If you’re looking for an accountant, or thinking of switching, you’ll see the terms ‘high street accountant’ and ‘contractor accountant’ thrown around a lot. So what are the differences between the two, and what are the advantages of using a specialist contractor accountant?
Specialist, Focused Expertise
Look at any high street accountant’s website and they’ll advertise the services they offer. Tax planning, payroll services, raising capital, audits, financial management, pension auto-enrolment, business advisory service, wills and probate… all very impressive, but unlikely to help you as a contractor with a one-person Limited company!
A specialist contractor accountant offers one type of service only – administering personal Limited companies. This means that we deal with contractors just like you, day-in, day-out. With such a narrow focus, you can be confident that any good contractor accountant is on top of all legislation and legal developments likely to affect you.
High street accountants are highly qualified and experienced across a broad range of fields. But ask them what the latest IR35 changes mean for you, and they’re likely to be as useful as a contractor accountant asked about running a corporate management buy-out!
Simpler Fee Structure
Contractor accountancy firms understand that, as the sole Director of your business, you want to keep administration and uncertainty to a minimum so you can get on with your work. That’s why they offer all-inclusive, fixed-fee services. They’ll tell you up-front what work they’ll be doing for you, what’s included in the package and the overall monthly cost of the service. If your circumstances change or you need advice throughout the year, you can be confident that you won’t incur additional fees for making a phone call or making changes to your company.
High street accountants work on a traditional, hours-worked and service-fee basis. You’ll be billed for year-end accounts, VAT returns, payroll services and bookkeeping. In addition, you’ll also incur costs each time you call or email your accountant. These fees are often very reasonable, but specialising in the contractor marketplace means a contractor accountant can offer a fixed fee that adds up to less than you’d spend with a traditional accountant.
A Dedicated, Office-based Accountant
We understand that, as a contractor, your time is precious and you’ll often need to speak to your accountant on your own schedule. Dolan Accountancy will assign you a single accountant throughout your time with us – since they’re based in the office, they’re always available when you pick up the phone.
A high street accountant will have other commitments that take up their time, so won’t always be available when you call. Although you can schedule a call or a meeting, this often depends on their schedule as much as yours. As a busy contractor, the last thing you want to have to do is repeat information or put a query on hold until somebody is available.
Systems and Technology, Tailored to Your Needs
As specialists with a narrow focus, contractor accountants can invest in tailored systems to make things as quick and easy as possible. After all, making it simple to administer a Limited company is in our interests as well as yours! Dolan Accountancy has partnered with FreeAgent, which is tailor-made for sole traders and small businesses. It supports invoicing, expenses, payroll, cash flow and time tracking – amongst others – all under a single dashboard. And with us, it’s completely free!
A high street accountant simply doesn’t have a commercial reason to invest in these technologies – what’s the point when most of their client base has no use for them? You’ll find yourself scanning and posting documents, raising invoices manually and corresponding with them by mail. All tried-and-true methods, but also extra time that could be spent working for your money.
A Round Peg in a Round Hole
A specialist contractor accountant is specifically designed to meet the needs of professional freelancers. We understand your requirements, and chances are that if you have a query, we know the answer because we’ve heard it a hundred times before!
If you’re looking to set up a Limited company or switch from your current accountant, we hope you’ll choose to join the Dolan Accountancy revolution – and even if not, we hope you found this guide useful.
Looking For More Information?
For more information or to sign up with us, please call us on 01442 795 100 or drop us a line at jaime.thorpe@dolanaccountancy.com.
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Why Thousands of Contractors, Small Businesses and the Self-Employed Choose Dolan Accountancy
With over 30 years’ experience, Dolan Accountancy are award-winning nationwide accountants for contractors, small businesses and the self-employed. We have the specialist skills, reputation, and credibility you can trust.
Our all-inclusive packages cover everything you need, with no hidden costs.
If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.
We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:
- Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
- A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require.
- Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge.
- Free Business Banking – We are partnered with multiple banking providers, several of which provide free business banking for the first 12 months.
- Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
- Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax, unlimited IR35 status reviews and Dividend advice, to name just a few.
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