10 Tips For Choosing a Contractor Accountant

Once a Concrete Contractor Oak Park CA 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 10 tips for choosing a contractor accountant:

Make sure the accountant specialises in contractor affairs and understands key issues relating to contracting, such as IR35. This requirement is crucial, and will rule out most high street accountants.

Find out whether the accountant is registered with a professional accountancy body, such as the Association of Chartered Certified Accountants (ACCA), or the Institute of Chartered Accountants in England and Wales. If they are not, then move on.

Accountancy firms vary in size enormously, and you should choose one that suits your purposes. A larger practice might have thousands of contractor clients, but may deliver a rather impersonal service. A smaller one may deliver a more tailored service, but perhaps at a price. A one-person practice might have all the key contractor accountant skills you require, but might not be able to concentrate on your needs at busy times, such as in the weeks before tax return deadlines.

Contractors should chat to fellow contractors and ask about their experiences with different accountancy firms. References are usually one of the best methods of judging which accountant is the right one.

Contractors should expect to pay between £60 – £90 + VAT per month for their accountancy services. Typically, they should expect to receive: Annual accounts, Tax returns, Payroll, Self assessment, P11D, VAT returns, and References (e.g. for mortgages).

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