Tag Archive | "best contractor accountants"

£400,000 VAT Scam = 5.5 Years for Accountant


A good accountant is as trustworthy as Santa Claus. You get a visit from them once a year and they give you gifts.

The gift of saving money on your tax bill is all most contractors want for Christmas, and with our trustworthy and respected contractor accountants you can do just that.

It does sadden us to hear that not all accountants play by the rules and by the book. Some are even downright dishonest and will steal money like they are taking candy from a baby.

Just like one rogue accountant in Birmingham, who was recently sentenced to 5 and half years for a VAT Scam.

This accountant cooked the books and setup 100 fraudulent repayments which then sent £400,000 directly into his bank accountant.

He was literally laughing all the way to the bank, until HMRC cottoned on to the scam and swiftly pounced into action.

What they found is this scammer accountant had hijacked businesses and then stole money. No-one is safe from these criminals it seems, unless you have a contractor accountant on your side.

Our contractor accountants keep a watchful eye on your business, like a hawk, and they will stop any hijacker before they even get to your gates.

Hiring a contractor accountant is like building a fortress around your property. No intruder can get in. You are 100% safe.

Back to the story and HMRC found this rogue accountant used the stolen money to fund a lavish lifestyle filled with fast cars, expensive holidays and a house.

Him and his wife travelled the world on innocent people’s dimes…going to places such as Las Vegas, Dubai, India and Mexico. The life of riley, no doubt.

But it all came to end when HMRC took him to court and a judge slammed down the hammer and announced “5 and half years” to a shocked courtroom.

The judge went on to rub salt in the wounds by describing the accountant as “thoroughly dishonest” and “a conman,” before leading him off in handcuffs to serve the time for doing the crime.

I think the moral of this story is quite simple – You MUST hire a contractor accountant to protect your business and make sure everything is done right.

Not only will you get peace of mind from knowing there is no-one scamming you, but you also get the benefit of paying less tax (legally) which is what all contractor accountants are trained to do for you.

Check out the best contractor accountants in the UK at the right hand side of the page.

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60% of IT Contractors Are Stressed


The IT contracting world is a real happening place to be. Jobs are plentiful and the pay packets are more than generous.

You would think IT contractors would be jumping around for joy and lining their pockets, but in fact, the exact opposite is true.

According to a new survey there is 60% of IT contractors in the UK who are stressed out and fed up. So much so, that almost 20% are considering leaving the industry behind altogether and never going back.

35% of those surveyed said that they have become more stressed over the last 12 months, which might give us a clue to exactly what is going on here.

Perhaps the tide is turning in the IT contracting industry and the good times are coming to end? Competition could becoming more fierce and the wages might be dropping a bit?

Who knows exactly, but what I hear from my contractor accountant buddies is that times have never been better.

According to them, they have many IT contractors on their books who are raking in the cash and want to (legally) pay the least amount of tax possible.

Sure, these IT contractors want to pay their tax and contribute towards society, but they don’t want to get ripped off and they don’t want to get taken for a ride.

Not when you have these 7 figure playboys swanning around in Monaco and paying no tax at all, while your average IT contractor is stuck here.

So that is why they hire a contractor accountant to fight their corner and to make sure they pay the right amount of tax. No more, no less.

Back to the survey, and 51% of those stressed out IT contractors did admit that their earnings do offer some kind of compensation for the stress they feel.

In other words, they might not be enjoying their job, but when they can afford a brand new sportscar, a brand new Rolex, or a holiday to the Bahamas…then it goes some way to relieving that stress.

Kind of like of pressure cooker which has been building up steam…and building up and building…and then building up some more…and a bit more…and then…

“Woosh!” All of that steam is released and the stress is released.

The survey goes on to tell us that an average IT contractor works for 44 hours per week, which is above the national average of 37.1 hours.

It is App and Web Software contractors who put in the most hours, followed closely by hosting professionals and IT customer service professionals.

The good news is more and more IT contractors are working remotely, which means they can work from home and put their feet up a bit more.

