There are several key factors to consider to ensure you make the right choice of contractor accountant:
- They are specialists in the contractor market.
When searching for the right accountant, it can often seem like there are more accountancy firms in the UK than there are contractors! However, if they don’t specialise in the contractor and freelancer market, you are likely to pay over the odds for a sub-standard service. A general practice or high street accountant has to deal with many different types of client – spreading their expertise means less experience with personal Limited Companies. A dedicated contractor accountant will have specialised, in-depth knowledge in dealing with clients like yourself and will be able to provide the best advice.
- They offer an all-inclusive, fixed fee.
A high street accountant will quote you a fee to do your end of year accounts. It is easy to look at this headline number and compare it favourably to twelve months of fees through a contractor accountant. However, this usually doesn’t include all the other tasks involved in administrating a Limited Company – you will incur additional costs for VAT returns, payroll, bookkeeping and personal tax over the year. In addition, are you happy to be billed each time you need to speak to your accountant with questions or for some bespoke advice?
A fixed fee service means that all aspects of running your Limited company are covered. You can budget the full cost up front, with no extra fees or charges. If you need to speak to your accountant for any reason, you can rest easy that you won’t bill you for their time.