Sub-contractor and Freelancer Accountancy Services

Subcontractors ansd Freelance Accountancy Services

What to expect from Us

At NEWHSL we offer a complete accountancy services to sub-contractors and freelancers.

Our experienced accountants would carefully review your circumstances and give you our opinion on whether or not your business falls within the legislation or not, giving you the confidence and peace of mind that you are trading safely.

Our ultimate aim is to ensure that you are using the most tax efficient business structure to trade are fully IR35 compliant.

NEWHSL has introduce a cloud accounting service called Cloud Smart to help sub-contractors and freelancers.

Cloud Smart is:

  • A dynamic approach that takes cloud accounting to a whole new level
  • Empowers you to do the compliance bit in real time / on the go
  • All we do, is to provide the management support and advice that enables you to make the key decisions to improve your bottom line

Our cloud support services start from as little as £12.99 / month plus VAT.

What services we offer

  • Specialist Account Managers for Contractors
  • Business and Tax advice
  • Annual Statutory Accounts
  • Corporation Tax & Self-Assessment Tax Returns
  • Annual Returns to HMCR & Companies House
  • VAT Accounting, Payroll  & Submissions
  • Regular Business Review
  • Cloud accounting software
  • We deal with all HMRC letters/queries and Companies House letters
  • Unlimited telephone and email support

The flexibility and simplicity every contractor and freelancer needs.

  • Your own dedicated accountant
  • Unlimited help and advice throughout the year
  • We take care of all dealings with HMRC and file all necessary returns
  • Cloud accounting software

What do you need to consider?

Working outside of IR35 and knowing what is claimable, are just two of the important issues when freelancing or contracting. Having knowledgeable accountants who have worked in this area is vital.

  • As a contractor there are a number of important issues to consider, whether you are just starting out or have already started trading.

Top three things to consider as a contractor

How best to trade?
This is a question that all new contractors ask: whether it is better to trade as a Sole Trader, through a Limited Company or an Umbrella Company.

There are pros and cons to all methods and so it’s important that you choose the right method for you. As a Sole Trader you do not have to take IR35 into consideration (as it is your customer’s responsibility to ensure you’re operating outside of IR35) and it is more tax efficient than an Umbrella Company, but less so than a Limited Company.

A Limited Company is the most tax efficient but there is a bit more work and more responsibilities compared to a Sole Trader. IR35 also needs to be considered if you have a Limited Company. An Umbrella Company is not very tax efficient but can be less hassle which can be more convenient if you only have a short term contract.

It may be useful for you to take a look at our take home pay calculator to get an idea of how much you will take home for each.

The infamous IR35

As a very basic summary, IR35 is a piece of legislation designed to prevent contractors from acting as ‘disguised employees’.

This is when the relationship between the client and contractor is much the same as an employer/employee relationship and therefore the contractor should be paid through the PAYE system. It’s imperative that you have an IR35 review to see if you are inside or outside of the legislation.

If you are caught inside IR35 but trade as though you are outside of it, then you are at risk of penalties if HMRC should decide to look into your business in more detail. You may have underpaid NI which may need to be backdated and paid to HMRC along with further penalties and interest. We have hundreds of contractor clients and so our accountants are extremely knowledgeable in all areas concerning contractor tax requirements, and are able to give you honest advice on how HMRC will view your business.

Our accountants would be happy to review your circumstances and give you their opinion on whether or not your business falls within the legislation, meaning that you can be safe in the knowledge that you are trading in the correct way.

Registering for VAT as a contractor

If you trade as a Sole Trader or through a Limited Company, you can often take home a substantial amount more if you were to register for VAT (typically on the Flat Rate Scheme).

As long as your customers are VAT registered, they can reclaim the extra 20% you charge to them when submitting their own VAT Returns, and as such it will not cost them anything extra.

If you were to register on the Flat Rate Scheme, you would then pay over a smaller percentage of the VAT collected from your customers and keep the remainder, resulting in considerable savings and larger profits for your business.

Still have questions?

Our accountants would be happy to discuss them with you and identify what is the best fit for both you and your business, and to explain what’s involved with contracting in more detail.

To summarise; what you can expect from our services;

  • Specialist Accountants for Contractors
  • Business and Tax advice
  • Annual Statutory Accounts, Corporation Tax etc
  • Annual Returns
  • VAT & Payroll submissions
  • Registered Business Address
  • And more...

Keep in Touch with New Horiizon ServicesKeep in touch

For more information on the above, please Contact Us or telephone on 03451_ 930 620 and we will be glad to answer any questions you may have. Even better, why not book your FREE consultation today, it only takes a minute. At this stage, if you are just looking for an idea of how much our services cost, then please feel free to complete our Request a Quote Form and we will get back to you within 48 hours. In the meantime, why not follow us on Facebook or Twitter for the latest news that may affect your business or subscribe to our Newsletter for automatic email updates. If you are out and about in the Enfield or North London area, why not give us a quick call to confirm if we can arrange an immediate, free consultation.