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700,000 Missed Tax Return Deadline


Here at Contractor Accountants we have talked about the tax return deadline a lot. “Get your tax return in by 31st January,” we said.

Despite our constant nagging, it seems there are many of you out there who are not listening.

You see…the 31st January has now passed, and according to HMRC there were 700,000 who didn’t get their tax return in on time.

I’m sure many of those 700,000 are contactors, and I’m even more sure that many of those contractors read our blog on our weekly basis.

If you are one of the 700,000 then what gives, man? You’ve read our blog post on “ridiculous tax return excuses” and you’ve heard us warn you about the “£100 fine” for a late tax return.

Maybe you just can’t be bothered to do it yourself? That’s cool, dude. We get it. And that is why we recommend you hire a contractor accountant to do it all for you.

The bad news is there is nothing you can do about the £100 now. That ship has sailed and there is no getting onboard. You will just have to grin and bear it and write out a cheque.

The good news is that you can still hire a contractor accountant to do your tax return. Even though you are nearly 1 week late there are our trusty contractor accountants waiting on standby to start doing your books and filling in those forms.

Sure, some of our trusted and recommended accountants are off on their holidays and sunning themselves in the Bahamas Their busy season is now officially over and they are drinking pina coladas as we speak.

On the other hand, some accountants have stopped behind in the UK to deal with the “late filers.” They have their suitcase packed, you can bet on that…but they are not taking off just yet, which means you have a short window of opportunity to get your tax return sorted out once and for all.

Hurry though, because once all of the contractor accountants are sitting on the beach then you won’t be able to find one for love or money.

It isn’t all doom and gloom though. Despite 700,000 of you missing the deadline, according to HMRC there was 93% of tax payers who DID get their tax return in on time.

A spokesperson for HMRC said this was their best result ever, and in their opinion, it had a lot to do with 2 quacking ducks.

Apparently their advertising featured 2 ducks quacking “tax.”

“Genius,” is all we can say here at Contractor Accountants.

Maybe next year they could hire Donald Duck?

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Bizarre Late Tax Return Excuses (2019 Edition)


It’s that time of the year again. A time for sending in your tax return by the 31st January..or making up an excuse why you can’t.

Here at Contractor Accountants it has become a yearly ritual to list the best (or worst) excuses for missing the tax return deadline.

Some of these reasons are just downright bizarre if you ask us, but that didn’t stop people from trying it on with HMRC.

Coming in at number 1 (in our opinion) is the guy who was “too short to reach the post box.”

This means he couldn’t post his tax return, which in turn means he missed the deadline. I guess finding someone taller to post it for him was just a step too far?

He should have hired a contractor accountant to get the job done. Research shows that not only are they the best (when it comes to doing tax returns) but they are also above average in height (over 6 ft).

Another self employed person who failed to get their tax return in on time decided to blame the maid(s).

Apparently, the first maid left, and then the second maid stole goods from the house, while the third maid was very slow to learn.

Needless to say this guy was stressed about the situation and didn’t have time to bother about a tax return.

Moral of the story: Pay your maid well and everything will be ok.

How about some other bizarre excuses? Well, there was one woman who couldn’t find her tax return form because she couldn’t find her glasses. It really does make you wonder how she can even find her way down stairs in the morning.

Another guy had the unfortunate luck of no heating in his home due to a broken boiler. Guess what? His house became so cold his fingers were too cold to type, so no tax return was filled in.

What he should have done is hired a contractor accountant to do the tax return for him. The last time I checked, all of our recommended contractor accountants have the heating up full blast at this time of the year, which means warm hands around the clock.

Those warm hands are also “expert hands” who have years of experience of getting your tax return in on time. You don’t have to do anything, just leave it to a contractor accountant.

As you might have guessed by now…all of these excuses were firmly rejected by HMRC, which means all of the above contractors, freelancers and self employed people were hit with a fine for submitting their tax return late.

A fine of £100 to be exact, and if you still don’t send it in? Then expect more fines until you do.

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Turkey + Tax Return = A Contractor Christmas


Most people are happy with just turkey on Christmas day. A chance to eat as much as they can and spend time with family.

