For many people working in IT, moving into a contracting based role is often a natural progression. Being your own boss as an IT contractor is rewarding, and can be incredibly lucrative.
Lots of large companies and organisations rely heavily on using IT contractors for one off projects or extra support when needed. IT contractors can be incredibly flexible, especially in this age where remote working is proving to be the way forward.
If you are an IT contractor, or are thinking of setting up your own company, it’s vital that you get your finances in order as soon as possible. It can seem like a daunting process, but with our help you’ll only need to focus on what’s important to you: your business.
Why Use Dead Simple Accounting
Dealing with finances is no easy feat considering the amount of paperwork and legalities involved. Dead Simple Accounting leaves you to take care of your business, while we take care of the boring stuff.
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.
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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.
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What Expenses can IT Contractors Claim?
There are lots of expenses associated with being an IT contractor that you may be able to claim, such as:
- Equipment, such as a laptop
- Phone/SIM costs (if used for business)
- Internet, including mobile broadband
- Travel (if it’s for business purposes, such as meeting a client or visiting their premises)
- Office space & coworking memberships
- Training courses
- Subscriptions to industry magazines
- Annual eye test
- Stationery and other computer consumables
- Bank charges
- Accountant fees
- And more.
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.
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.
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