Finding an Accountant
Your accountant is one of your most important allies ensuring you complete the correct paperwork on time, and advising on the most tax efficient ways of operating as a Contractor.
Always recruit an accountant as soon as the business starts up - good advice saves time and prevents problems in the future.
There are a number of different ways your business can be set up:
Your accountant will help determine which is the best setup for you by considering tax and financial issues, administration, legal requirements and your business image.
One of the most popular ways to operate is as a Limited Company which helps to reduce risks, having limited liability if things should ever go wrong. Customers and suppliers may also perceive that a Limited Company has more credibility. Your accountant will assist in setting up and registering your company, advising on VAT, PAYE and tax implications on a number of issues ranging from whether to work from home to expenses which are tax deductable and employing family members.
An accountant will also file annual accounts and complete statutory requirements for the company, leaving you to concentrate on the contract work itself and, once a contract is underway, your accountant will provide advice on invoicing and the best ways to withdraw money from company profits.
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