Once a contractor has decided that the best trading option for the current stage of their contracting career is a limited company, then choosing a contractor accountant is the next step. It is also a hugely important one, as a good accountant can save a contractor many times their accounting fees by efficiently managing their tax affairs.
Here are easy ways to get a contractor accountant
Only consider specialist contractor accountants
High Street critics accountancy practices focus on individual tax preparation and large corporations. But contractors’ accountancy needs are unique. So, make sure you take a specialist contractor accountant or an accountant with a dedicated team of contractor professionals. It should have many years’ involvement selling mainly with contractor clients and not just large corporates. A good place to start is by holding out paid-for advertisements on contractor-focused websites because only specialist accountants will advertise there.
Choose qualified and regulated accountants
Contractor accountants work under regulations of professional bodies. They may also be accredited by contractor and freelance organization, PCG. Make sure you choose an accountant that has professionally qualified accountants on its staff and industry accreditation from a recognized contracting industry organization.
Choose contractor accountancy services that suit your needs
You probably don’t need to speak to the senior partner every time you have a query, so don’t pay fees as if you do. You may only need annual accounts and do much of the admin yourself, or you might want accountants to do everything for you. Therefore pick a contractor accountant that best suits all your needs and charges only for services you use. And do carefully check the small print so you know which contractor accountancy services are included in the price and which are extras.
Ask other contractors about their accountants
Clients will recommend contractor accountants who do a good job. So ask contractors about their experiences of contractor accountancy services and the pros and cons of each provider. Then conference that gets good reviews from other contractors who are still clients. Look for online testimonials and perhaps ask questions of other contractors in online forums.
If a contractor is moving from one accountant to different, their current accountant is obliged to pass on the builder’s records to their new accountant. Developing contractor accountants can be stressful, but if upgrading from a poor performer to a better one, then, it could ultimately save the contractor time and money.