Contractors accountants
We provide accounting services to numerous UK contractors, offering a well-balanced combination of software, tax planning, and accounting assistance. Whether you choose to receive salary or dividends, we ensure optimal utilization of your accounts. Our pricing begins at £69 + VAT per month.
Our contractor accounting service
For more than three decades, Taxcellent has been dedicated to serving contractors. Our aim is to simplify your extensive business and financial processes while minimizing your accounting paperwork. To achieve this, we have established partnerships with industry-leading providers of accounting software such as Xero and Freeagent, as well as reputable banking apps like Mettle and Starling.
Alongside these technological solutions, you will have the assistance of a dedicated Contractor accountant who will efficiently manage all your paperwork, allowing you to focus on operating your business. Whether you have inquiries regarding setting up as a sole trader, incorporating your Limited Company, or seeking IR35 advice, we are here to provide you with the necessary information and support.
Complete contractor accounts service
Only £69+VAT for full statutory compliance
Our total compliance accounting package for Contractors starts at just £69+vat per month. See our pricing information below.
Money back guarantee
We are so confident in our service that we will refund your fees in full if you are not satisfied.
Dedicated accountant
Our top priority is delivering exceptional customer service to our clients. This means you’ll have a dedicated contact who understands your business and collaborates closely with you on your accounting needs.
Complete service
Our services are fully inclusive of advice, tax planning, accounting queries, etc. You will never receive any surprise bills when contacting us.
ICAEW & ATT accredited
As registered and regulated by the Institute of Chartered Accountants in England and Whaled (ICAEW) and the Association of Taxation Technicians (ATT) our qualified and committed staff offer professional business guidance to Contractors.
Forward-thinking & transparent
Clients can expect the most cutting-edge technology and apps to help them save time and money by automating their financial processes.
Only the best accounting software
Our company collaborates with the leading cloud accounting software providers in the UK. Consequently, our team of client accountants undergoes comprehensive training and accreditation from our software partners. This enables us to offer specialized guidance, swift resolutions, and complimentary software training, resulting in a smooth and effortless customer journey.
Essential
Starting From
£69/month
- Free Company Formation
- Real Time Accounting Software
- Full preparation & submission of Year end Statutory Accounts
- Calculation & Submission of Corporation Tax (CT600)
- Dedicated Account Manager
- Unlimited support
- Flexible rolling monthly contract
- Annual Return filing
- Payroll Registrations & Monthly RTI & End of year PAYE for Directors
Recommended
Starting From
£89/month
Premier
Starting From
£110/month
Insurance for Contractors
We advise limited company contractors operating outside of IR35 to maintain specific insurance coverage for the protection of themselves and their clients. This encompasses Professional Indemnity and Public Liability insurance.
To safeguard you and your clients, we have established a partnership with Kingsbridge, offering Contractor Insurance. Their comprehensive packages include professional indemnity, public liability, and employer’s liability insurance. Additionally, they provide optional add-ons such as Legal expenses coverage.
By being affiliated with Kingsbridge as an insurance partner, we extend a 10% discount to our contractor clients.
Kingsbridge provides coverage for more than 1,000 professions across diverse industries, with a package specifically tailored for contractors and freelancers.
Here are some of the exceptional benefits they offer:
1. A price promise that guarantees the best value cover at the most affordable price.
2. Quick and convenient online quoting and purchasing, taking only a few minutes.
3. Instant access to your policy documents.
4. Inclusion of coverage for previous work at no additional cost.
5. Flexible payment options to suit your needs.
6. Insurance that serves as a reliable indicator for IR35 compliance.
Even as someone who consistently delivers outstanding results in your profession, it’s crucial to have professional indemnity insurance. Professionals can face lawsuits alleging negligence if their advice or services fail to meet client expectations. These legal claims, regardless of their validity, can be financially burdensome and disruptive.
Clients expect you to possess expertise in each contracted project you undertake, making it essential to prioritize obtaining suitable insurance. Having insurance provides the best means to ensure your safety and security.
Types And Levels Of Contractor Insurance Policies
You have the option to obtain these Insurance policies either as individual policies or in combination with one another. It is important to explore different insurance providers’ packages, as each offers distinct types of insurance with varying levels of coverage.
