Being a contractor comes with many responsibilities – from communicating with clients to purchasing materials and equipment. With all this to take care of, it may be inevitable that things fall through the cracks. Choosing a specialist contractor accountant can really help you to keep track of your taxes and can reduce some of the stress surrounding your financial responsibilities.
At Tax Agility, we work hard to provide contractors with the best advice regarding their finances. We offer tailored accountancy services for contractors that are specific to your needs and to those of your business. By working with us, we can help you to be in better control over your finances and can ultimately save you money.
Here are our 5 top tips for choosing a contractor accountant:
1. Choose an accountant that understands contractors
As a contractor, it’s important that your accountant knows about the type of work you do and how they can best help you and your business. It’s key that your accountant understands IR35 tax legislation. This legislation is very specific to contractors and so it’s necessary that your accountant is able to help you establish your IR35 tax status.
2. Assess their qualifications
Before hiring an accountant you must ensure that they are registered with an official accountancy body, such as the Association of Chartered Certified Accountants (ACCA) or the Institute of Chartered Accountants in England and Wales (ICAEW).
3. Decide between a small or large accountancy firm
Weighing up the pros and cons of a small accountancy firm and a large one could help you make the best decision regarding who you choose to handle your accounts. A smaller firm will be able to offer you a tailored service, but it could potentially be more expensive. A larger firm is more likely to be familiar with contractor specific legislation, such as IR35, but may provide a more impersonal service.
4. Speak to other contractors
Talking to other contractors about their experiences with their accountants can help you to understand how you should be using an accountant for your business. It can also give you an insight into the type of responsibilities your account should be taking on.
5. Know what you’re paying for
There are a number of things you can expect from your accountancy firm. They should be able to take care of your:
- Annual accounts
- Tax returns
- Self assessment
- VAT returns
Make sure you find out what exactly your contractor accountant offers you. You should also let them know what you need and what you expect to be included in the price. Communicating this with your accountant can prevent you from receiving an unexpected additional bill at the end of the month.
Tax Agility – the contractor accountants you’re looking for!
Tax Agility can offer you everything you need to be a successful contractor. We can take care of your taxes so that you can concentrate on building your business. We understand what services contractors require from accountants, including IR35 advice, tax returns and annual accounts assessments. That’s why we can provide a comprehensive service to our contractor clients, ensuring that they are prepared for the future and saving them money in the mean time.