor or the sub-contractor, CB Accounting & Consulting can help you keep your CIS affairs in order.
Why Choose Our Online Accounting Services?
1. Get a Quote
2. Register Your Business
3. Receive a Warm Welcome
We help the businesses in the UK to thrive.
Amazing Experience – When you join us we will assign one of our accountants to you. They will really get to know you and your business in detail, providing one point of contact for any queries you may have.
Always Digital – We’ve partnered with Intuit QuickBooks to offer you an online accounting service that takes the guesswork out of managing your financial business records and allows you to do what you do best – drive sales and grow your business.
Expert Advice – Your dedicated accountant will always be on hand to answer any questions about your business.
No Hidden Costs – We will complete your annual accounts and submit any necessary tax returns to ensure your business always stays compliant with HMRC.
Tax Efficiency Reviews – We’ll also conduct regular tax efficiency reviews throughout your financial year, ensuring your business is being run in the most tax efficient way.