Best Contractor Accountants in London

1. Benefits of Contractor Accountants Financial Benefits Flexibility Skills Development Saving You Valuable Time Minimizing Your Tax Bill Helping You To Grow Your Business Saving Money and Taxes

2. WHY DNS Associates? We provide a professional, proactive service geared towards your needs. Expert advice is available through face-to-face meetings or through telephone with our qualified team members. Our teams core goal is to save you taxes and money at every possible opportunity.

3. Slightly different rules apply depending on whether you are a limited company or a sole trader, so check on the HMRC website for more information about working for yourself as a freelancer or contractor.ExpensesRunning any business there will be related expenses, but you must be aware that the tax authorities are strict about claiming them. HMRC’s rules state that “expenditure must be incurred wholly and exclusively for the purpose of the trade, profession or vocation.”

4. EvidenceRemember that you could be asked to provide evidence that the expenses you file you actually incurred, and so accurate record keeping is an essential element of running a business. Accounting for expenses Much of your business expenditure can be deducted from your profits, but note that this is under the “wholly and exclusively” rules and you cannot deduct private expenditure. Types of expenditure Expenditure falls into three different types, each with different tax relief rules. Normally you are able to claim deductions, reliefs, and allowances for the current tax year and for the previous four years, but you must check this, as some must be claimed according to shorter time limits.

5. Should I opt for professional bookkeeping services?Professional Bookkeeping Services are provided by experts who have dealt with a large number of clients. They can give you an assurance of high-standard services. Since the reputation of the company is on the line if they do not perform well, you can always expect good quality bookkeeping.

6. Self-Assessment Tax Return- Do You Need to Do It? People who owe less than £3,000 in tax need not need to file self-assessment tax returns. They can avoid the long process and instead choose to settle their accounts. If you owe only a small amount of tax from savings income or from some freelance work, you do not have to be bothered with the process of filing self-assessment tax return.

7. Pension Auto-Enrolment: What Business Owners Need To Know? • Business owners must start planning well in advance of their staging date. With good planning, you will be able to carry out the scheme efficiently. • Selecting the right pension scheme is an important decision. You will need to consider the approach of the investment, how easily it can be carried out etc. • Inconsistencies in payroll data will hamper the effective run of the scheme. So ensure that your payroll is well managed. Some tips on the pension auto-enrolment

8. ARE YOU TEMPTED BY TAX FRAUD? READ THE SEVEN SHORT CASE REVIEWS Tax evasion is illegal and tax avoidance is legal, providing that the avoidance strategy taken is not too aggressive and stays within the rules. Tips and warnings collated in our blog under "Beware HMRC" abound. Note that HMRC has powers to snoop and investigate like never before; that it uses big data to track and compare (benchmarking), and that the consequences for getting caught evading tax can be very serious indeed in all ways, financially, to your reputation, and can even deprive you of your liberty.

9. DNS finds every way to minimize your tax bill legally. We have a duty to oversee that our clients are compliant and we appreciate it when clients are honest about their income (that is all income). We are only human, however, and sometimes people make mistakes. Remember that our agreement of confidentiality means that you can talk to your account manager in confidence, so if ever you are in any sort of mind to pull a stunt involving not declaring all of your income, don't be, divulge everything to us and you'll be okay. Recently HMRC published details of tax fraudsters prosecuted and jailed, here are a few examples to remind us all of the likely results. Bear in mind as well that the published details include the full name, date of birth, and the residential address of the convicted individuals. To read the full details, click here. Andrew Phillips and Michael McGrath were sentenced to forty months in prison after HMRC officers caught them laundering £115,000 cash, including £60,000 found in the boot of a car and £22,000 from their houses. The cash was from criminal activities.

10. 10 Ways to Reduce Business Taxes Good tax planning is essential for all businesses. Business tax includes Corporation Tax, VAT, National Insurance, PAYE, Capital Gains Tax etc. Using effective strategies can help you pay less business tax and save more money. Here are ten ways to ease the business tax liability: 1. Early planning Plan your tax strategies well in advance right from the time you start your business. You must explore opportunities to pay less tax. 2. Make the most of tax allowances Be aware of the tax reliefs. Choosing the appropriate business structure, using the Research and Development tax relief to reduce corporate tax etc are some good ways to pay less tax. Use the tax allowances to your full advantage.

11. 3. Claim your company formation costs Make sure that you claim the costs incurred in setting up the business or any purchases you have made. 4. Understand VAT A lot of business owners do not understand VAT properly and end up paying too much. Under the Flat Rate VAT scheme, you pay a flat rate of VAT based on the industry your business belongs to. Understand it well as this scheme might help you save some money.

12. 5. Choose a good accountant If you feel your accountant is not helping you much with tax savings, it is time to choose a new one. A good accountant can make all the difference by offering excellent business tax support. 6. Try work from home The HMRC provides large savings on tax for self employed businesses that use work from home option. Be aware of the allowances. 7. Family If you can assign positions in your business to your family members, you will be able to make the most of each one’s personal allowances.

13. 8. Reward your staff Pay your staff with tax free benefits so as to help both parties save tax. 9. Explore different payment options for yourself The amount and method can play a major role in deciding your tax. 10. Stay organized Maintain a good record system so that you can make claims to everything you are entitled to.

14. For More InformationPlease Visit Our Website Website: www.dnsassociates.co.ukEmail: socialmedia@dnsassociates.co.uk Phone: 02089036330 Fax: 02089078442