Accountants for IT Contractors - Dead Simple Accounting

In the rapidly evolving tech landscape, carving out a successful career as an IT contractor offers the freedom of being your own boss alongside significant financial rewards. As enterprises and organisations increasingly depend on specialised IT skills for project-based work, the flexibility and expertise offered by IT contractors are more valuable than ever. Whether you’re navigating the world of remote work or contributing on-site, understanding the financial intricacies of contracting is crucial.

Why Use Dead Simple Accounting

At Dead Simple Accounting, we understand the unique challenges faced by IT professionals stepping into the contracting realm. Our bespoke accounting services are designed to demystify the complexities of contractor finances, from tax obligations to expense management, allowing you to concentrate on your projects and client relationships.

We work with lots of different industries similar to IT contractors, such as digital nomads and freelancers, and know the challenges they may face, as well as all the possible expenses you could claim. We can guide you through the entire process, from registering as self-employed to completing your self-assessment and filing them with HMRC.

We also offer services that help to forecast any risks that stand in the way of your goals.

Don’t want to take our word for it? Let our five-star ratings across Google and Facebook do all the talking.

Our Pricing

At Dead Simple Accounting we charge just £275 including VAT for self-assessment tax returns, and can take you through the entire process.

If you’re interested in other services, such as setting up a company or payroll, head over to our quote page for a free and instant estimate.

The reviews speak for themselves

See what our clients have to say about us

Highly recommend working with Dead Simple Accounting. James sorted our first year accounts and tax return and made the whole process incredibly simple. James is responsive, informative and massively helpful!

Alex S.

James sorted out my Self Assessment in under 3 messages. There’s minimal pain or hassle on my side, and I’m confident that it’s been done correctly. A huge thank you James!

PR Work

Fantastic service! James helped me file my self assessment and was brilliant all the way through. From finding the required information, to explaining the various options, James was able to help me save money and turn it all around very quickly.

Ian F.

I highly recommend Dead Simple Accounting. James and his team are very responsive and incredibly helpful. They have helped me with accounting services for two limited companies and my personal taxes I’ve always been impressed with their level of professionalism.

Cristian O.

What Expenses can IT Contractors Claim?

Understanding what expenses you can claim is pivotal for minimising your tax bill and maximising profitability. Here’s a detailed breakdown:

Essential Equipment and Software

Computing Hardware: Laptops and desktops exclusively for business use.
Software Licenses: Subscriptions critical for development, project management, and operations.
Specialised Tools: Any niche hardware or software necessary for specific project requirements.

Communication Costs

Business Phone and Internet: Dedicated business phone lines or SIM cards, and broadband costs proportionate to business use.

Travel and Accommodation

Client Site Travel: Costs incurred travelling to client locations, including mileage, public transport fees, and parking.
Business Accommodation: Overnight stays for business purposes, fully claimable against your tax.

Office and Workspace

Coworking Memberships: Fees for using coworking spaces or rented office premises.
Home Office: A proportion of home utility bills, calculated based on the size and use of your home office.

Professional Development

Training and Certifications: Courses to enhance or update your IT skills.
Industry Subscriptions: Fees for professional bodies or trade magazines relevant to your field.

Health and Wellbeing

Eye Tests: Annual tests and necessary glasses or contact lenses for screen work.

Insurance and Professional Fees

Business Insurance: Professional indemnity and other relevant insurance premiums.
Accountancy and Legal Services: Fees directly related to the business operation.

Miscellaneous

Stationery and Consumables: Office supplies and computer consumables.
Networking and Events: Costs related to attending industry networking events.
Bank Charges: Related to business accounts or financial transactions.

Generally speaking, if something is solely for business use then it’s likely it can be claimed as an expense. It’s important that you keep on top of your paperwork, so ensure you save all receipts and invoices and snap a picture of them as a backup.

IR35 Compliance for IT Contractors

IR35 legislation affects many IT contractors operating through their own limited company. It’s designed to identify contractors who HMRC believes are ‘disguised employees’ and therefore should pay similar taxes to regular employees.

Whether your contract is inside or outside IR35 has significant implications for your take-home pay and how you operate financially.

Our Services Include:

IR35 Contract Reviews: Quick and comprehensive assessments to determine the IR35 status of your contracts.
Compliance and Strategy Planning: Tailored advice to structure your contracts and operations to comply with IR35, optimizing tax efficiency.

Navigating IR35 need not be daunting. With Dead Simple Accounting, you gain clarity and confidence in your IR35 status, ensuring you remain compliant while maximizing your financial potential.

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Useful Resources

These days there’s an abundance of tools and resources at your disposal, software that handles your invoices and expenses, to mobile based banks that cut the boring paperwork.

We only work with the best of the best, and have partnered with several big names to offer you various goodies when signing up.