Freelancing accountants may be paying too much tax, according to a new report by PAYE specialists Parasol.
According to the company, there are currently more than 86,000 accountancy professionals in the UK working as contractors or on a freelance basis.
However, the report states that half of these accountants are missing out on up to 10 per cent of their net fees because they are overpaying tax .
The report adds that some freelancing accountants are paying 50 per cent PAYE by working as a sole trader or through a recruitment agency.
Rob Crossland, chief executive of Parasol, said: "Although by no means a new way of working, freelancing is a growth area in accountancy and freelancers are still working out the best ways to work and ensure they are paying the correct amount of tax .
"There is a duty of care here for the agents that place them as well as they need to be fully aware of all the options open to freelancers and be able to advise on the most tax efficient .
"For anyone about to take the plunge, it’s worth fully examining all the options available and make an informed decision on the best way to manage your business."
Half Of Accountancy Freelancers Paying Too Much Tax
Thu, 14 Oct 2010
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