Accounting basics for Contractors & Freelancers

Choosing the right VAT route There are several different ways you can account for VAT. Which VAT scheme is best for you? Choosing the right scheme is dependent on your business and circumstances. In this article, we are going to look at the Flat Rate Scheme but if you would like any further advice on any of the other Article Author: Cogent Accountants Comments Read More
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Review bid gets crucial boost from influential and campaigning politician A TRADE body’s call for a strategic review of the tax regime has received another boost - this time from a key shadow Treasury spokesman. The SNP’s Roger Mullin hailed the plan as “modest and reasonable” after meeting PRISM chief executive Crawford Temple. PRISM is Article Author: Steve Smith Comments Read More
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Top 3 Reasons Why Freelancers and Contractors should hire an Accountant As a freelancer or contractor new to the industry, you may be so excited about finding new clients and making money from your skills that you have neglected to think about your financial records and taxation situation. Or perhaps you have tried to keep on top of your finances, but have fai Article Author: Michael Comments Read More
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How long to keep your PAYE records As a general rule, you should keep your records for a minimum of six years. However, if you are: • an employer, you need to keep Pay As You Earn (PAYE) records for 3 years (in addition to your current year) • a contractor in the Construction Industry Scheme (CIS), you need to kee Article Author: Harsh Shah Comments Read More
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