Just as every small business needs to ensure their financial affairs are being handled by experts, all IT contractors and freelancers should make sure they sign up with a reputable, specialist accountant.
These tips are should be read along with our Tips for choosing a small business accountant.
1. Specialists - above all, you should look to hire a team of specialist contractor accountants. Only firms who deal mainly with the contract/freelance market will have a sufficient understanding of the tax issues involved in running a contracting business.
2. Fees - most contractor accountants 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 within the monthly fee before signing up.
3. Extra 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.
Contractor accountants indeed help businesses in a lot of ways. And, thanks to your post, many entrepreneurs will now be wiser in selecting third party accountants.
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