Specialist Contractor Accountants
Specialist Contractor Accountants can be contractors’ best friends. Too many contractors hide away when they have tax problems.
It happens sometimes. It’s the very nature of the job. There come around times when the economy is bad, there are few contracts about and contractors can spend months on the bench.
As they don’t sign on, they use up the money they have set aside. When that is gone the mortgage still has to be paid, the car loan has to be paid and, if he or she, is married the kids need to be fed and clothes bought.
The contractor then dips into the money he or she has set aside for tax. They start to get letters from HMRC and they ignore them.
This is the time when Specialist Contractor Accountants are most needed by contractors. However, what the contractor usually does is hide away.
This is a huge mistake.
They should keep their specialist contractor accountant in touch with what is happening at all times. Your accountant will know the best way forward at all times. You are not the first person that this has happened to.
I remember being in a desperate state when I had been out of contract for a while. I finally called my specialist contractor accountant.
I was astonished when he started laughing. “It’s not a problem. You should have called me sooner”.
He said “If you don’t have any money they can’t take it off you. What can they do? It’s not worth their while pursuing you if you have no money.
“They simply go on to the next case which would be a better use of their time. They may even be on a bonus for the money they recover and they won’t want to spend too much time on you”.
“They could put me in jail” I said.
He laughed again. “Why”” he asked? “Have you got a few million salted away in Switzerland like Lester Piggott?”
“No” I said.
“They seldom put anyone in jail unless they are not being truthful” he said. “Piggott lied to them and said he had no more money when he signed the document. They found out that wasn’t true.”
I must admit that I felt a lot better after that. I wished I’d called him earlier.
Specialist Contractor Accountants are contractors’ best friends. Don’t hide away from them when you are in trouble.
Keep them in touch with what is going on and you’ll get the best advice from them and the best way forward.
For a list of good Specialist Contractor Accounts see Specialist Contractor Accountants List
Applying for Contractor Mortgages
If you want to find out more see Specialist Contractor Mortgages
To apply for one of those specialist contractor mortgages see Contractor Mortgages Application