How to Choose the best Contractor Accountant

How do I choose the best IT contractor accountant?

UK contractors and freelancers must ensure their financial affairs are being handled by experts. Signing up with an experienced, specialist contractor accountant is vital for contractors. A skilled contractor accountant will deal with the added complexity of tax issues such as IR35.

Follow these tips to help choose the best contractor accountant.

• Choose a specialist accountant
  Employ a specialist contractor accountant. Only a contractor accountancy who deals mainly with the freelance market will have a sufficient understanding of the tax issues involved in running a contracting business.
• Fees
  Find out what is included by your contractor accountant. Most contractor specialists will provide a complete accountancy service for a fixed monthly fee. This should typically include all dealings with the tax authorities, completion of TAX returns, PAYE and NI calculations, and your year end accounts. Make sure you know what is provided by your accountants within the monthly fee before signing up.

• Extra contractor accountancy services
  Many contractor accountancy packages may include things like IR35 advice, and completion of your annual self assessment return. If you are just starting out, your accountant may also be able to set up a company for you, register you for VAT, and other services if you require them.
• Knowledge of tax legislation that affects UK contractors
  IR35 Managed Service Companies, and more recently, income shifting are major tax issues which will affect a large number of UK contractors. Any contractor accountant you sign up with must be up-to-speed with these topics and how they may affect you personally.
• Recommendation from other contractors
  As with all other business professionals, one of the best ways to find a good contractor accountant is via recommendations from other IT contractor colleagues. Taking poor advice from a sub-standard contractor accountant, will cost you time and money.
• Have a look at our recent contractor testimonials to see what our clients are saying about Orange & Gold accountancy.

• Check your contractor accountants’ qualifications.
  If you are looking for the best contractor accountant, check to make sure that they are registered with a UK accounting organization such as ACCA. This ensures that the work completed meets pre-defined standards.
• Experience in the contractor market place.
  There are many new companies starting up in the UK contractor market place. An accountancy company with experience in dealing with the specific requirements of IT contractors over many years, will deal more quickly and simply with your individual requirements. There’s no need to be a guinea pig!
• Ask the accountant a question
  Pick up the phone and speak to the accountancy firm. If you’re left queuing for an operator – hang up. Most contractors want to speak to a qualified contractor accountant who understands their own personal situation and will give them a straight answer.
• Small is beautiful
  Don’t get lost in the crowd. Opting for a giant contractor accountant may mean sacrificing personal service and also missing out on tax savings that only a one-to-one consultation can give you. Make sure your contractor accountant knows who you are, what your circumstances are and what you need as a contractor. Having a good relationship with your contractor accountant means that your financial affairs are well organized, you get good tax advice, and work in the most tax-efficient way. Saving you time and money!