BROOKSONONE.CO.UK SPECIALIST CONTRACTOR ACCOUNTANT BENEFITS OF USING A SPECIALIST CONTRACTOR ACCCOUNTANT

Transcription

1 BROOKSONONE.CO.UK SPECIALIST CONTRACTOR ACCOUNTANT BENEFITS OF USING A SPECIALIST CONTRACTOR ACCCOUNTANT 1

2 THE BENEFITS OF USING A SPECIALIST CONTRACTOR ACCOUNTANT INTRODUCTION Nobody knows everything, not even you so it s important to ensure you have your business finances in control with the help of a specialist contractor and freelancer accountant who understands the way you work. DOES A HIGH STREET ACCOUNTANT TRULY CATER FOR YOUR NEEDS? Being able to visit your local accountant face to face may be a reassuring factor when considering your business accountancy options however it s a good idea to look at the bigger picture and genuinely ensure the fit is right for you and that you ll receive the high level of proactive ongoing year round advice and support you require as a contractor or freelancer. When looking to appoint a high street accountant you should ensure the fees are transparent and you understand what s included and what s not. Additional costs are often quoted separately so what seemed like a low cost option when you signed up, has turned in to something more expensive than you d have hoped for. If as a limited company director, you are looking for advice and support regarding IR35, it would also be worthwhile ensuring your accountant has the right legal expertise and qualifications to advise you on this. 2

3 WHY DO I NEED A SPECIALIST CONTRACTOR AND FREELANCER ACCOUNTANT? A specialist contractor and freelancer accountant typically works solely with self-employed professionals just like you. They understand how you work and they understand the industry and sector you work in. KEY LEGISLATION A good contractor accountant will continuously be ahead of the market when it comes to legislation change within the industry. With in-house qualified legal and tax advisors you can be sure you re always acting compliantly with current legislation and that your specialist accountant will be on hand to proactively advise you accordingly to ensure you re not put at risk in any way and are taxed appropriately. GET IN TOUCH SPEAK TO A MEMBER OF THE TEAM ON

4 AN INTRODUCTION TO WORKING FOR YOURSELF From making a positive career change to putting redundancy pay to good use, there are a range of reasons for choosing to work for yourself. In fact, it s an increasingly popular career option with around 1 in 7 workers in the UK currently working for themselves, that s over 1.9 million contractors, freelancers and self-employed professionals in the UK. FREEDOM AND FLEXIBILITY Major attractions of working for yourself are freedom and flexibility. You decide when and where you work, where you go and who you work with. Everything about your working life is down to you, so you have considerable control. Inevitably more freedom and potential reward comes with more responsibility. As well as actually doing your day-to-day work you need to manage your finances, make sure you comply with relevant legislation and keep on top of your tax liabilities. These are essential and may be a little daunting at first but with good planning and management it doesn t have to be too time-consuming or stressful. GREATER REWARDS When working for yourself, you are the one that benefits when things go well, whether that s professional recognition or financial gain. There are also some great tax advantages to be achieved too through more efficient ways of managing your tax affairs in line with HMRC regulations. GET IN TOUCH SPEAK TO A MEMBER OF THE TEAM ON

5 EXAMPLES OF KEY LEGISLATION TO BE AWARE OF IR35 Determines a limited company contractors tax position with HMRC and regulates whether you re entitled to receive payment in the form of dividends or whether you are regarded as a disguised employee and are therefore only entitled to receive payment on a PAYE basis. Travel & Subsistence Expenses The ability to claim tax relief on travel and subsistence expenses is subject to a supervision direction control test (SDC) for individuals working through an umbrella solution. Individuals who fail this test will not be entitled to claim travel and subsistence expenses which could impact their take-home pay. MAXIMISE YOUR TAKE HOME PAY Maximise your take home pay with the right proactive advice and guidance from specialist tax advisors allowing you to maximise your earnings in a compliant way. High street accountants often focus on providing a year end service which can mean you miss out on some of the tax planning opportunities that arise throughout the financial year. A specialist contractor and freelancer accountant is often better equipped to ensure you re tax planning effectively using techniques such as claiming the appropriate expenses as you go and minimising higher rate tax liabilities through second shareholder opportunities increasing your takehome pay effectively and compliantly. GET IN TOUCH SPEAK TO A MEMBER OF THE TEAM ON

