IT Contractors

For some time now, contractors in the IT industry have taken advantage of the generous tax benefits of trading through a one man personal services company. Although the introduction of IR 35 has made this option, in contrast to normal employment, slightly less attractive, there are still significant benefits in remaining 'off the books'.

We currently act for many contractors in this situation, and have developed specialist knowledge teams to advise on the issues facing this sector. At present, we are discussing with our IT Contractors the following matters:

Assisting them in negotiating terms with their client to keep them outside of IR 35 rules. We have developed a model contract to evidence these terms.
Where deemed appropriate, obtaining advance clearance from the Inland Revenue that contracts already in place are outside of IR 35.
Where subject to IR 35, changing the company's accounting reference date to the natural choice for companies in this situation.
Advising clients what level of salary to pay in order to fully comply with IR 35, and, if appropropriate, providing a payroll bureau service to administer calculation of salaries and deductions.
Where appropriate, winding up personal service companies to facilitate 'going on the books'.

IT Contractors typically keep their records on Excel spreadsheets. We are able to offer an online accountancy service, where of interest, to act for these clients with all communication being by remote electronic means.

Whether or not IR 35 applies, IT Contractors need to be aware of the complex 24 month travel and subsistence rules, in order to finance these costs from corporate pre-tax profits rather than personal post-tax income.

We have found that many IT Contractors wish us to provide a standard package of services, for a pre-arranged fixed monthly fee:

Company formation
Monthly payroll
Quarterly dividend slips
Quarterly VAT Returns
All statutory minutes and company secretarial work
Annual statutory accounts
Abbreviated accounts for filing on the public record at Companies House
Annual corporation tax calculation, return and administration
Filing of all information with the relevant authorities
Ongoing telephone support for ad-hoc queries

We have identified IT Contractors as a sector requiring specialist knowledge and advice. Why not contact us, for a free initial meeting, to discuss how we can assist you in your compliance obligations and add value to your financial circumstances through sound pro-active business advice.

ublication:

We do not charge for all such initial consultations.
Privacy Policy			- Home	Legal Disclaimer

If you are interested in accountancy services for IT Contractors, please contact us, or allow us to contact you by completing your details below:
Name:
Specific area of interest:
Telephone/e-mail: