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Contractor Accounting

Accountant for Contractors

Starting out in the contracting profession can be a stressful and somewhat daunting process at the best of times. With so many new responsibilities and potential hazards to take into consideration not to mention a mountain of paperwork to keep on top of, when it comes to choosing a contractor accountant, many are at a loss with what to consider.

Although there are a number of high street accountants who may offer a promising service, there are many other specifics that contractors must take into consideration.

*Key Factor* Good contractor accountants not only offer the standard accountancy service, but also offer a number of further, contractor specific services.*

Choosing a Contractor Accountant – Important Factors

As the UK system of tax is complicated, and HMRC issue updates and changes on an almost weekly basis, having a contractor account is obviously essential in the modern day business climate. There are a number of vital factors that must be taken into consideration before choosing a contractor accountant.

Accountant Dedication

An undoubtedly important issue to think through before signing on the dotted line with a contractor accountant is how dedicated they really are. It may sound like stating the obvious, but contractors should be wary of false promises and small print when it comes to hiring somebody who looks after finances. Dedication can be easily determined by researching a potential accountant regarding past performances with other clients and their history as a business. *Forums and blogs are good places to start with these.*

Accountant Specialist

Again this key factor to consider when choosing a contractor account may seem obvious, but contractors should always make sure that their account specialises within the contractor/freelancer market. This really is essential, as with the importance of an accountant’s role, it is vital that the accountancy fully understands the needs and situations of those working within limited companies and contract bases. *It is always beneficial that a contractor accountant has a very wide understanding of HMRC and the nature of the revenue.*

*Key Factor* In any competitive area of business, reputation is everything.

Deciding which accountancy is best for your own needs is something that must be considered above all other factors, but choosing a contractor accountant does require thought and attention.

By Contractor Weekly


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