Contractors, on the other hand, are a different breed. Sure, they sit down to turkey and mash potato just like regular people but that is where the parallels stop.

While ordinary folk spend most of Christmas and New Year eating turkey, the vast majority of contractors are hard at work making sure their tax affairs are in order.

For example, according to official statistics from HMRC there was 2,616 online self assessments filed on Christmas day, and I’m willing to bet you a large portion of these people were contractors.

It is you, the hard working contractor who always wants to make sure the HMRC is paid in full and on time, and if that means doing your tax return immediately after a turkey dinner and before Christmas pudding…then so be it.

During the peak time of turkey eating (1pm to 2pm) on Christmas Day there was 230 online tax returns sent in. This means some contractors are skipping the turkey and trimmings altogether, and getting straight down to work just like it is any other day.

These contractors probably have no time for presents, and no time for the Queens speech. Do they even know its Christmas? Probably not.

But they get the job done, and by sending in their tax return at Christmas they make sure everything is sorted way before the 31st January deadline.

Boxing day was just as popular for sending in those self assessment forms to HMRC. According to official statistics, a total of 8,465 people connected to the internet and did their tax return, and of course, many of those thousands would have been contractors.

If you are reading this now and you have not done your tax return yet, then don’t fret, because there is still time and you are not late to the party…yet.

However, if you leave it much longer then you will be late. In fact, you will be just like the guy who arrives in fancy dress to a party that isn’t fancy dress. If you see what I mean.

The 31st of January is this years deadline for self assessment and if you didn’t get it sorted over Christmas then my advice is to do it now.

And if you can’t be bothered to do it? Then hire a contractor accountant.

If you pay them enough money then they will do everything for you, including sending in your tax return.

Find the best contractor accountants, right now, by looking to the right hand side of the page.

Make sure you hurry though, because the demand for the top contractor accountants is crazy at this time of year (as you can imagine) and there is only a limited amount of spaces on their books. So you must act now.

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ALERT: New HMRC Scam Targets Uni Students


It seems these fake HMRC scammers (phishers) don’t give up. They keep reeling in victims, and this time its Uni Students who are the target.

Up and down the country, there are millions of uni students who are packing a bag and going home for the holidays. A break from the endless study, no doubt. A chance to kick back, relax, and have a few alcoholic drinks. A chance to relax.

In the midst of this is a simple letter. It looks official. There is the initials “HMRC” on the envelope. The Uni students opens it right up, and they quickly see the words…

“You Are Due a Tax Refund!”

That is like poetry to the eyes a uni student. They have been struggling financially all year long and now a chance to get a few thousand quid in their bank account.

So they don’t even question it.

“It’s official. It’s from HMRC,” they say.

Unfortunately, it is anything but official. It is very unofficial and downright wrong.

Yes it is the handy work of those fraudsters yet again. Regular readers of the Contractor Accountant Blog will be well aware of them by now.

What they are doing is sending out fake tax refund letters to uni students around the country, and then using this bait to get personal details, bank details, and to steal money.

The thing is…these fake HMRC are very clever in the way they setup the scam. It’s the small details that make all the difference.

For example, they use what appear to be genuine university email addresses to send out emails as a follow up to the letter, and they also send out texts to phones as a reminder. Everything looks totally legitimate.

And of course, the uni student is in the middle of getting ready to go back home for the holidays, so its easy to get caught up in the scam without giving it too much thought.

However, Christmas is not going to come early for any uni student that falls for the scam, and instead, they are going to become yet another victim to these scammers.

Here at CA we realise that many of these uni students are the future foundation of our contractor economy.

They are the future readers of the Contractor Accountant Blog, and the future customers of our recommended contractor accountants.

So if you are reading this…uni student…then our advice is hire a contractor accountant and let them deal with the HMRC and anything tax related. Our expert contractor accountants can spot a scam a mile off. You are safe with them.

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A Right Royal Tax Mess


If your average contractor has to pay tax, then so should the Duchess of Sussex…And she does…directly to HMRC.

