Choosing a Contractor Accountant

For contractors and freelancers, choosing the right accounting partner can make a big difference to their business. The ideal accountant should not only offer expertise on matters that affect contractors on a daily basis, such as tax legislation, IR35, and corporation tax laws, they should also remove much of the expense, time and hassle associated with financial management, offering their customers less tangible benefits like financial peace of mind and absolute confidence that their bottom line is healthy.

For this reason, if you’re a contractor or freelancer you should always seek to employ a specialist contractor accountant - only a company who deals with the freelance market will have a sufficient understanding of the tax issues involved in running a contracting business to offer you the best service and ensure that you’re operating in the most tax-efficient way. So here are some tips to help you choose the best possible contractor accountant for your business.

First and foremost they should offer a versatile, comprehensive service that goes beyond form-filling and tax returns: the best contractor accountants will really get to know their customers’ businesses and go the extra mile to meet their individual needs. For instance, most contractor accountancy packages include things like IR35 advice and completion of your annual self assessment return, but some will also assist with your company set up (if you’re just starting out), register you for PAYE and VAT, and provide personalised advice and support whenever you need it.

In addition to the personal services of an accountant, the best contractor accounting packages also include access to a suite of online software, allowing customers to save time and hassle relating to day-to-day tasks such as recording expenses and creating invoices. And it goes without saying that this entire package should be great value, with a monthly subscription cost that is fully explained and transparent from the moment you sign up to ensure you’re not hit with additional fees at the end of the year.

Above all, your accountant is there to help you to save time, cut down on hassle and stay in control of your finances. Through tax-saving advice and other money management tips they should also be able to save you money, and above all they should make you feel secure that your finances are in the hands of an expert; every independent professional understands the value of good financial management, and it is well worth investing in by selecting a specialist contractor accountant.