IT contractors and one-person limited companies

Working as a contractor, or freelance worker, brings the benefits of being your own boss, flexibility about when and where you work and financial advantages. Going it alone can also involve certain risks - including the danger of falling foul of the taxman - which is why working with an accountant experienced in the contractor sector is essential.

At HB&O Chartered Accountants in Leamington Spa, Coventry and Warwickshire, we have wide-ranging expertise in working with contractor clients and understand issues specific to this sector, including the IR35 legislation designed to determine whether someone is a genuinely self-employed contractor.

Whether you are already working as a contractor or just starting out, we can advise you on issues including the most appropriate and tax-efficient structure for your contractor business.

Depending on the trading structure you choose, we can help you to manage the work and responsibilities involved, which could include bookkeeping, drawing up end-of-year accounts, completing income tax or corporation tax returns, calculating corporation tax, maintaining VAT records and preparing VAT returns.

We can also advise you on issues including business banking, business expenses and preparing financially for breaks between contracts, holidays and illness.