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As a company director, you are legally responsible for ensuring you and your company pay the correct taxes. One essential step to ensuring you do this is to engage an accountant who is experienced at working with small companies and contractors specifically. This will mean that you have the support of a professional who keeps up to date with changes in tax laws and can give you guidance that is specific to you and your company’s industry.
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Just like any business, a contractor is able to claim on their expenses and in turn save money when it comes time to file their tax return. Expenses can be deducted from a contractor’s income so they are only taxed on their profits. The challenge, however, is to know exactly what counts as a business expense.
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First and foremost, a contractor is treated differently compared to a permanent employee or established business with respect to mortgages.
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If you are running your own business, it is vital that you are in control of your finances, and therefore a good accountant is invaluable.
