CONTRACTORS
Contractors are individuals who provide services to clients under specific terms. They tend to operate via their own limited companies and are not employees for a larger firm or business.
A Contractor is responsible for their own ‘business’ dealings and has control of how and when they do their work. They would either be employed through an Umbrella Company for the purpose of paying them (and paying their taxes) or have their own Limited Company or be a Sole-Trader and pay their own taxes.
A limited company is a small business set up by an individual, where they provide their services on behalf of the company.
While there are many benefits associated with being a self-employed contractor, the financial admin that comes with the territory certainly isn’t one of them. Whether it’s submitting the relevant paperwork or keeping on top of tight financial deadlines, self-employed workers are expected to manage their own finances and expenses. With ever-changing rules, regulations and legislation governing how contractors must operate financially, from tax arrangements and pension contributions to national insurance and expense claims, organising your own finances can be difficult.
For those who are new to the world of contracting, this increased responsibility can seem particularly overwhelming. The current maze of financial regulations can feel impossible to navigate, ultimately distracting workers from running their business and potentially leading to damaging mistakes.
However, there is a solution. Finding a specialist accountant for contractors - one that can help to ensure you are working efficiently and within the parameters of tax law - can take this difficulty out of self-employment and allow you to concentrate fully on doing what you love - getting on with your work, safe in the knowledge that your finances and accounts are all in hand. This is where PRS Smart Accountants comes in.
Contractors Benefits and Responsibilties
PRS Smart for Contractor Accounting
PRS Smart Accountants boasts a dedicated team of expert contractor accountants, delivering valuable and tailored financial support to freelancers, contractors and every other type of self-employed professional. By dealing with frustrating paperwork and ensuring you’re compliant with existing tax regulations, we seek to take the hassle out of self-employment.
By coming to PRS Smart Accountants for your contractor accountancy needs, you are choosing to delegate all the financial admin work that comes with being self-employed to a dedicated and expert accountant who will shoulder this aspect of your working life on your behalf. Taking this step allows you to free up more time and focus on doing what you do best. So, what are you waiting for?