Need a Specialist Contractor Accountant
Every contractor needs to ensure their financial affairs are in order and the best way of doing this is to leave it to the experts. By hiring a good contractor accountant you can save yourself the time and energy of trying to cut through the red tape and jargon that surrounds the contracting industry.
A contractor accountant will have significant experience and understanding of the freelance market and the legislation that governs areas such as tax, working hours, and employment status. Most accountancy companies will be able to help with key areas such as IR35, VAT and NI calculations. Of course, you could attempt to conduct your accounts yourself, but there is a chance you could get things wrong or overlook certain legislation which could work out to be very costly.
Finding a good contractor accountant is not difficult and there are many good websites available. No matter which industry you work in a contractor accountant will have the knowledge required to ensure you comply with tax legislation and any other rules affecting your employment. Tax can be extremely complex so having somebody on your side who can understand each area will give you peace of mind.
Whether you are a first time contractor or working through your own limited company, a contractor accountant can assist. Most companies offer an all inclusive monthly package so you know where you are each month and that your tax affairs are being dealt with at all times. When looking for a good contractor accountant, try to find a company that offers a single point of contact to ensure continuity and communication is at its best.
Your accountant is responsible for your accounts and will be on hand to answer any questions and make sure you run your accounts as efficiently as possible. Ensure your accountant has an excellent knowledge of IR35 as this is currently one of the most important tax rules affecting the contracting industry. In addition to assisting with taxation law, your accountant should assist with the financial administration of your accounts saving you the time and hassle of doing it yourself. Only an accountant familiar with the freelance market will understand the implications of not filing accounts in the correct manner.
If you are considering starting your own Limited Company Services, your contractor accountant should be able to assist with the process and give you advice along the way. They should also help you with registration for PAYE and VAT and keep you up to date with any changes to current legislation that may directly affect you. Once you find a good contractor accountant stick with them to ensure you are getting the most from your income and operating in compliance with employment and HMRC legislation.
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