6 ADDITIONAL SERVICES A contractor and freelancer accountant often isn t just that. Instead they have different areas of business within the contractor market to provide you access to a network of other advisors such as contractor insurance services, professional legal services, specialist financial services, incorporation companies, banks and a network of recruitment agency relationships that you could utilise to help towards the smooth running of not only your business but in many aspects of your day to day life. TECHNOLOGY Specialist contractor accountants have often developed bespoke technology to make your life easier on the go 24/7 via online portals accessible via your smart phone, tablet or PC. Unique technology tailored to how a contractor operates allows you to process expenses on the go, store important documents and retrieve previously saved ones, create and send invoices and much more all giving you the tools and freedom to run your business whenever and wherever is best for you! GET IN TOUCH SPEAK TO A MEMBER OF THE TEAM ON

7 REASSURANCE Unlike a high street accountant which may or may not be regulated by key industry bodies, you can ensure a specialist contractor accountant is reputable by looking out for key partnerships with organisations such as the FCSA, IPSE, REC and APSCo who all work to ensure the well being of the contractor landscape. It is advised that you select an accountant who is a member of such bodies as this will reassure you in their processes and service delivery. WHAT YOU SHOULD EXPECT FROM A SPECIALIST CONTRACTOR ACCOUNTANT All-inclusive service no hidden fees and not charged by the hour Online portal giving you access to your business finances on the go Proactive expert advice and knowledge from in-house specialists IR35 compliance Access to support services APPOINTING A SPECIALIST CONTRACTOR AND FREELANCER ACCOUNTANT We highly recommend that you appoint a specialist contractor and freelancer accountant to ensure you re maximising your earnings compliantly at all times. Brookson, are specialist accountants for contractors and freelancers who have helped over 90,000 people just like you over the past 20 years! Brookson provide market leading, all-inclusive services to contractors across a number of sectors from engineering and IT to oil & gas. KEY BENEFITS: Expert advice from a specialist support team 6 days a week No tie-in perios, exit fees or set up costs Operate compliantly with unlimited IR35 reviews All VAT, tax and year-end returns are completed for you Secure online portal accessible anywhere 24/7 Daily updates of how much you can withdraw Access to further support services For further information or to arrange your free consultation with Brookson, give the team a call on or at newenquiries@brookson.co.uk. 7

8 ABOUT BROOKSON When running your Limited Company we believe you should always know where you stand. Without the right, accurate and up to date information planning and managing business and finances is left to chance. We have a great team of people who work closely with you, every step of the way to help you work more efficiently and to make more of your earnings potential. We have a great range of all-inclusive services too, supported by 20 years of skills and experience, so however you choose to work Brookson has a solution and price point to suit. BROOKSON S LIMITED COMPANY SERVICE Unlike some other providers who may charge additional fees for certain services, Brookson provide everything you need for one monthly fee, with no hidden costs. Expert advice from a dedicated support team, 6 days a week No exit fees or tie-in period All VAT, tax and year-end returns completed for you Operate compliantly with unlimited IR35 reviews Fast and seamless set up within 24 hours Secure online portal, accessible anywhere via computer, mobile or tablet Know your tax position and how much you can withdraw with daily updates Legal helpline, with access to free preliminary legal support Our experience and commitment to delivering accurate, up to date accounts is demonstrated by Brookson Connect: technology utilised to provide all the information you need about your finances brought fully up-to-date, every 24 hours. Connect has been developed to make sure that providing us with the information required to keep you up to date is quick and straightforward. Designed for minimum effort from you, for maximum return, providing vital data at your fingertips as and when you need it. You can access your information from one place, even one screen if you wish, utilising the Connect dashboard. 8

9 INNOVATION + KNOWLEDGE + SUPPORT BROOKSON SPECIALIST CONTRACTOR ACCOUNTANT