Tag Archive | "hire contractor accountant"

Highest Paid Contractors Live Here

Have you ever wondered where the highest paid contractors live? Is it North or South and how much do they get paid? Keep reading…

Firstly, let’s establish what “high paid” means. What we are talking about here is contractors who make over £150,000 a year. A nice bit of change, I’m sure you would agree.

A recent survey shows us that two-thirds of the highest paid contractors live in London or the commuter towns that are within driving or a train ride distance.

Approximately 205,000 people in London and the South East make £150,000 or more a year, many of them are classed as contractors and freelancers. Some are even called gig workers.

12,000 people come from the Kensington, Chelsea and Westminster. 3 places known for being home to the rich and famous.

Other places in London and the South East where contractors are laughing to the bank include Wandsworth, Camden, Fulham, and Elmbridge.

However, it wasn’t just London and the South East where contractors are getting paid over £150,000. For example, Edinburgh is a really happening place right now for contractors, and it is also a place where contractors are getting paid.

Cheshire East is also on the list, as well as Wilmslow and Mottram St Andrew.

Have you ever wondered how many people get paid £1 million or more per year? According to official HMRC statistics it is 31,000 people who broke the 7 figure barrier in 2018, and some of those people were no doubt contractors and freelancers. Some even gig workers.

If you are a contractor who makes over £150,000 a year, and even over £1 million a year…then I’m sure one of your main concerns is about paying too much tax.

You could easily find yourself paying 40% or more of your income to HMRC, and while I’m sure you legally want to meet your responsibilities and do everything above board…you probably also want to save a bit of money on tax.

Fortunately you are in the right place for doing just that. Here at Contractor Accountants we match high earning contractors with the best contractor accountants, and then…you have the perfect match.

Some pundits have described us as like “a dating site for contractors.”

“Just swipe to the right and find a perfect 10,” one pundit wrote after reviewing our site.

All of our recommended contractor accountants are perfect 10’s. You can bet on that. They are trustworthy and professional, and spend all of their time with contractors who make over £150,000 a year.

What if you don’t quite make £150,000 a year yet, is a contractor accountant still for you? Absolutely yes! And in fact, they will treat you equally, because a good contractor accountant understands that a new contractor today is a 1 million a year contractor of tomorrow.

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£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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Ronal…DOH! (Tax Evasion)

Regular readers of Contractor Accountants will be aware of footballer Ronaldo and his long running tax evasion case in Spain.

The ex Real Madrid player was accused of avoiding his Spanish tax duties, and instead, stashing away his cash in the Cayman Islands.

The football star, who now plays for Juventus, has always claimed his innocence, but in the past week the whole case was turned upside down.

It now turns out that Ronaldo is guilty of the crime. And what do they do with those guilty of tax evasion in Spain? They chuck them in the slammer, of course.

So is Ronaldo about to swap the black and white stripes of Juventes for a black and white convict outfit? Will he be wearing the stripes of a Madrid prison football jersey?

In a word…NO.

Despite being guilty and letting out a big “DOH!” in court…it appears that Ronaldo will avoid spending any time in prison.

Instead, here at CA we understand he has agreed to pay around 19 million Euros to the Spanish tax authorities and in return he will be spared time in the jail house.

Eye witnesses in the court room said everyone let out a “GASP” when the judge slammed down the hammer and announced “23 Months For You.”

But that “GASP” turned to “RELIEF” when the judge offered Ronaldo a deal.

“Give us 19 million Euros and we keep you out of the handcuffs,” the judge may or may not have said (Our Spanish is not that good).

“DEAL,” replied Ronaldo, without even thinking.

You know something tells me that Ronaldo could have avoided this whole mess if he had a contractor accountant by his side.

During the years of 2011 and 2014 it is said that Ronaldo hid 15 million Euros from Spain. It really does make you wonder who his accountant was during this time? Did he even have an accountant?

