IT Contractor Accountants can offer you specialised advice
Professional IT contractor accountants can advise you on the best way to handle your contractor finances so that you can get the maximum return. They do this by using their vast experience and knowledge of relevant legislations and regulations. As an IT contractor you may not have this knowledge and acquiring this knowledge takes time and rather than missing out on opportunities in paid IT contract work trying to gain this knowledge, using the services of professional IT contractor accountants is likely to save you time and money in the long run.
IT contractor accountants can offer you specialised advice on something that is really a specialist area. Having a good accountant look after your accounts will ensure that you are not paying too much tax and they should also be able to offer you a personal service and be available to offer advice and answer any questions you may have. The service they offer should include calculating your PAYE and NIC’s, quarterly VAT return, prepare your year-end accounts, complete your annual return and also calculate your corporation tax liabilities. They can also liaise directly with HMRC on your behalf and advise you on IR35 and S660 issues.
Before you hire the services of an IT contractor accountant you need to work out exactly what your business needs. Your contractor accountant should be an asset to your business as they can advise you on legislation that may affect your company as well as saving you time and money. Finding an accountant that can make this side of your business as painless as possible is definitely money well spent and will hopefully turn into a long standing business relationship.
Below is a list of things you should take into consideration before you hire the services of a contractor accountant:
• What professional bodies are they regulated by and what qualifications and accreditations do they hold?
• Are they specialists in the contracting market? How much experience in this market can they demonstrate?
• What do their services cost? What’s included and what’s not?
• Are there any ‘extras’ you may have to pay more for? What about self-assessment returns?
• How and when will you pay your accountancy fees?
• Who will look after you on a day-to-day basis? How often will they keep in touch with you?
• What are their average response times (to your queries)? Will you have unlimited support?
• What other knowledge (e.g. tax saving advice) and services (will they set up a company for you?) to assist your business are provided as part of the fee?
• What are your responsibilities?
Remember that any accountancy fees you have to pay should be a fixed monthly amount and this fee should cover a comprehensive accountancy service. You will need to shop around as the fees will vary with each company so you will need to compare the services on offer.
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