contractor accountants Articles

If you are a contractor or freelancer the most tax efficient way for you to work is often through your own limited company. This allows you to benefit from the incentives offered for setting-up and running your own business and hence allows you to maximise your earnings after tax.

It also enables you to develop and build your business & brand and potentially in the future employ others.

The downside of this is that there is more responsibility on you as a director of your own limited company and there are statutory requirements re maintaining financial records, preparing and submitting year-end accounts, corporation tax returns, personal tax returns, payroll and managing invoicing & payments. 

Choosing a company name for your new business can often be a complex decision with you having to avoid similarly named businesses and exclude banned words such as implying you are a Government Body or a member of an industry/trade body (i.e. the Institute of Chartered Accountants in England and Wales (ICAEW) control the use of the term Chartered Accountant).

Umbrella, the Cloud Accountants, are pleased to announce that we now have 18 accredited accountants for both FreeAgent and Xero Cloud Accounting Software products.

By giving a choice Umbrella are able to find a solution that satisfies most contractors & freelancers operating through their own limited company in the UK.

 In fact Umbrella Accountants LLP are one of the few accountants to offer more than one Cloud Accounting Service.

We are also able to help if you are already with a different provider i.e. Sage One, Quickbooks, ClearBooks etc.

Umbrella contractor accountants currently have in excess of 1,000 limited companies using one of their accounting services.

If you are a contractor working in the UK then there are a number of websites that may offer you useful advice:

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