There are so many benefits to working as a contractor, as not only have you got the increased freedom and control that comes with being your own boss, you can also benefit more financially.
However, being self-employed also means having increased responsibility with both your finances and the general running of your own company; this is where the right advice and guidance from a good contractor accountant can be incredibly useful.
How to Choose a Contractor Accountant
Many people believe that an accountant is just there to fill out forms and keep the taxman happy, however, they can do much more than this and can even save you money with their in-depth knowledge.
It’s always best to take on an accountant who specialises in working with contractors so that you can be confident that you are getting the best possible advice that will suit you and your specific working practices.
Other hints and tips for choosing a contractor accountant include:
• How much do they charge and are there any additional costs? Most accountants charge fixed fees but it is worth making sure that there are no entry or exit fees and that their fees are not linked to how much you earn.
Be aware of any additional costs, such as being charged every time you call or email your accountant and you should also make sure that that they’ll cover your personal taxation as well, and if not find out how much they charge extra for this
• Do you get your own dedicated accountant? Having full control of your financial affairs can be quite daunting, therefore you want to know that you’ll have someone who you can speak to, email, meet and who has the time to learn all about you and your business.
• Can you meet your accountant? Many contractors can go years and years without needing to meet up with their accountant, however, it is important that you know it’s possible to have a face-to-face meeting.
• What credentials do they have? It’s always best to do your research when a company claims to have certain awards, as some accountants can often present a collection of meaningless awards and accreditations.
Look into who has provided the award – whether it is a professional body or highly regarded third party, or just another website simply selling awards to the highest bidder…
• Are they IR35 experts? IR35 is a legislation that affects every contractor, so it makes sense to have an accountant who has a long history of IR35 experience.
The legislation can often be quite a confusing subject for many contractors and so having a specialist IR35 accountant means that no matter whether you fall inside or outside, they’ll be able to find the best way for you to take home the most money.