K-Legal

Contractors Dealing with HMRC

Since the onset of IR35 there has been a lot of confusion as to which contractors can be paid in dividends and which cannot take this tax break. It boils down to whether or not a contractor falls inside or outside of IR35 and this is not always easy to determine. Fortunately, the team at Nixon Williams are well versed in the regulations surrounding IR35 and are thus able to offer the kind of advice needed by small businesses, locums, freelancers and contractors.

When just starting out in business it is always a bit confusing as to what is considered taxable income and what can be written off as a valid business expense. Then, as the business grows, so too do the number of tax issues which may arise along the way. There is no need to worry when Nixon Williams accountants are on the job because they specialise in the needs of contractors and other small business entities. From helping you understand whether or not you are outside of IR35 to helping you calculate your net pay, specialist accountants are on hand to answer any questions you might have.

In fact, many contractors find that the Take Home Pay Calculator on the Nixon Williams website is an invaluable tool when trying to determine just how much they will be making when bidding for jobs. Keep in mind that contractors are in business for themselves and when bidding for contracts it is important to know just how much profit will be realised. This included deducting HMRC taxes and National Insurance payments. If a project bid is too low, substantial losses can be realised after deductions are made.

Nixon Williams can help contractors better understand the new rules and regulations and can provide much needed advice when it comes to dealing with HMRC. From easy-to-use online tools to consultations with specialist accountants, there is no need to face the taxman alone. Nixon Williams is with you every step of the way.