close menu

Pay less tax: Choose the right contractor accountant

by Kobus Van den Bergh | Feb 21, 2017
  • Choosing an accountant is a critical decision for any contractor. A good accountant is an asset to your business, handling your affairs efficiently and ensuring that you stay compliant with ever-changing legislation. Below, we highlight five crucial factors you should consider before taking the plunge.
  • cut tax edit

    1. Certification

    Anyone can call themselves an accountant or financial adviser. That’s why it’s important to ensure that whoever you hire is professionally qualified and regulated by a professional body.

    Professional accountants will belong to the Association of Chartered Certified Accountants (ACCA), while Chartered Accountants will be registered with the Institute of Chartered Accountants in England and Wales (ICAEW). You can visit either body’s website to find an accountant or check if yours is a member.

    2. Expertise

    Choose an accountant with a fair share of industry experience under their belt. Given the specialist knowledge required to take care of administration and tax for a limited company, it is best to find an accountant who is a contractor specialist.

    A specialist contractor accountant will be familiar with the accounting requirements of a typical contractor, like retained earnings and IR35 compliance. They will therefore be able to understand your needs and handle the requirements quickly and efficiently.

    3. References

    Word of mouth is one of the best ways to find a good candidate. Ask other contractors for referrals and check online reviews to see what other people are saying.

    Cashflow is the lifeblood of your company; your accountant needs to be organised and have good time management skills to ensure that your affairs are kept in order.

    Hiring someone who is unreliable can be a costly mistake, so be sure to do your research before entrusting your finances to someone else.

    4. Your needs

    Depending on your individual needs, you may choose personalised quarterly service or just occasional financial advice. You should also consider whether you want face-to-face consultations or if you would prefer online, phone and email communication.

    Know your needs so that your accountant understands what you require from them.

    5. Fees

    Confirm exactly what is and isn’t included in the price – you don’t want to receive a supplementary bill for something you assumed was included in your package.

    You will find that contractor accountants tend to charge a fixed monthly fee, whereas a general accountant may charge you for a whole array of services, some of which are unnecessary for contractors.

    Looking for a reliable, certified contractor accounting service? 1st Contact Accounting offers affordable services tailored to your needs. Give us a call on +44 (0) 808 141 1643 or send us an email at accountinginfo@1stcontact.com for more information.

    • students-graduating
      UK student visas: Here's how you can get one
      Feb 22, 2018  |  by John Dunn
    • students-school-chalk-board
      Get your child into state-funded school in the UK
      Feb 21, 2018  |  by Leanne Shrosbree
    • medical-cross-and-heart
      The NHS vs Medicare: Which is better?
      Jan 30, 2018  |  by 1st Contact
    • big-ben-london-at-night
      What is the cost of living in London in 2018?
      Jan 25, 2018  |  by 1st Contact
    • house-key
      To rent in the UK, you absolutely need to have the right to rent
      Jan 19, 2018  |  by Leanne Shrosbree
    • man-making-more-money
      This is how contractors can take home more cash
      Jan 09, 2018  |  by Kobus Van den Bergh
    • airport-waiting-takeoff-plane
      5 pro tips for surviving your long-haul flight
      Dec 19, 2017  |  by Kobus Van den Bergh
    • young-friends-drinking-beer-at-pub
      10 interesting facts about the UK working holiday visa
      Nov 27, 2017  |  by John Dunn
    • big-ben-on-union-jack
      How long it will take to qualify for ILR in 2018
      Nov 23, 2017  |  by John Dunn
    • blog autumn budget summary
      Autumn Budget 2017: Summary points
      Nov 22, 2017  |  by Scott Brown
     
     

    Do you like cookies? We do, read why.