Tips to Find Contractor Accountants

 that can be done by professional contractor accountants. Mostly, to avoid mistakes in calculation it is better to let them do this. Yes, it is true that you will have to pay some extra penny for that, but trust me it is worth.

Contractors are employed especially for this task as managing accounts, profits, losses and many other things is quite tedious. Also, to maintain this tedious paper work and then recollecting them for reuse is more tedious. If you own a business then how many tasks will you be doing on your own? At the end you might feel the frustration of doing all these things and so will hand it over to the contractor accountants.

If you are looking for a reliable accountant that specializes in contractor accounting, then there are a few things you must consider before you finally choose which one to use.

Whether you are new, or highly experienced to operating via your own Limited Company, you must carry out due carefulness when selecting your specialist contractor accountant. We have created 5 top tips for you to consider;

1. Choose a specialist

Make sure the accountant specialises 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.

2. Check their qualifications

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 and Wales. If they are not, then move on.

3. How big are they?

Accountancy firms vary in size enormously, and you should choose one that suits your purposes. A larger practice 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. Get 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. Make sure they understand IR35

A specialist contractor accountant will have a thorough understanding of IR35 and how to tax plan and budget around the IR35 tax legislation. Make sure the accountant genuinely knows all about IR35, and hasn't just added it to their list of services in the hope of attracting extra business. Some accountants also offer contract reviews, but contractors should ideally consult a legal specialist to assess their IR35 status.