Welink Accountants Welink Accountants
Accountants for Contractors

Accountants for Contractors

Welink Accountants

Welink Accountants

The number of contractors has been on a steady rise across over the last 20 years, with more than four million of us being self-employed. It’s easy to see why so many people are taking the leap; although it’s not without its risks, being your own boss means setting your own working hours and potentially earning more than you ever did while in employment. 

 

The one part of self-employment that nobody enjoys is the bookkeeping. It’s not an easy feat to run your own business and keep track of all the income, expenses, and tax at the same time. Without expert knowledge of financial legislation, you could very well slip up and cost yourself a pretty penny. Luckily, there’s a simple solution: have an accountant do the hard work for you.

 

When choosing an accountant, the best place to start is by searching for a qualified professional in your local area who knows the ins and outs of your financial needs, with services like annual accounts, cash management, and tax returns. Your accountant will be handling your daily finances, so it’s important to go with someone who will understand your area of business. After all, running a catering service is very different from interior design.

 

 

Summary:

 

1. What services can an accountant provide for Contractors?

  • a. Bookkeeping 
  • b. Tax and compliance
  • c. Payroll Management

2. How can Welink Accountants help?

 

 

1. What services can an accountant provide for Contractors?

 

You may be surprised by the amount of services an accountant can provide for you as a contractor. In addition to the general accounting tasks that every business (even if it’s just one person) should be practicing, some accountants offer specialised services, such as training for start-ups. Here are some of the major ways an accountant can help you succeed.

 

Bookkeeping 

 

Bookkeeping is the name given to the day-to-day records of your financial transactions. It’s a vital part of running a successful business, and typically includes tasks such as tracking your payments and invoices. Loan payments, financial reports, and expense payments to your suppliers all come under the umbrella of bookkeeping. Keeping on top of your bookkeeping is crucial, as any errors could lead to cash flow problems, which can have especially bad repercussions if your business is just you or a small team. While you focus on what you do best, it’s always a good idea to let an accountant take care of your bookkeeping. 

 

Tax and compliance

 

We all know the old idiom about the two certainties in life, so it seems a little counterintuitive to worry about your taxes. Submitting your own tax returns can become more difficult as your business grows, which is why using an accountant is always the best option. Taxes take a lot of time that you don’t necessarily have if you’re busy working. They can be a lot to understand too; you’ll need to pay corporation tax if you have a limited company, plus there’s VAT, income tax, and National Insurance Contributions to be mindful of. It’s an accountant’s job to have a detailed knowledge of taxes, and they will always be up to date on the latest legislation.

 

 

Payroll Management

 

Managing your employees’ payroll may have been a piece of cake when your company was just getting started, but if your business is booming and you find yourself taking on more staff, things can get complicated fast. With things like auto-enrolment, attachment of earnings orders, and student loan repayments thrown into the mix, payroll can be a time consuming affair. 

 

An accountant can help with payroll from the get-go and keeping regular evidence of payments and deductions from staff wages. Let’s not forget about tax codes either: these are not always correct and will occasionally need to be amended to make sure your staff are paying the right amount of tax (and not overpaying or underpaying).

 

2. How can Welink Accountants help?

 

Welink Accountants doesn’t just show you where your nearest accounting options are, it provides you with all of the information you need to make a decision. As well as practical information like the location, opening times, and contact information for the accounting business, you’ll be able to see the specialised sectors they work in, such as leisure and tourism, hospitality, or IT.

 

There are a number of other services our accountants can provide, including:

 

  • Digitalisation
  • Projections and forecasting
  • Annual accounts
  • Income tax return

 

Whether you’re running the show by yourself or in charge of your own business with multiple members of staff, having an accountant can be a real boon and help you avoid common mistakes that contractors often fall foul to. To get started, enter your postcode to find accountants near you, or choose from a range of different business sectors to find an accountant that’s right for you as a contractor.



Need to find an accountant?

 

 

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