- 24 Jan 2021
- By Sumit Agarwal
Many people are continuously facing problems getting a National Insurance Number (NINO) due to delays in processing applications and Department for Work & Pensions not conducting face to face [...]Read More
At DNS Accountants, our team of chartered accountants takes the load and hard work of accounting out of the hands of the contractors, helping them focus on growing their business and maximizing profits.
DNS Accountants has a special package for Contractors whereby they would never miss any expense claim or allowance and will be fully informed of how to maximize claims and reduce taxes.
A contractor is self-employed individual who work for clients for set duration of time or until a specific task is completed. Usually contractors are paid on either an hourly basis, or a fixed fee for the contract, and the rates are generally considerably higher than they would be for an equivalent position as a permanent employee. A contractor enjoys the best of both worlds: flexibility to work and to pick assignments that appeal them.
Our team of specialist accountants for contractors can help contractor have an idea of the kind of earnings they can enjoy as a contractor and compare it to other ways of working to help make a financially sound decision.
Many people choose to practice contracting over permanent employment because of the monetary benefits of working as a contractor and the increased flexibility. These advantages carry with themselves some additional responsibilities which an individual will have to ensure to meet if they are considering moving to contracting from a permanent employment.
|Higher take home pay. Usually a contractor takes home around 75% - 80% of the contract amount by working through their own limited company.||Umbrella Company pays the contractor. A contractor simply enters the timesheet and expense details and waits to be paid.|
|There is a certain amount of paperwork involved, usually about 10 - 15 minutes per month. Our specialist accountants for contractors can help the contractor with this.||Working through an Umbrella company is an expensive proposition. A contractor will receive a salary that is subject to full pay-as-you-earn (PAYE)|
|A contractor can claim a wider range of expenses. Greater opportunity for tax planning than PAYE Umbrella.||Tax and National Insurance (NI). It’s just like being a permanent staff member again. Tax and National Insurance (NI) is deducted prior to receiving the money. Hence, no further taxes to pay.|
|A contractor has access to the Flat Rate Value Added Tax (VAT) scheme.||Working through an Umbrella company is ideal for short term contracts.|
|It is worth considering having an own limited company if contracting will be for at least 12 months. Can be costly if a contractor only takes short term projects.||It is worth considering having an own limited company if contracting will be for at least 12 months. Can be costly if a contractor only takes short term projects.|
|A contractor has complete control of the financial affairs as there is no third party administrator.||Ideal for contracts earning less than £25k per year.|
I recently starteed my own company and in need of a good accountant. With my friends reference, I started DNS accountancy services and I am a quite satisfied with their service. My account manager Sneha Gurudutta was always responsive and guided me a lot especially during my company early days. Keep u the good work.
I have been DNS for the last 3 months and I am very happy with the service. My account manager Sneha Gurudutta guided me and helped me with all the major/minor steps with the account setup. The weekend support they provide is really helpful. I would definitely recommend DNS to all my friends.
Unfortunately my son passed away without leaving any contact name of his accountant. I was able to make contact with the firm through HMRC. The staff were very prompt, caring and supportive in settling his income tax account. I was extremely impressed with the efficient caring and supportive service received from all of DNS staff.
Been with DNS Accountants for more than a year I would highly recommened their services. My account manager Sneha has been very helpful and helped with accounts and queries swiftly always! Having a good accountant means you can fully focus on your business, not worry about accounts and tax matters. Thank you DNS :-)
I have been extremely satisfied with the service I have been receiving close to past 1 year. Very professional, transparent and helpful. Special mention of my Account Manager Minakshi Arora who made my transition very smooth and always ready to go that extra mile to support and make customer happy. Definitely recommended.
I've recently set up a Ltd. Company and signed up with DNS for my accounting services. I've found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.
Company losses are often considered one of the complex areas of tax to deal with, and it is all due to the involvement of details on how you can utilise the losses. The losses can be [...]Read More