About Us
Income Made Smart (IMS) LLP is a member firm of The Institute of Chartered Accountants in England and Wales (ICAEW – www.icaew.com). See our additional accreditations below.
IMS specialise in providing accounting and tax services to contractors, freelancers and start-up businesses. We also cover specialist employment tax services to any business, including to other accountants and all areas of personal tax.
IMS use a unique mentoring approach to provide our clients with an unbiased understanding of their working options and how best to make their income smarter. Once the contractor has explained their circumstances to us we assess their needs and explain the options available to them and in so doing empower them to choose the most suitable working arrangement. Once they have made their decision we support them with a full range of comprehensive services.
Accounting, Tax and Compliance:
We provide accounting, tax, and compliance services to support the following:
Limited Companies
Sole Traders
Partnerships
Limited Liability Partnerships
Construction Industry Scheme (CIS)
PAYE
Umbrella Services
Personal Tax & Personal Tax Self Assessment Returns
Employment Tax
PAYE & NIC compliance reviews
Employment status reviews
Reviews & Working Arrangements (IR35)
NIC compliance and planning
P11D Dispensation and PAYE Settlement
Agreements reviews and applications
Compliance reviews
Salary Sacrifice Schemes
Drafting Expenses and Benefits Policies and Procedures
We also provide training in the following areas:
Completion of forms P11DHMRC PAYE Compliance ReviewsCIS Compliance
Additional Accreditations:
IMS are an Accredited accountancy firm of the PCG (Professional Contractor’s Group – www.pcg.co.uk). Accountancy practices or accountancy service providers are only eligible for the PCG Accredited Accountant scheme where one or more practitioners have the following qualifications: Chartered Accountant, Chartered Certified Accountant, Chartered Management Accountant, Chartered Tax Adviser or Member of the Association Taxation Technicians.
To become a PCG Accredited Accountant, firms must meet the following:
• Strict entry criteria
• Training on IR35/S660A
• Customer service training to enable accountants to meet the needs of freelance consultants and contractors
• Annual assessment, including feedback from PCG members
An accountant or accountancy firm which has the relevant qualifications to practice the profession does not necessarily mean they completely understand how freelancers work or the issues that affect them. PCG Accredited Accountants have received additional training in tax matters of particular importance to freelance workers and developed a good understanding of how freelance businesses operate.
IMS are also a selected service provider of the Association of Professional Staffing Companies (APSCo – www.apsco.org):
The Association of Professional Staffing Companies (APSCo) is the professional body representing the interests of recruitment organisations engaged in the acquisition of business professionals, on behalf of their clients, either on a permanent or flexible basis.
As an affiliate member of APSCo IMS had to provide detailed financial information to strict guidelines, pass a strict compliance review, undergo rigorous inspection via references as supplied by clients and we’re required to demonstrate that we adhere to a strict code of conduct.
These checks have afforded IMS a stamp of quality in providing services to this industry.
IMS are the preferred accountants to many of the candidates of the largest Recruitment Agencies in the U.K.
