The moment a contractor decides that the best step for them to take on their contracting career is to go the limited company way, then the best and most appropriate decision to make is choosing a contractor accountant. An umbrella company Accountants works with contracting firms and helps them with accounting work. This is a very important step, as a qualified accountant can aid the contractor in some issues one of them being issues to do with tax.
Choose a good contractor accountant
Make sure that you choose a specialist
You should make sure that the individual that you choose is an accountant who has specialized in contractor affairs. He or she should be well versed on issues that are related to contracting. This is very important as it will help you lock out most street accountants and ensure that you remain with only the best.
Check their qualifications
Another crucial step is to check whether the accountant is registered with a professional accountancy body. Such bodies should include the Association of Certified Accountants and other bodies that are known to register qualified accountants. If the individual is not registered with any of the professional bodies, you should keep looking.
Establish how big they are
Accounting firms vary in size; this is why you are encouraged to choose one that meets your needs properly. Large firms have been known to have a wide array of clients, but they are known for delivering impersonal service. While smaller firms do offer services that are tailor made to fit the requirements of a particular client, but this is at a relatively high fee. You also have the option of going for a one-person practice, but the down side of this is that he or she may be very busy especially during the times that you need them most.
If you are a serious contractor, then you must be chatting with other contractors so that you can be in a position to be given a reference on any professional that you need. Your fellow contractors should be able to give you the experience that they have had with the different accounting firms. This is one of the best ways that you can use to judge if an accountant is right for you or not.
Be aware of what is included in the price
There is a standard fee than any contractor should expect to pay for the accountancy services that they receive. Typically the fees they receive are for services like tax returns, self-assessment, payroll, VAT returns and Annual Accounts.It is very important that you know what you need from a contractor accountant so that you can check if it is included in the price or not.