Duties of a Contractor Accountant
Are you operating your own Limited Company? If yes, then it is perfect time for you to hire a contractor accountant who can manage your financial matters. In return, you will be able to focus on your own work rather worrying about other things.
So what are the duties that you can expect from contractor accountants? We have prepared a list just for you.
Year End Accounts
As a Limited Company in the UK, submitting your annual accounts to Companies House and full accounts to HMRC is mandatory. Therefore, when you hire accountants, you do not have to worry about submitting such accounts and leave this job to them.
If you are VAT registered, then your accountant can easily prepare, complete and submit your correct quarterly VAT returns to HMRC at right time to avoid any penalties.
Corporate and Personal Tax Returns
As a Limited Company, you are subjected to pay corporation tax at the tax rate of 20%. So, after your company financial year end, your accountants will calculate your corporation tax liability that you are liable to pay. Also, they calculate your monthly personal tax returns.
Your accountant will take care of your payroll forms including P11D, P60 and P35 forms. While P11D form shows the cash value of all the benefits provided by you as an employer to each employee during the previous tax year, P60 form shows total pay for each employee along with total PAYE and National Insurance Contributions (NICs). And, with the help of real time reporting, all of your payroll data is submitted to HMRC.
As a Limited Company, you need to pay further tax on the dividends you receive. When you have accountants, they declare your dividend legally and prepare your dividend paperwork.
When you hire accountants, these are the responsibilities that you can leave to them which gives you time to concentrate on what you do best.