Knowing how to choose the right contractor accountant is extremely important. Accountants come in different shapes and sizes; they differ in terms of experience and services offered, so you need to make sure that you know what you require from an accountant to be able to make a more informed decision.
Your contractor accountant will be a valuable asset to your business because they’ll not only ensure that you are working in the most tax efficient way possible, but also advise you on key pieces of legislation, such as IR35. In the following paragraphs we will provide you with a comprehensive, plain English breakdown of the key elements you need to consider.
The first thing you need to look out for is if an accountant offers a fixed-fee service. This means that you pay the same fee each month, no matter how much you communicate with your accountant. The last thing you want is to be reluctant to pick up the phone through fear of incurring additional costs.
Most contractor accountants have opted to go down the route of offering fixed-fees, however, there are still some firms out there who don’t. Therefore, it is essential that you ask any prospective accountant about their fee structure.
Before agreeing to sign up with an accountant, you need to make sure that you understand exactly what you are getting for you money. Will you be able to call them and will they submit a personal tax return for you as well as complete your company accounts?
You might see a firm who quotes you an extremely small amount to complete your year-end accounts. However, you need far more than just that, you’ll have to complete VAT returns, a personal tax return and more. If these aren’t included in the quoted for service, you’ll find your wallet taking a massive hit when you discover that you have to pay extra for these services.
Sometimes you just need to be able to ask your accountant a question so they can make things a bit clearer in your mind. After all, tax is complicated and its understandable that everything isn’t going to make sense straight away – that’s why you hire an accountant.
With this in mind, it’s important to understand what access you’ll have to your accountant. Will you speak to the same person each time? Can you speak to them whenever you want? These are all questions that you need to ask to get a good understanding of how accessible your accountant is.
At Contractor Accountants Online, we offer an all-inclusive contractor accountancy service for just £55 per month. As part of this service, you will receive:
It makes good business sense to appoint a good accountant that will be able to provide you with all the services that you need. You want to be able to pick up the phone and ask them questions and feel confident that you want have any nasty surprises along the way.
You’ll have enough on your plate without worrying about completing the relevant documents for tax purposes.
To find out more about our all-inclusive, fixed-fee service, call our friendly experts on 020 7481 4743.
Now that we have covered what you need to consider when searching for an accountant, you might also find the following resources useful: