First Accountant has determined that the most excellent trading choice for the present phase of their constricting career is a limited company,
and then selecting a contractor accountant is the a step ahead. It is too a massively significant one, as a high-quality accountant can save a service provider many times their accounting fees by efficiently organizing their tax affairs.
Here are some tips first you read and then select contractor accountants:
Select expert Contractor Accountants
In your mind keep when you’re selecting contractor accountant .Make certain the accountant dedicate yourself to in contractor affairs and appreciate key issue connecting to contracting, such as IR35. This obligation is crucial, and will rule out nearly all high lane accountants.
Examine Qualification
When you are selecting contractor accountant check out whether the accountant is registered with a professional accountancy body, such as the (ACCA) Association of Chartered Certified Accountants, or the Institute of Chartered Accountants in England and Wales. If they are not qualified then they go for it.
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.
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.
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.
Understand who does what, and when
Accountants are professional advisers, not employees or co-workers, and can only provide their services when provided with timely and accurate information. 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.
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