We are talking about Meghan Markle of course. The American woman who married into the Royal Family and became a Duchess.

But is her fairytale wedding about to turn into a Royal nightmare? Indeed it might.

You see, despite raking in the cash over here on British shores, Meghan is still an American Citizen, which means she might have to kick up cash to Uncle Sam to avoid the FBI knocking on her front door.

Some pundits are even suggesting that her husband, our very own Prince Harry, might even have to hand over a slice of his fortune to the USA tax people.

The reason? Because now they are husband and wife, a joint bank account is no doubt firmly in place, with both of their names on the chequebook.

They joined together at the altar…and joined their incomes together…before joining their bank accounts…but now…they might just have to pay…

Joint Tax!!

40% of their income to HMRC and 40% of their income to Uncle Sam = only 20% left for holidays and shopping trips. Not good.

Harry and Meghan. No. Excuse me…Prince and Duchess…

If you reading this blog post then please allow me to make a suggestion, your highness.

If you are getting hit in the pocket on both sides of the Atlantic then how about hiring a contractor accountant? Stay with me on this one.

The best contractor accountants can legally save you money on tax. How much? How about 20%. Some people are saving even more. And its all legal. Completely straight and narrow.

These contractor accountants are treated just like Royalty in the accounting world, and for good reason…because if they can save you, or anybody, 20% on their tax bill then they really are the Kings and Queens.

They might even be able to sort out that Royal tax mess on the other side of the pond. We can’t guarantee it. You will have to speak with one of the trusted contractor accountants we recommend to find out.

“Just give them a call,” is what we say. They will take calls from contractors, freelancers, self employed gig workers…and yes, even the Prince and Duchess.

You might even want to let your Dad know about these “accountants with the magic touch.” No, they are not court jesters. So please don’t treat them like that.

If you look to the right hand side of the page…right now…then you will find the very best contractor accountants. Fit for a King, or Prince, or Duchess.

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BEWARE of Trainee Accountants


Every accountant has to start somewhere To learn the trade and the tricks of the trade, so that some day, they can be called…

A contractor accountant! The best of the best!!

That is what every trainee accountant dreams about. It is the goal they imagine every night before bed and every morning before going in the shower.

“I will become a contractor accountant,” they say, over and over again.

However, there are some trainee accountants who don’t want to become part of the elite. They are not interested in being one of the top dogs who contractors throw money at.

Instead, they would prefer to use their naivety as a spring board to commit..

Daylight Robbery!

This comes on the back of a story about a trainee accountant who used his position to steal £30,952 in VAT.

He didn’t have to rob a bank or snatch a handbag. He didn’t even have to do anything fancy.

All he did was create fake invoices and then, BOOM, he started getting cash directly into his bank account.

Sneaky but clever, but totally illegal and against the law. The kind of underhand tactics a cunning trainee accountant would use again and again, no doubt, if they could get away scott free.

Fortunately the HMRC are wise to this kind of thing. They watch everything, and are ready to pounce as soon as they have enough evidence to convict.

Those 12 fake invoices created by the trainee accountant put HMRC on high alert, and it wasn’t long before they sent in the cops.

A spokesperson for HMRC had this to say – “Edmonson abused his financial knowledge, his employer’s trust and the public purse. He cooked up a batch of fake invoices to steal from the taxpayer, and now has a criminal records to show for his greed.”

So the rogue trainee accountant had his day in court and the punishment? 12 months in the slammer for VAT offences and a further 8 months for money laundering. All at her Majesty’s pleasure.

Or is it? Reports have just come in that his sentence has been suspended for 18 months, and in the meantime he will have to do 200 hours of community service.

If he keeps his nose clean then he won’t have to spend a single night behind bars.

While I do believe in giving this trainee accountant a second chance, I also think he should have to spend at least a few months in a UK prison.

Maybe some hard labour would do him the world of good and he would never think about committing fraud ever gain.

He would then become trustworthy. Someone you could put your trust in.

Just like our contractor accountants. Everything above board. Accountants you can rely on. The best of the best!!

