Whether you are new to contracting or are a seasoned professional, accounting services for contractors could help make your life easier and keep your finances up-to-date. Typically, contractors will either use a contractor accountant whilst they operate through a limited company, or, they will use an umbrella company and receive PAYE. We’ll summarise the two options and discuss who is better suited to each.
Plenty of contractors prefer to become the director of their own limited company and a majority of these will hire a contractor accountant to provide them with tax advice and assistance whilst running their business. If you decide to operate in this way, you are giving yourself the best chance to legally maximise your take home pay in full compliance with HMRC (depending on your contract’s IR35 status and the sector your assignment is in).
A contractor accountant can provide you with careful tax planning and offer advice to minimise your tax burden. Features of a contractor accountant include ongoing support and advice, quarterly VAT returns, bookkeeping, company formation, payroll, RTI, HMRC correspondence, and more.
Churchill Knight has multiple accountancy packages for you to choose from, starting from just £95 per month!
An umbrella company is regarded as the easiest way for a contractor to get paid. If you decide to get paid in this way, you’ll effectively become a full time employee of the umbrella company and will receive PAYE. This is not necessarily the best way for a contractor to legally maximise their pay but there are other perks available including Employee Benefits (including Sick and Holiday Pay), free insurances, Same Day Faster Payments, your own dedicated Account Manager, and more.
Churchill Knight Umbrella helps hundreds of contractors get paid on time, every time! Our clients also have access to our exclusive reward scheme called Churchill Knight Rewards – allowing you the opportunity to save £££ when shopping online, visiting the high street and eating out at your favourite restaurants.
The Construction Industry Scheme (CIS)
Are you a contractor currently working in the construction industry? If you are, there are plenty of accountancy services that could help you, including contractor accountancy (for your limited company) and CIS Umbrella (which allows you to operate as a sole trader). You may also be entitled to a tax rebate if you have been purchasing equipment to use when working on an assignment and if you are, submitting a personal tax return at the end of the tax year will ensure you get back what you are owed.
Churchill Knight are providers of multiple CIS services designed to assist contractors working in the construction industry.
Speak to the experts!
Since 1998, Churchill Knight & Associates Ltd has helped over 20,000 contractors get paid in full compliance with HMRC. Whether you’d prefer to operate through a limited company, join a PAYE umbrella, or you are just looking for some friendly and professional advice, we’re here to help. Please call us on 01707 871622 or use the contact form on this page to send us a message. We look forward to hearing from you!