Having an accountant for your contracting business can make your life much easier. In addition to saving your time, an accountant can also handle your financial and tax responsibilities in a professional manner as well. Here is more detail about Specialized Contractor Accountants.
Regardless of how long you have been in the business, you can always benefit from a specialist contractor accountant. Unless you have deep knowledge and experience in finance and contractor tax legislation, your best bet is to hire a specialist for the job.
Benefits of Contractor Accountants
Here are some more benefits of using a specialist contractor accountant for your contracting business:
1. Maximized Take-Home Pay
A specialist contractor accountant is equipped with experience and extensive knowledge about contracting. This allows you to take full advantage of your take-home pay. If you are using a high-street accountant or if you are doing it by yourself, chances are you are not maximizing your take-home pay.
Also, each contractor comes with their own circumstances. For example, some may work as a limited company while others may work under a large organization. This is why you want to have an accountant who understands the specifics of each.
2. Regulatory Changes
If you take care of all your financial accounts and tax responsibilities by yourself or choose to go with a high-street accountant, you will most likely stay behind on important industry trends, updates, and legislation changes, which could impact the amount of tax you will be paying.
By working with a specialist contractor accountant, you will be informed about potential changes and updates in the industry. Without knowing these important changes, you risk paying more tax than necessary. To prevent unwanted surprises, the best thing to do is to hire a specialist contractor accountant for your business.
3. Full Range of Knowledge About Tax Legislation
While you may be aware of some tax legislation that will have an impact on you throughout the year, you still want to make sure that you are not missing any important details. IR35, in particular, is tax legislation that applies directly to contractors. Without status reviews, you may end up facing a significant increase in tax.
Moreover, IR35 is designed to identify “disguised employment” – a full-time employee who gets the benefits of contracting. If caught by the HMRC, then you will have to pay more tax – regardless of your intention. As the rules can be fairly complicated, you want an accountant who has a well-rounded understanding of this matter.
4. Around-the-Clock Assistance
As a contractor, you understand how demanding and irregular your work schedule can be. This is why you need an accountant who is flexible and able to help as often as possible. Since specialist contractor accountants have worked with countless people in your situation, they understand how important it is to always be readily available.
our specialist contractor accountant should be able to provide assistance at least six days a week or allow you to check your financial accounts with your own device through their accounting software. In short, flexibility is an essential attribute that a good contractor accountant should have.
Accotax is an accountant for contractors in the UK – get in touch today to see how we can help.