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“Champagne For Everybody!” Shouted The Accountant


We talk a lot about the trusted contractor accountants you can find on this site…but what about those accountants who are NOT on this site?

One such accountant was a guy from Galway In Ireland, who was hired to look after the books of a multi national company. The kind of company who turn over millions of pounds a year.

His “trusty” hands delved right into those books. Day after day. Month after month. And everything seemed to be going smoothly.

However, what the company didn’t realise is the accountant was actually putting his hands into the cookie jar, so to speak.

Rather than use those hands to soothe and save…he was using those hands to steal and spend.

How much exactly? £1.7 million pounds to be exact.

It was a secret though. He didn’t want anyone to find out. And he would have got away with it…but he took it too far.

If the expensive holidays, shopping trips and VIP seats at international rugby matches wasn’t enough to arouse suspicion…what happened at his son’s wedding definitely was.

“Champagne for everybody,” the accountant shouted. All paid for on the company credit card, of course.

The only problem is this was right under the noses of the company directors. They were right there at the wedding, drinking champagne they had unwittingly paid for.

Eventually they cottoned on to the fraud, and immediately contacted the Police.

This led to the accountant having his own special day in court, although there was no champagne and no holidays in the sun.

Instead, this particular courtroom had a stern looking judge sitting high above the accountant, and right now as we speak, that judge is sitting there with his hammer firmly in his hand…ready to dish out the rough form of justice that happens to any accountant who breaks the rules.

The accountants wife was also made to answer for these crimes, although she claims she didn’t know anything about it.

If you are a company owner, contractor, freelancer, or just generally self employed…don’t you agree that hiring an accountant like this is simply bad for business.

You don’t want someone drinking champagne and sitting on a tropical beach on your dime…do you? Of course not.

Fortunately, you are in the right place to find trusted accountants who won’t rip you off.

Most of the accountants recommended by us don’t even like champagne. They drink water, fresh and pure just like nature intended.

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Accountant Jailed for 21 Months


An accountant who described himself as a “defender of human rights” has just been sentenced to 21 months in the slammer.

This particular accountant worked for Amnesty International and was considered to be good at his job. Someone who you could trust with the books.

Well, it looks like he couldn’t be trusted after all, because on the sly he was using a work credit card to spend money on things for himself.

“£43,000” is the exact figure he blew on luxuries such as holidays, handbags, and even a top of the range espresso machine.

Will he be able to use that espresso machine in prison? I doubt it, although it wouldn’t surprise me if they serve cappuccinos in the prison cafeteria.

In my opinion this accountant behind bars might want to give up these luxuries and spend his time inside getting back to basics.

100 pressups and 100 situps every morning, followed by eggs and oats for breakfast and then 100 pullups in the prison yard.

Meat of the day and rice for dinner, and then back to the cell for 200 squats before lights out.

21 months of that and I’m sure this particular accountant will have learned the error of his ways.

“No more credit card spending for me,” he could say when released. “I’m all about the basics now…doing the right thing.”

Just like the contractor accountants that we recommend right here this website. These accountants don’t have any requirements for espresso machines. In fact, most of them don’t even drink coffee, they drink water, pure and natural, just like nature intended.

It’s good to know that you have a pure accountant on your side, don’t you think? Someone who focuses on the basics and makes sure all the numbers in your business come together like a well oiled machine.

It’s the equivalent of doing pressups, situps, and pullups in prison, followed by eating a clean diet. Everything pure. Nothing artificial. Just the way you want your contractor accountant to be.

Back to the story, and eye witnesses described the accountant as “sobbing” when the judge slammed down their hammer and gave out a 21 month sentence.

He was then taken away by the guards, and into a waiting police van that would then transport him directly into the jail house which will become his home for the next 21 months.

Also, it was noted this particular accountant actually hails from the country of Columbia, and once his sentence is complete then he is to be sent back to his home country.

Hopefully he can start again in South America. A fresh start. Purity and accountancy, together as one…just like the best contractor accountants in the UK.

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500,000 Could Pay “Top Whack” Tax Rate


If you thought top rate income tax was just reserved for the rich and famous, then think again, as experts warn it could affect half a million.

