JR Financial Accountants provides proactive tax advice and accountancy services for IT contractors who choose to work through their own limited company.
IT contracting has never been more popular, higher take home pay, the most tax efficient method possible, and more freedom, less office politics and what seems like the end of the ‘permanent’ job. Downsizing, outsourcing, corporate politics, death of the final salary scheme all seem to be pushing skilled IT professionals into contracting.
Contracting for some may be the perfect option but it doesn’t come without a fair share of challenges. Generally, as a contractor if you work for a company for a fixed period under a fixed contract, you will essentially be selling your skills and time and usually be paid by the hour. Anecdotal evidence suggests that although contracts are for a fixed time they are often extended but it is always your choice whether you stay or move on to your next contract. Many contractors work for the same company for years and other than a few small tax implications regarding travel costs to and from work, there is nothing wrong with this at all.
Remember – you always have the safety net that if you don’t like contracting you can return to permanent work.
Tax is complicated, even the Governments’ guideline booklet on expenses is over 100 pages long, and so if you are thinking of going limited you’ll need to think carefully about appointing an accountant.
You’ll need an accountant who specialises in Contractors, Consultants and Freelancing issues, no point choosing an accountant who specialises in Pubs, engineering or shed manufacturing.
At some point you may want to meet up with your accountant – most contractors manage their relationship with their accountant over the telephone and email. However, for yearly reviews or just to go over something that’s unusual or complicated it’s good to know you can meet up.
Our team members are highly qualified and experienced with technical knowledge including: IR35, IFRS and UK GAAP and they are currently worked with hundreds of contractors. If you are looking for IT Contractors or Freelancers Accountant then please feel free to CONTACT US FOR FREE INITIAL CONSULTATION.