A subcontractor, or sub-contractor, is a person or company hired by the main contractor to perform a specific part of the work or provide specialized services on a construction project. Subcontractors are not directly employed by the project owner but are contracted by the main contractor to carry out certain tasks within the scope of the overall project. 

Contractors may require different accounting services on a daily basis, such as 

1. PAYE and Payroll

2. Management Accounts

3. Self-Assessment services, including registration and return filing to HMRC

4. Annual Corporate Tax Returns

5. Compliance with HMRC and Companies House

6. IR35 compliance

7. Guidance on business structure

8. Expert opinion on high-return investments

9. Bookkeeping

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 constantly change. 

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 various industries, from IT, social media, and other technology-based businesses to investing 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 crucial to growth, and Lanop will help find all the little ways you can save money and improve cash flow. 

Specialised 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. 

Lanop Accountants eliminate the need to search for an all-encompassing accountancy firm. Our corporate headquarters in London provides 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.

Contractors All Risk (CAR) insurance is a type of insurance policy that provides coverage for contractors and construction companies against various risks during the construction process. It typically covers damages to the construction site, materials, and equipment, as well as third-party liability for injuries or property damage arising from the construction activities.