Contractor
What is a Contractor?
A contractor is a professional person, a group of professionals or a company that provides skills or services to other companies for a set period. They may be contracted for a limited number of hours of hours, a certain time frame, or the entire duration of a project.
Contractors can either be Sole Proprietors and partnerships, or they can be limited companies. Independent contractors work for themselves and source their own clients. However, an umbrella company or corporation can also employ contractors.
Why do Contractors need Accountants?
Compliance
A key benefit of having an accountant is that your company will always be compliant with current legislation. Since there is so much for an owner to keep track of, (VAT, corporation tax and income tax), it’s easy to make mistakes or to file a return beyond the deadline.
Not Enough Hours in the Day
Accountancy is a complex task in the best of times, on a day-to-day basis, it is extremely time-consuming. One also needs to have in-depth knowledge of accounting and legislation while keeping up with government reforms that keep changing all the time.
In fact, accounting is a full-time job in and of itself.
One of the main benefits of sourcing Lanop to manage your accounts is that you’ll have more time to focus on business development.
Efficient Tax Planning
Having Lanop on board will help maximise your tax-efficiency. We have experience and knowledge when it comes to managing accounts and can analyse your business expenses and income to advise you on how to boost your profits.
HMRC Enquiries
Dealing with HMRC is a time-consuming and stressful task. Here too Lanop can help. HMRC can contact a company to request more information on a return that has been filed or with a query regarding tax codes, etc.
Lanop handles these enquiries and, makes sure that all information is correct from the very beginning.
Intermediaries’ Legislation (IR35)
IR35 has been a sour thumb for contractors ever since its inception back in the year 2000. If you are contracted under IR35, you must pay the exact amount of income tax and National Insurance contributions. If these are not calculated accurately and filed with HMRC on time, you risk having exorbitant amounts levied as penalties.
Deadlines
Contractors have many annual deadlines to remember. This can become overwhelming when you have so much information to keep track of in the operation of your business. Lanop comes in here again to help. We help you avoid fines and penalties by making sure you’re submitting the correct paperwork at the right time.
Industry-Specific Advice
Lanop has specialist knowledge in a plethora of different industries, ranging from IT, social media, and other technology-based businesses to investment in property, precious metals, stones, and art. We are up to date with the latest regulations, which means that so are you.
Grow Your Company
Lanop accountants will help grow your business. This includes helping expand your team as well as advise on loans and overdrafts. Saving is a key element to growth, and Lanop will help find all the little ways in which you can save money improve cash flow.
Specialized Accounting Software
With the advent of Making Tax Digital (MTD), companies need to make and record all transactions digitally through specialised software.
All digital tools used at Lanop are MTD-compliant.
Contract Accounting Services Available at Lanop
Contractors may require different accounting services on a daily basis such as
Lanop: A name Contractors can Trust
Lanop Accountants eliminate the need to search for an all-encompassing accountancy firm. Our corporate headquarters in Putney, London provide practical and efficient solutions to all your accounting needs.
Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.
Rehmat Hussain
I am the Global Manager for VAT at Lanop, but due to my broad Read More
Rehmat Hussain
VAT Manager
I am the Global Manager for VAT Returns at Lanop with more than 5 years of experience in accounting, tax, and finance. I am responsible for providing services to help sole traders with self-assessments, tax planning and other relevant accounting services. My realistic approach, extensive experience, and successful track record makes me your business’s best friend.
Syeda Sidra Batool
Being a Payroll Manager at Lanop, I provide expertise to multiple Read More
Syeda Sidra Batool
Payroll Manager
Being a Payroll Manager at Lanop, I provide expertise to multiple contractors not only on payroll but also to help them get gross payment status from HMRC, verification of sub-contractors, and statutory year-end accounts. It is my job to make sure that clients’ businesses grow and plan for efficient tax returns at each step of operations.
Client's Testimonial
I have been with Lanop since 2016. I came in looking for an accountant and tax adviser and ended up making friends. It has been an amazing professional journey for me. I run a business consultancy and rely heavily on Lanop’s expertise to service my clients’ needs. Over the years they have sorted out my personal and company taxes. They are always available to discuss issues and are reassuring, practical and supportive of my business Zaib and his team are extremely helpful & generous with both their knowledge and time. The have provided me an excellent friendly service with brilliant advice, prompt replies.
Hasan Turunc
Senior Advisor
Koç Holding A.Ş.
Why should you choose us?
Digitalized Solutions
One-to-One Consultation
Experienced Tax Specialist
Professional & Client Centric
Flexible Approach
No Surprise Costs
More Services
STARTING FROM
35£
per month
Sole Trader
STARTING FROM
50£
per month
Limited Company
(Non-VAT)
STARTING FROM
200£
per month