If your business provides professional advice or services, having this insurance is essential. It provides protection in the event of claims made against you, encompassing damages arising from your advice or services. This includes instances of professional negligence, breach of confidentiality, loss of documents and data, and defamation. Typically, this insurance can be obtained as an independent policy.
If a client or member of the public is injured or their property is damaged due to your business, then you are covered for any damages brought against you. Having public liability insurance would then cover the legal fees and compensation costs, up to your policy limit. To meet your client or agency’s contractual obligations, you will likely need £5,000,000 in public liability insurance.
The law requires it. Employees who become ill or injured while working for you will be covered for any claims made against you or your business. As an employer, you must always prioritise your employees’ health and safety. A simple slip on a wet kitchen floor could result in a claim. Accidents do happen, so protect your business with employers’ liability, general liability, and professional indemnity insurance policies. Include it to ensure full coverage for your chosen employer.
Suppose your business suffers or is disrupted due to a data breach or hacker attacks. If this affects IT systems and results in the theft of personal or commercially sensitive data, you and your business will be protected and supported by a legal team. It is there to make sure your business is protected against cyber-crime – things like fraud and data theft and data breaches where confidential information is accidentally shared.
Personal accident cover, also known as personal injury cover, is an add-on to your car insurance policy that doesn’t just protect your car, but you – the driver. If you are seriously wounded, disabled, or killed in a car accident, personal accident insurance will compensate you, if you can no longer work, or your loved ones to cover any additional expenses if you die. You will still receive a pay-out regardless of who caused the accident.
If you are dealing with HMRC regarding an IR35 contract review, you can be assured that you will not have to face the potential of a heavy tax bill, and your case will be dealt with by experts who can fight your case.
This type of insurance covers sick pay if you suffer an illness or injury as a contractor. Policies can be taken out based on a contract rate and can protect up to 70% of your income and pays out a monthly income.
This cover should be taken out in conjunction with Income Protection (pays a monthly income if you fall ill). It’s a type of insurance that protects you if you get severely ill during the policy’s duration. It gives you a tax-free lump payment that you can put towards medical bills, monthly expenses, or lost income whilst you recover.
Contractors can be chosen at random for jury service and are legally required to attend court. If you are called to take part in jury service, your company may lose money. This also applies to any of your employees who may receive a similar request. Jury service coverage compensates you or an insured employee for lost wages. This type of insurance is relatively cheap and gives you peace of mind if you are called up for jury service resulting in you losing out on income from a project.
Your home or office-based business and all your business equipment is protected in the event that they are accidentally damaged, lost or stolen. There are some add-ons that would also protect mobile equipment i.e. notebooks and cover for business loss due to this interruption.
Why do you need it?
- Negligence refers to being inattentive or careless while performing one’s duties, which can include providing incorrect advice or making errors.
- Infringement of intellectual property rights occurs when content from a website is reused without obtaining prior permission.
- Defamation involves making untrue or harmful statements about an individual or an organization.
- Breach of confidence refers to the unauthorized disclosure of confidential or commercially sensitive information.
How much cover should you consider?
We have a wide range of cover options available to meet your specific business requirements with precision. The level of coverage provided will be determined by the risks your business encounters. It is important to consider the potential costs of legal fees and compensation. Additionally, please verify if your clients’ contracts mandate a minimum level of coverage. For a detailed discussion on your options, please contact the highly acclaimed customer service team at Kingsbury Insurance by calling 01952769469.
If you are a Contractor client of Taxcellent, you will also receive a 10% discount on your insurance premium. Simply mention us when you make the call. If you are not yet a client, we invite you to reach out to us for information on our accounting services for contractors.
We understand that challenges may arise, and we are committed to ensuring your protection. That’s why we have partnered with Kingsbridge Insurance, who offer a streamlined package with comprehensive coverage and no hidden charges.
Full IR35 review for Contractors
By conducting a comprehensive review of your contract and working methods, a complete IR35 Contract Review guarantees compliance and furnishes pertinent evidence. Additionally, it demonstrates to HMRC that you have undertaken reasonable measures to determine your status as being outside the purview of IR35.
