Who can benefit from our UK Accounting
1stContact Accounting offers a range of accounting services to UK clients
– our contractor accounting offerings can help you pay less tax and optimise your
Accounting for Contractors:
Individuals who are contracting in the UK - If you are working
as a contractor or you are an expat currently in the UK, there are many opportunities
to optimise your earnings through tax reduction.
Accounting for Limited Companies
- Anyone who is self-employed and contracting, or is considering contracting should
look into the option of working through a limited company.
Additionally, any new business start up may begin as self employment. Once the concept
is proven and the enterprise grows it would be beneficial to incorporate as a limited
Working through a limited company allows the flexibility to pay salary and/or dividends,
as well as retain profits within the company for use in later periods, or for investment.
Working through a limited company also allows the opportunity to invest in a pension
in a tax efficient way.
A limited company allows flexibility in how and when a client is paid, enabling
the client to manage and reduce the overall tax liability.
Tax is often an individual’s largest liability, and one that does
not bring any additional benefit, and therefore deserves to be given some close
Salaries enjoy an initial tax free rate, after which PAYE and NI
Dividends – the net effect is to not pay any additional tax until
the amounts received by the client exceeds the Upper Tax Threshold. (Dividends attract
a 10% notional tax and corresponding tax credit.)
Corporation tax is 20%.
What you get from our contractor accounting offering:
1stContact Accounting's specialist contractor accountants are highly
knowledgable and experienced. Even if you’re new to contracting you can rest assured
that we’ll guide you every step of the way.
Our contractor accounting services are designed to give you everything
you need to operate productively, saving you the hassle of dealing with accounting
issues and freeing up your time to focus on contracting.