As a firm of specialist accountants providing services to contractors for the past two decades, RUS Chartered Accountants understand the needs of contractors and are able to provide them with support and advice to benefit them financially. To ensure that you are working in the most tax efficient manner, we can help you decide on the best way to organise your business structure for the present and future. Our experience and expertise can save you time and money, giving your peace of mind that your affairs are in order. We are aware of IR35 legislation affecting this sector and can look at your contract with the agency or the end client and advise on ways that you can change your work requirement and expectation to best comply with this onerous legislation.

With companies preferring to hire specialists to work on short/medium-term projects, contractors are in demand more than ever before. Agencies and End Clients do not look to take on contractors as employees and to some extent prefer them to contract through their own limited companies. With this in mind, it is a great time to take on an opportunity in a wide range of roles, whatever your skill set either as a self employed individual or through the medium of a limited company.

The majority of contractors are now trading though a limited company because of tax efficiency, security and flexibility. Advantages and disadvantages of operating a limited company can be found below:

Advantages:

 

• Tax efficiency

• Low financial risk

• Expenses

• Retain control

• Professionalism

Disadvantages:

 

• Reduced privacy

• Administration responsibilities

Over the last few years or so we have seen an increase in contractors setting up their own limited companies to trade from. A large proportion were previously using Umbrella Companies to shelter their tax and NI liabilities. Tax anti avoidance legislation has caught up with many contractors and issued APN's (advance payment notices). This is a precautionary measure taken by HMRC to collect additional punitive tax off individuals who have used certain off shore tax sheltering schemes.

During a FREE consultation, we can review your financial position and work out the appropriate structure for your limited company. We use a flowchart diagram to work out the optimum tax efficient structure for you to trade from. This flowchart works out your total tax liabilities including any personal tax resulting from taking dividends to take you an an individual above the higher rate tax threshold. From this we will be able to work out the estimated retention percentage of your easrnings.

Typically we provide the following services for our Contractor clients as part of a comparatively low cost all-inclusive fee:

 

• Company formation & registration with HMRC for Corporation tax.

• Registration for VAT on the flat rate scheme.

• Preparation of Annual Accounts (including Balance Sheet).

• Preparation of Company Tax Return (CT600).

• Submission of Annual Return.

• Monthly Payroll Processing.

• Unlimited Tax Advice.

• Preparation and submission of Director’s Personal Tax Return.

• Quarterly VAT Returns and submission.

• Spreadsheets to help administrate your business. A suitable and competent staff member will be allocated to guide you through this process.

• Assistance with monthly cash flow sheets showing the amounts available for dividend after expenses and salaries along with monies to be put aside for taxes.

A large proportion of our new clients come through recommendation from their colleagues and friends who use our services. We presume this is because our clients are happy with our services.

 

Why Choose RUS

Since 1992, RUS Chartered Accountants have specialised in supporting accountancy, taxation and audit needs for all types of businesses and individuals throughout the United Kingdom.

By choosing RUS Chartered Accountants you will have access to a team of qualified and part qualified accountants who you are able to contact directly as and when you wish to. Should we be engaged to, we will take care of all your business and personal taxation needs and will take the time to get to know you and your business to ensure efficiency. An account manager will be allocated as a main point of contact.

We have been working with our clients for over 20 years and have a wealth of experience, allowing us to understand your needs.

Our accountants are dedicated to providing the very best in services and are mostly either qualified or part qualified working towards the following qualifications: ACA, ACCA. Our staff undertake training on a regular basis to ensure that their knowledge is up to date so our firm can provide the highest standards.

Here at RUS Chartered Accountants, for many of our Medical Professional and Contractor clients, we have tailored and standardised services providing our clients with an all-inclusive accountancy package for an agreed monthly fee.

For more information on our services please contact us.