Why Contractors should Hire an Accountant/Accountancy Firm in Canary Wharf?by Shams Urrehman Accounting Services
Accountants take full responsibility of the management of account and taxes to give contractors time to concentrate more in running their businesses efficiently. They help temp worker agencies make informed and smart decisions through correct tax and accounting information at their fingertip.
Agency workers regulations (AWR) contractors guide
Agency Worker Regulation has come into effect on 1st October 2011 and it protects temporary workers’ right. The rule enforces that any temporary working employee for a company after 12 weeks on the same job role will have the same working conditions to that of a permanent employee in the same job. It means that the employee (temporary) after 12 weeks must be treated to the same terms and conditions regulating to pay as permanent employees. They should get equal basic pay, holiday pay, bank holidays and overtime pay and equal bonuses. Sick pay, loyalty bonuses, pensions, redundancy payments and maternity payments are however excluded from agency workers regulations.
Who is affected by the Agency Worker Regulations?
The new ruling does not affect the contractors working through their own limited company and who are outside IR35. Temporary employees provided by temporary work agencies are affected by the agency workers regulations. Employees supplied by intermediaries for example umbrella companies also come under the agency workers regulations.
Accounting firms for contractors
Accounting firm will provide unrivalled tax and accounting solutions to contractors and umbrella companies in Canary Wharf who hire temporary employees for their business operations. Taxation and accounting services rendered by accountants allows these companies and contractors to have undivided focus in managing the core aspects of their businesses efficiently.
Handling over your financial and tax related books to an accounting professional is not the same as handing over full responsibility for the financial health of agency workers. Agency workers should understand their cash responsibility so that they understand what they want their accountant to do.
One of the key things to query during the hiring process is how the accountant will add finical value to your business organization. You need accountant to demonstrate their accounting and taxation skills that are required for supporting and growing a small business.
Benefits of hiring accountants
Accountant helps small businesses with everything from day-to-day bookkeeping to representing them in a tax audit. Accounting firm provide optimized strategies for taking advantages of different tax opportunities aside from providing small agency IT workers with the status of their companies’ current finances. Qualified and experienced accountant for Agency IT workers In Canary Wharf help contractors to reduce their tax liabilities and increase take-home away finance.
The tax and accounting package by reputed accountant firms for contractors or temporary work agencies include the following:
Organize and manage financial accounts
Advice on compliance and tax issues
A thorough review of the financial position of the agency worker company
On-time submission of PAYE and VAT returns as well as statutory accounts
Created on Nov 20th 2017 22:12. Viewed 587 times.