Maybe he did his own books and just scribbled down some numbers everytime he got a cheque through the post or a bag of cash from his agent? Whatever happened…I reckon he could have avoided this with a contractor accountant in his corner.

Just like Jose Mourinho. Word on the street is he visited Contractor Accountants and declared us the “special ones.”

Or Wayne Rooney…who found us while sunning himself up on Skegness beach.

The moral of the story here is simple. No matter if you are a famous professional footballer or just an average contractor working in an office…you need to hire one of the best contractor accountants to be on your side.

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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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“DO IT NOW!” – Tax Return Warning

If you want to abide by the law and not get in trouble, then listen up, because what I’m about to say is very important.

As you may or may not be aware, it is the time of the year for doing tax returns, with the 31st of January being the deadline to get it in.

Now I know what you are probably thinking – “The 31st of January is 21 days away. I’ve got more than enough time to get this done.”

Perhaps, but if you want my advice…”DO IT NOW!”

Just like that homework you used to put off years ago. You waited and waited and waited…and then waited some more. And then, on the morning it was due you still had not done it.

Back then the teacher might have given you a firm caning for forgetting your homework.

However, while the HMRC are not quite as sadistic, they still punish you for forgetting your “homework” and missing the tax return deadline.

You can expect an immediate fine of £100 for being forgetful, followed by even more charges up to a maximum of £900 over the next few months.

Not only that, but HMRC also have the power to slap you with even more fines if they see fit. You could end up paying way more than you should, which is why you should take action now.

The best way to fill in your tax return is on the HMRC official website. You do everything online and send it off straight away. There is nothing complicated.

Or if you don’t have the time or you just can’t be bothered, then you should hire a contractor accountant.

The best contractor accountants can do your tax return for you and make sure it is sent in on time. No problem at all.

With that being said, the best contractor accountants are very much in demand at this time of the year. Many of them work around the clock to make sure their clients are looked after and their tax returns are completed, but there are still only so many hours in the day.

If you look to the right of the page then you will see our recommended contractor accountants. The best of the best.

All of these contractor accountants can do your tax return, but they only have limited spaces remaining.

So take our advice and “DO IT NOW!” and hire a contractor accountant today.

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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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34.6% Towards TAX!

Here in the UK we pay more tax than just about anywhere else. Wouldn’t you agree? It doesn’t get any better either, according to a new report.

A new report tells us that 34.6% of national output is going towards some form of tax. In other words, you are being hit in the pocket, again and again, year after year.

Especially contractors and freelancers. You are being made to pay more tax than just about anybody. And it isn’t going to get any easier, either.

A certain Mr Philip Hammond, the Chancellor of our country has only just begun when it comes to the subject of tax. He has his sights firmly locked on the contractors and freelancers of this country, and he wants more of your dough.

Does he want that dough to make a nice big pizza? Yes he does, but he doesn’t want to share any of that pizza. He wants it all to himself. He won’t even give you a bite.

The brand new report was commissioned by the Taxpayers Alliance, and what they found is that our tax burden is at its highest for 50 years.

Yes you read that right. Not since the swinging sixties have we had such burden. You would have thought by now we would be paying less tax, not more of it. But we are. They had it better in the seventies, eighties, nineties, and noughties, and here we are, right now, where the tax situation is worse than ever before.

Just what can be done to shove it to the likes of Hammond and his gang? Oh I don’t know…how about hiring a contractor accountant for starters.

If you are a contractor or freelancer and you are fed up with spending most of your money on tax then a contractor accountant is your perfect match.

They laugh at 34.6% tax.

“Ha Ha,” said the contractor accountant.

“I have to pay it,” you say.

“Not if you do exactly what I say, and with your permission, you now choose to pay less,” they will reply.

“Isn’t that kind of thing against the law?” you say.

“No it isn’t, there are many ways you can choose to legally pay less tax, we know all about them and with your permission we would like you to choose us to do it for you.”

You can find these knowledgable and trustworthy contractor accountants at this website. Simply look to the right of the page right now and see who we recommend.

