First a contractor has decided that the best trading choice for the present phase of their contracting career is a limited company, selecting a contractor accountant is the next step. It is also a massively vital one,
1. Expert Contractor Accountant
Make sure the accountant specializes in contractor affairs and understands key issues relating to contracting, such as IR35. This requirement is crucial, and will rule out most high street accountants. Contractors should understand exactly who is supposed to do what and by when. HMRC and other relevant bodies, such as Companies House, will not accept as an excuse that something has been filed incorrectly or paid late. It is the contractor's responsibility to ensure everything is done correctly and on time.
2. Verify Qualification
Find out whether the accountant is registered with a professional accountancy body, such as the Association of Chartered Certified Accountants (ACCA), or the Institute of Chartered Accountants in England. If they are not, then move on. A specialist contractor accountant will have a thorough understanding of IR35 and how to tax plan and budget around the IR35 tax legislation. Contractors should ensure that their contractor accountants only perform legitimate tasks and adhere to the MSC rules.
3. Account skills
Accountancy Companies vary in size, and you should choose one that suits your aim. A larger company might have thousands of contractor clients, but may deliver a rather impersonal service. A smaller one may deliver a more tailored service, but perhaps at a price. A one-person practice might have all the key contractor accountant skills you require, but might not be able to concentrate on your needs at busy times, such as in the weeks before tax return deadlines.
4. Find references
Contractors should chat to fellow contractors and ask about their experiences with different accountancy firms. References are usually one of the best methods of judging which accountant is the right one.
5. Validate what's included in the price
Contractors should expect to pay between £60 - £90 + VAT per month for their accountancy services. Typically, they should expect to receive: Annual accounts, Online Tax return, Payroll, Self assessment, P11D, VAT returns, and References (e.g. for mortgages).
Make sure you know what you need from your contractor accountant and check to see whether it is included in the price.
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