Best Accountants for IT Contractors
So, what are the best Accountants for IT Contractors?
When choosing an Accountant you must make sure you are outside IR35 first.
If you don’t, you well find yourself paying tens of thousands of pounds in back tax, national insurance and penalties if you get this decision wrong.
You can take HMRC’s new IR35 test by clicking on IR35 Employment Status Test.
If you are outside it, that’s fine.
Even if you ar caught by it you can change your contract and working practices and then take the test again.
Read 18 Ways to Stay Outside IR35.
Suitable Accountants for IT Contractors
The Best Accountants for IT Contractors are those that suit the contractor best.
For instance, does the accountant deal with other contractors and freelancers? If they don’t they may not know how Government rules like IR35 apply to contractors.
Also, find out if they deal with other IT contractors for the same reason as above.
There are a number of well known firms who deal mostly with IT Contractors and so know the rules and laws pertaining to them inside out.
Services Accountants Provide
Find out, also, what services they provide to IT Contractors like yourself.
Preferably they won’t have all the services bundled up together but have the services in such a way that you can choose which ones you want.
Some people want to do their own book keeping and some don’t.
Some want to do their own VAT returns and some don’t.
Accountants Recommended by Contractors
If you know other IT Contractors ask them who they are using and how happy they are with the service they get.
Personal recommendations are very important.
After all, you don’t know how good they are till they actually do some work for you.
Accountants Fees for Contractors
Ask the Accountants how much their fees are.
Don’t go for ones that charge hourly fees as they could mount up.
Go for ones that ask for monthly or annual fees.
You know where you are then.
When you are comparing Accountants’ Fees make sure you are comparing like with like.
The more expensive ones may be offering more services.
Also, see how you hit it off personally with your Accountant or any Accountancy staff you meet.
If you are dealing with them a lot it is better to be dealing with someone that you can get along with.
Large or Small Accountancy Firm
Decide if you want to deal with a small firm or a large firm.
If you deal with a small firm it will probably be the qualified Accountant who does most of your work. However, if they go on holiday, or are sick, you may have to wait till they come back.
If you deal with a large firm, that will not be a problem.
However, you may find the person doing most of your work is a junior in the office.
Accountants Using Apps
Make sure, also, that your accountant has some qualifications too. Ask what they are.
Find out also, if they are an old fashioned accountancy firm who do everything manually.
Some accountants use software and apps now where contractors can input some of their own info and can get information that way.
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Have a look at our Contractor Job Search section.