There are many challenges that the director of a limited company faces with corporate legislation. These problems can result in punitive measures being imposed if not taken care of. A limited company director who by design or ignorance elects to ignore the legislation is not prudent.
It is in this field that contractor accountants come in handy. The self assessment accountant will make sure that for an only small annual fee; the information is made in the right format and is handed in to where it is required in time with tax matters prepared in tandem with all the rules and regulations that exist at the time.
The following documents need to be prepared by the limited company director: Full Accounts for shareholders, Abbreviated Accounts for Companies House, CT600 Corporation Tax Return, SA100 Self-assessment Income Tax Return, Payroll and Annual Return. Other documents that might also be required are VAT monthly or quarterly returns going by the company’s business turnover and whether the directors chose for voluntary registration for VAT.
The above tasks appear to be not easy. But with the help of contractor accountant, business matters can be easily handled resulting in reduced cost of producing the above. By having these financial documents alphabetically or in order of date, it becomes very easy for the accountant to be able to manage them. And also by making sure the cashbook and the business bank statements are reconciled, it is a sure way of minimizing his workload, thus keeping the costs to the minimum.
The director can only do a little, and this is where he requires the services of the accountant. Planning of tax is a critical issue. Corporation tax is paid at 20% on the net profit for small enterprises while for the bigger ones, the tax is pegged at 28% and the returns taken from the business to the hands of the director. It is with taxation matters that the accountants play a crucial role in company’s matters.
There are many reasons why one can opt to venture into being a specialist accountant contractor. A person seeking a new career can just find out that contracting is the best way to go. Some people are also interested in self-employment and with enough credentials and impeccable business acumen they can break into this field.
It is a fact that hiring specialist contractor accountants can save both time and money. The tricky part is whether one is prepared to leave his or her well-paying job to be a contractor accountant and whether he or she likes the idea of being own boss. The kind of job can also benefit a person who has been rendered redundant and looking out for other new opportunities.
Apart from being an easy way to venture back into employment, it is also money minting. But there are a few things to think first before you plunge into being a contractor. You have to decide on how you need to operate.
Many options need to be considered like whether one need to be a limited company, a sole trader or common law partnership. When it comes to choosing the best option, you can seek guidance from a specialist contractor who has been in this field for a long time for advice. You can also do your research just to be sure that you are not plunging into an unchartered terrain.
Hiring special contractor accountants is the solution when you want to cut on your costs. It also makes sure that you worry less when it comes to handling the many company forms efficiently because the contractor accountants are in business to make your life easier.