Churchill Knight & Associates Ltd is proud to be knowledgeable as a contractor accountant expert. Our in-depth knowledge of the contractor industry means we can help you find the best payroll service for you and help you maximise your take home pay.
For most contractors, a limited company is the most tax efficient way to legally maximise your pay. However, as a contractor you could be affected by IR35, the tax legislation which determines your tax status.
HM Revenue & Customs (HMRC) defines this tax status as 'inside' or 'outside' IR35. Put simply this means:
1. Inside IR35 defines you as 'temporary employed'
2. Outside IR35 defines you as 'self-employed'
HMRC introduced this legislation in a bid to tackle disguised employment whereby contractors can benefit from the tax advantages of being self-employed, but in reality they may have the same working relationship as a standard employee, with the same benefits and security as normal employees.
If this is the case, and you are inside IR35, we can still help you maximise your pay.