Contract employment is an established element of most organisations recruitment strategy, driven by a need for organisation’s to access specialised skills on a flexible basis.

If you are considering a move to contracting, you need to weigh up the positives around flexibility, choice and variety of experience against the need for relative job security in the form of permanent employment and a salary.

Only you will know whether contracting is the right choice for you.

New to contracting

For the most part, organisations look to protect themselves against extending employment rights to contractors, and are unlikely to hire an individual as a contractor without a limited company or umbrella company in the background. So, if you are new to contracting, the first thing you will need to do is choose a contractor option that is best for you – either operate through an umbrella company or set up your own limited company.

A limited company is generally the most tax efficient way to legally maximise your pay, and is the most common route for contractors. However, as owner and director of the company, you will have certain responsibilities in the form of financial accounts, tax and VAT returns.

It is these responsibilities that the majority of contractors outsource to accountants.

Why use an accountant

Running your limited company is relatively straightforward, and there is no legal requirement to appoint an accountant … so managing the company yourself is definitely an option; but don’t underestimate the learning curve and the time needed to maintain records and prepare and submit returns.

Employing an accountant who is experienced in company management could end up saving you both time and money – allowing you to focus on other activities that you actually enjoy doing.

What we offer

Our core offering for contractors is a comprehensive suite of services designed to deliver everything needed for the smooth and efficient running of your company.

Our company formation service includes everything necessary to get you up and trading through your limited company. Choose the company name if you wish and leave the rest to us:

  • Business incorporation
  • Preparation of statutory registers and
  • Company registrations – company tax, PAYE and VAT

We are able to tailor our services at your request, but we would recommend the following at a minimum:

  • Maintenance of accounting records
  • The preparation and submission of:
    • Payroll
    • Quarterly VAT returns
    • Annual Accounts
    • Company Tax return
    • Personal Self Assessment
    • Annual Confirmation statement
  • Real time access to management reports
  • Maintenance of statutory registers
  • Liaison with HMRC for business and tax affairs
  • Registered office

If you have any questions about contracting or would like to talk through some of the options, please get in touch.