Running one’s own company is no mean task. As the director, you may face challenges dealing with tax obligations, the Companies House, and other issues. This doesn’t have to be the case though; you can hire a specialist accountant to handle these duties for a monthly fee.
It is important to hire the right accountant if you’re hoping for a stress-free ride as a contractor, at least in the financial department. You’d want to avoid some with poor communication skills, or worse, poor accounting skills. So how do you tell the difference between the best contractor accountants and the rest? You might find the tips below helpful:
Find a specialist
Be sure to select an accountant specializing in contractor work, and who also understands why it’s important to comply with the IR35. You may want to avoid high street accountants, as most of them don’t possess this knowledge, even though they may be cheaper to hire.
The best accountants for contractors will be rewarded with more-word-of referrals, thanks to their solid standing. Ask other contractor to tell you about their experiences with firms they’ve worked with.
If you can’t get a hold of any contractor, doing some online research can be very helpful. Check out their reviews on respected comparison sites to get a feel of what they can offer you. Not all reviews are always genuine, however, so you may need to visit a few site.
The cost of hiring an accountant is certainly going to be an important factor in your decision. Bear in mind that paying more will not guarantee you excellent services. On the other hand, hiring the cheapest option could turn out to be expensive in the end.
Of greater concern is how comfortable it feels to work with the accountant. You need to have confidence in their ability to handle your tax affairs competently. For this reason, don’t give price too much weight in your hiring decision.
Remember when contractors had to send paperwork in an envelope to their contractors to have it “processed?” Those days are gone. Presently, the internet has made things so much more convenient for both parties. Not all contractor accountants have embraced the newest technologies fully though. Some will ask you to upload your spreadsheets via an interface, despite claiming to have an online accounting system.
The firms that actually use the latest technologies will offer their services completely online–you can view/update your account data in real time. The software used isn’t always the same, but so long as it’s efficient and user-friendly, that should not really matter. Before you sign up with an accountancy firm, ask for an online demo so you know what to expect.
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