Come to think of it…those “super rich” playboys and playgirls often get away scot free. It is you, the hard working contractor and freelancer who is left to pick up the tab, yet again.

While they are swanning around on their super yachts and tanning their cheeks on the beaches of Southern France…it is the British contractor who earns 6 figures a year that is being hit with 45% income rate tax.

As we speak, there is 393,000 people in the UK who pay this 45% rate on every pound they make. However, experts are predicting that around 500,000 people will soon fall under the 150k banner, which means they will also be subject to the 45% rate.

Many of these extra “top earners” will be contractors and freelancers of course. Just ordinary self employed business owners who want to do their best for themselves and their families.

In an ideal world they could bank their 6 figures and keep all of the profits, but this is far from an ideal world. This is a world where if you don’t pay HMRC, then expect them to be knocking at your front door, and nobody wants that.

A leading accountancy firm predicts that in just 5 years time over 500,000 people will be paying 45% tax. Now, more than ever before, do contractors need the services of a professional if you ask me.

What kind of professional? A contractor accountant is exactly the kind of professional that you need, especially if your income is currently or going to be around that £150,000 threshold.

A contractor accountants knowledge and expertise could take you just below the threshold (legally of course), which means you won’t be part of the 500,000.

“I’m not one of the half million,” you can shout…”It’s all thanks to my contractor accountant,” you will add.

Extra money in your pocket and a smile on your face. That is the kind of benefits enjoyed by the thousands who hire a contractor accountant on a monthly basis to look after their finances.

Not sure which contractor accountant to choose? Well, fortunately you are on the right website right now, as we specialise in bringing you the best contractor accountants that are open and waiting for your business right now.

Many of these trusted contractor accountants offer all of their years of experience and knowledge for 1 low monthly fee. Simply look to the right of the page NOW and discover the perfect match for you.

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Scotland Embraces New Income Tax System


If you are a contractor in Scotland then get ready for a new income tax system. It is now in force and ready to be assigned to your pay packet.

Scottish MPs recently lined up to sign their name to the bill that now separates Scotland from the rest of the UK…when it comes to income tax rates and bands. Is everybody happy though? Not exactly.

That’s because some self employed Scottish people (including contractors) will actually end up paying more tax as a result of the new system.

I predicted all of this of course, in a blog post a few months ago where I first commented on the plans to change the Scottish income tax system.

In that post I mentioned that not everybody would be pleased with the changes, and that some contractors might even consider a move South of the Border to friendlier tax rates.

Not only that, but I also made a point to highlight the fact that every single Scottish contractor needs to hire a contractor accountant.

With these new tax changes, and with some contractors expected to be paying a whopping 45% tax…I reckon that a contractor accountant is now more important than ever before.

Don’t even try to do the books yourself anymore. It just isn’t worth it and will almost guarantee you lose money. Be smart and get a professional on your side…a contractor accountant.

Back to the new income tax system in Scotland, and many of the Scottish MPs who signed their name to the bill are very pleased with themselves.

In their opinion, all of this extra funding will be great for local services…and let’s face it, is going to raise more cash for their wages, no doubt.

It seems to be the move that politicians go to these days when they want extra money. “Just shake down the contractors,” they say, and with those words a bill is drawn up that changes the tax system, and in no time at all it has the signatures required to become law.

Who can forget our very own Philip Hammond and his plan to go after every single self employed person in the UK. “MORE TAX,” is what he demanded, while slamming his fist down on the table and making everybody in the room cower in fear.

However, the brave men and women contractors did not cower away from Mr Hammond, and in fact, they stood firm and refused to back down to his outrageous demands for more tax.

In the end it was Philip Hammond who backed down and went back to his corner. He had no choice, although some predict he will try it on again in the near future.

My advice to Scottish contractors is to stand firm and let your voice be heard. Go to the streets of Glasgow, Edinburgh, Inverness and Fife if you have to, and demand that your taxes be lowered.

If that fails, then just make sure you get yourself the best contractor accountant in Scotland. Something which can be found right here at this website.

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