We have collaborated with Kingsbridge Insurance to offer you a significantly discounted IR35 assessment, priced at only £74.50. This assessment has the potential to save you money and safeguard your status as being outside of IR35.
How is my IR35 status determined?
The determination of your IR35 status is contingent upon the sector of your end client. In the public sector, for example, the end client holds the authority to determine your IR35 status. Prior to the implementation of the off-payroll working reform, it was your responsibility to ascertain your own IR35 status.
The Government is replacing the original IR35 legislation with the newly introduced Off-Payroll tax, which was initially enforced in the public sector in April 2017 and subsequently extended to the private sector as of April 2021.
Why do they matter?
Conducting an IR35 contract review holds significant value during an IR35 inquiry, as it showcases to HMRC your proactive efforts in accurately assessing your employment status.
By undergoing a professional contract review, you strengthen your position for operating outside IR35. In the event that HMRC initiates an investigation into your IR35 status, having an expert opinion at your disposal will assist you in effectively challenging the tax authorities.
What is involved in an IR35 Contract review?
The assessment of the contract provides reassurance regarding the IR35 status, ensuring peace of mind. During the review, Kingsbridge experts can propose modifications to your work practices in order to maintain your contract’s compliance with IR35.
The services include:
1. Expert evaluation to determine if your contractual arrangement falls within or outside IR35.
2. Examination of the written agreement, accompanied by opinions on the contract’s status.
3. Evaluation of your working practices through an extensive questionnaire, including their assessment of the working practice element.
4. A concise set of recommendations to enhance compliance.
5. Emphasis on contract requirements, such as insurance.
6. Information pertaining to the IR35 legislation.
Kingsbridge Contractor insurance
In addition to providing a standalone policy, Kingsbury Insurance offers an additional feature called IR35 Protect, which can be added to their business insurance packages. This feature is designed to protect limited company contractors from potential financial burdens related to IR35, including expenses like legal fees, taxes, interest, and penalties.
By undergoing an IR35 review, you can also gain a clearer understanding of the IR35 status of your contract. Moreover, this review can provide advice on modifying your work practices to help you avoid falling under IR35.
To benefit from comprehensive coverage for contractors, including IR35 protection and status reviews, please contact Kingsbridge at 01952769469 and mention that you are a “Taxcellent’s client” to receive a discounted review for only £74.50.
Get your business off
to the best start
to the best start
Need to do a corporation tax return for your company?
Contact us now and have a conversation with our skilled tax advisors. Our aim is to simplify the entire process of filing your company tax return, ensuring a hassle-free experience for you.
FAQs
What insurances do I need as a contractor?
Causing harm to another individual can result in an injury. While insurance may be elective in certain situations, your line of work could make it compulsory.
What kind of insurance do independent contractors need?
Independent contractors must prioritize general liability insurance due to the following reasons: It safeguards both you and your business, as independent contractors share similar legal responsibilities and vulnerability to liabilities as larger companies. They can face lawsuits for client property damage, bodily harm caused, or advertising-related injuries. In case of any uncertainties, Kingsbridge Contractor Insurance can provide expert guidance on the most suitable insurance choices.
How long does a contractor have to warranty his work UK?
Typically, warranties remain legally enforceable for a period of twelve years after the completion of the works. This time frame is well-founded on practical grounds. Based on industry knowledge, it has been observed that the majority of defects become apparent within the initial two years, while the remaining ones surface over the subsequent eight years.
Is a contractor responsible for damage?
It is imperative for every contractor to possess general contractor liability insurance. Failure to have insurance could leave you responsible for any property damage caused by the contractor. Although it is uncommon, there are situations where both insurance companies may reject coverage and refuse to compensate for the damages.
Can a contractor charge more than the quote?
Requesting a price estimate involves receiving a quote, which is a proposal to carry out a specific job at a precise cost. Once you accept a quote, the contractor is bound by the agreed-upon price, unless additional work is agreed upon or the project’s scope undergoes changes during its execution. Legally, such modifications to the contract are referred to as variations.
What happens if you have no public liability insurance?
In the event of a lawsuit against your business and the absence of public liability insurance, you will be responsible for financing your own solicitor. If the claim made against you proves successful, you may face a substantial settlement payment, potentially even bearing the legal expenses of the individual suing you.