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Making Tax Digital Makes a Comeback

We all thought making tax digital had been shelved. Officials at HMRC had apparently “pulled the plug” on the idea.

To be honest, most contractors were happy at the news. They didn’t like the idea of filing a tax return 4 times a year…even if it was online.

Well, get ready to be shocked, because word on the street is that making tax digital is making a comeback.

Yes you read that right. While the millions of contractors and self employed of our nation assumed MTD had gone the way of the dinosaurs, it appears HMRC were working behind the scenes, in a secret lab in a undisclosed location, in order to bring back the idea of a quarterly tax return online.

In fact, if recent reports are to be trusted then HMRC already have 35 software suppliers who are chomping at the bit to get this thing “LIVE” and “PUBLIC.”

Not only that, but 18 small businesses have completed a round of testing of the software, and they say everything is almost ready to launch.

When exactly? Next April according to insider sources, where high income contractors will be expected to report their earnings on a quarterly basis.

Hang on a minute. Have we not heard this one before? I seem to remember reporting a few times about how MTD was getting ready to launch…only to have the rug pulled out from under us all at the last minute.

It got shelved so quietly that many pundits wondered if it would ever see the light of day again. Well, here we are once again and yes, the light of day is about to be seen.

If it really is a GREEN LIGHT on project MTD then we can expect chaos in the contracting world.

As I mentioned earlier, most contractors were luke warm at best on the idea of doing a tax return 4 times a year, and there were some who just downright disliked the idea.

Also, let’s not forget that it requires digital financial records to be kept if you have to file your tax returns online, and in my opinion, this is sure to ignite mayhem and confusion among those contractors who try to go it alone.

The solution? A contractor accountant of course…who else? Nobody.

If you have a contractor accountant in your corner then they can become your go-to expert on all things “making tax digital.”

You can even hand everything over to them and allow them to wave their magic wand and get everything setup for you.

You might not agree with MTD…but you can make it a lot easier with a contractor accountant.

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750,000 Miss Tax Return Deadline – DOH!

Despite me talking about the 31st January tax return deadline over the last few weeks, it seems that many self employed people have not been listening.

750,000 to be exact, who according to HMRC did not get their online tax return submitted by midnight last night. This includes contractors as well remember, many of whom are no doubt regular readers of this website.

The only word that comes to mind is “DOH!” Do these people not realise that a £100 fine will now be on the way to their mailbox. They must pay it as well, because if they don’t then even more fines could be added on top. It really is a good idea to just write out a cheque and learn from your mistake.

With that being said, there was over 10 million self employed people that did get their online tax return in on time. So it appears that quite a few of you have got things sorted and are not messing about…probably with the help of a contractor accountant, no doubt.

It was certainly a rush to the finish line for approximately 30,000 people last night between 11pm and 11:59pm, all of whom just managed to get their return submitted before the clock struck 12.

A minute or two later and they would have been fined, so you can imagine that quite a few people were breaking a sweat.

Things are getting better though. Yes 750,000 of our nations self employed did not get their tax return through on time, but last year that number was at 840,000. People are learning.

Perhaps it has a lot to do with the advert from HMRC that did the rounds recently? The advert featured ducks quacking as a way to remind everybody of the tax return deadline. Money well spent then.

If you are one of the contractors who missed the deadline yesterday then all may not be lost and you might not have to write a cheque. The reason? Because a good excuse will save you from being fined, although many have tried and many have failed going down this particular road.

Remember last week when I wrote a blog post about the most ludicrous excuses for filing a late tax return? In that post I mentioned how one man claimed it was because of “aliens,” while another mentioned it was because his business “didn’t really do anything.”

The one excuse you definitely don’t want to be using is “I don’t have a contractor accountant.” The HMRC are not going to fall for that one because they know how straight forward it is to find a professional.

Right here on this website is one such place, where in no time at all you can hire a contractor accountant to make sure your next tax return is submitted in time.

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