Contractors

More and more professionals are choosing to operate as contractors in order to keep themselves flexible and appealing to an increasingly competitive job market. Although contracting provides endless opportunity, it brings with it added financial and legal responsibilities. The first decision you need to make is whether you would like to trade as a sole trader or as a limited company. Go to our Ltd vs. Self Employed page for a few pointers to help aid your decision and feel free to contact us to discuss your options in more detail.

If you choose to trade through a Limited Company here are a few points to consider:

  • Forming a company
  • Managing your accounts
  • Claiming expenses
  • Paying yourself salary and dividends
  • Fulfilling your tax obligations
  • Maintaining Legal Compliance, including IR35 legislation

There is a lot to think about and at Brookman we know you have better things to be doing with your time, so our philosophy is simple – we do the work. All you need to do is send us the details of your income and expenditure every month and we do the rest. That means sending us one envelope in the post, or one email, every month, and leaving everything else to us. This leaves you completely free to concentrate on doing what you do best.

If you choose to trade as a Sole Trader Brookman can provide the following:

We can prepare your year end accounts using the information you provide to us on a monthly or annual basis. We will create Profit & Loss accounts for use in your Personal Tax Return, which are used to provide information on your financial performance and are often used to help support mortgage applications.

We can complete your Personal Tax Return, calculate your liability due and file your Return with HM Revenue & Customs as well as advising on possible tax savings for this and future returns.

Contractor Work Flow