Accountants in Reading

As a freelancer, contractor or small businesses owner, you spend an enormous amount of time running your operations. It’s important you hire a qualified and experienced accountant to make sure you are:

• paying the correct taxes (business and personal) on time;
• meeting your filing deadlines to avoid penalties from HMRC;
• claiming the correct business expenses and allowances; and
• paying yourself in the most tax efficient manner, in the form of salary and dividends.

Our Reading accountants are qualified accountants. They all have Association of Accounting Technicians (AAT) qualifications. The AAT is the world’s leading professional body meaning our qualified accountants have the credentials and experience to meet the requirements of freelancers, small businesses and contractors.

We are specialist Reading tax consultants for contractors. We know about the tax saving schemes and allowances that a traditional accountancy practice will not offer including:

• Advice on the off-payroll working rules, also known as IR35. We have reviewed many contracts and given advice on how to change business activities and working arrangements with existing clients to a range of contractors across multiple sectors.
• Guidance on completing the HMRC Check Employment Status for Tax (CEST) tool.
• Guidance if you need to register your company for VAT including the pros and cons and specific schemes you may be able to benefit from, such as the VAT Flat Rate Scheme. We can also complete the VAT registration for you.
• Advice on the allowances limited company directors can claim as tax deductible expenses, which are exempt from National Insurance. The main allowance we find most overlooked is the Trivial Benefit Allowance. You can also expense an annual function through your company such as a Christmas party. There is a monthly allowance you can claim for working from home. We will advise you of the criteria for each allowance.
• When it comes to paying yourself, we will let you know the most tax efficient way to achieve your required take home pay while ensuring the correct taxes are paid.
• If you pay yourself dividends from your company, we will let you know what you need to budget for your personal tax. That way, when your accountant completes your Self Assessment tax return, there are no surprising tax bills. You will also have the money saved up to cover your tax liability.

The first thing your accountant will do is complete a simple company budget. Ultimately this is so we can see what money you have available to pay yourself and what you need to live on.

We then give you an estimated personal tax liability so you can save money towards your personal tax bill each time you pay yourself. That way there are no nasty or unexpected tax bills come January.

We will also give on-going tax advice throughout the tax year, should your personal circumstances change or HMRC updates the tax rates and allowances.

We offer a personal accountancy service. Your dedicated accountant will get to know you and your business on an individual basis. They will be your main point of contact and are on hand to answer your questions; you can even call their mobile. If you’re just starting out, no question is a silly question. If you don’t know the answer, just ask.

Our most popular service is our Standard Package at £95 +VAT per month. This suits people and who want a ‘hands on’ approach to their accounts. If you’re the kind of person who doesn’t want to get involved in the accounts, then we do have our Enhanced Package, which is our bookkeeping services at £125 +VAT per month. For this, we will keep your accounts up to date. Your accountant will let you know when returns need to be filed, taxes paid etc. so you are kept fully in the loop.

All our business packages are fixed monthly fee which cover everything you need for the business accounts, tax returns and taxes and also your personal tax return. There are no hidden fees.

All our packages include access to your own My Accountant Friend online accounts portal. This is where all your information will be stored such as your sales invoices, bank transactions, payslips and VAT Returns.

Make sure you have a dedicated accountant, and not dealt with by an ‘accounts team’. For example, at some firms you’ll email them, and you will get an email ticket number and then someone from a team will contact you. Therefore, there is no continuity when they contact you, and no one really understands your past queries/situations or you or your business.

Your accountant should be friendly and approachable and explain things in a way that you understand, not just ‘accountant speak’.

Although you are not an accountant yourself, they should give you a basic understanding of what the figures mean and why. At the end of the day, it is you signing your accounts so you should understand what they mean.

Make sure they explain the fees you will be paying and ask if they are all-inclusive. Check the small print for hidden fees, such as being bill every time you speak to them.