Contractors trading via a limited company can choose to run their contractor company accounts themselves
but the administration burden is time consuming, tax laws are complex and the cost savings relatively small. So most of choose specialist contractor accountants, who are geared up to providing efficient accountancy services.
There are lots of online websites that provide accountancy services but which one is the best? Here are some tips which can help you to select right company.
1: Only consider specialist contractor accountants
High street accountants and big 'audit' accountancy practices mostly focus on small businesses, individual tax planning and large corporations. But contractors' accountancy needs are unique. So, make sure you choose a specialist contractor accountant, or an accountant with a dedicated team of contractor specialists. It should have many years' experience dealing mainly with contractor clients and not just local SMEs or large corporates. A good place to start is by checking out paid-for advertisements on contractor-focused websites, because only specialist contractor accountants will advertise there.
2: Choose qualified and regulated contractor accountants
Contractor accountants should be regulated by professional bodies and may be members of contracting sector trade organizations. They may also be accredited by contractor and freelance organization, PCG. Make sure you choose a contractor accountant that has professionally qualified accountants on its staff and industry accreditation from a recognized contracting industry organization.
3: Choose contractor accountancy services that suit your needs and are priced accordingly
You probably don't need to speak to the senior partner every time you have a query, so don't pay fees as if you do. You may only need annual accounts and do much of the admin yourself, or you might want accountants to do everything for you. So choose contractor accountants that best suits your needs and charges only for services you use. And do carefully check the small print so you know which contractor accountancy services are included in the price and which are extras.
4: Ask other contractors about their own accountants
Contractor accountants who do a good job will be recommended by clients. So ask contractors about their experiences of contractor accountancy services and the pros and cons of each provider. Then choose one that gets good reviews from other contractors who are still clients. Look for online testimonials and perhaps ask questions of other contractors in online forums.
Contractor accountants usually charge a monthly fee, which is typically between £60 and several hundred pounds per month, depending on which contractor accountant you choose and what services it says it will provide.
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