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Compare contractor accountants - 8 useful tips
Posted Mar 6, 2008
Selecting the right accountant to use is an essential part of the process of starting out as a limited company IT contractor.
If your accounts are in order and you are up-to-date with payments, you are far likely to be more able to concentrate on your contact work.
There is nothing more stressful than feeling behind or not in a position of trust with your accountant, so here are some basic tips on comparing contractor accountants.
Make sure you also read our typical IT Contractor Accountant Duties before hiring an accountant. You can also look at our growing list of contractor accountants.
Top Contractor Accountant Tips
1) Investigate, and if possible, choose an accountant before you start contracting. The contracting world is a small one, so listen to recommendations from contractors who have been in the game for a while.
2) Make sure your accountant is fully qualified - either as a certified or chartered accountant. Most likely, these qualifications will be displayed on any promotional material or the company's website, otherwise make sure you ask. Key accountancy bodies in the UK include The ACCA, ICAEW, CCAB, and ICAS (Scotland).
3) It is essential that your accountant works with other IT contractor clients.
4) How much does the accountant charge? Is there a fixed annual or monthly fee to complete all business tax requirements, or do hourly fees apply? Compare the fees of several firms. In our experience, you should be able to hire a good contractor accountant, providing a comprehensive service, for a monthly fee of under £100.
5) When you first meet a prospective accountant, you will know soon enough if you see eye-to-eye. It is important to develop a good relationship and know that your finances are being handled by someone you trust.
6) What other services does the accountant provide - can they complete your self assessment returns, are they up-to-speed with issues such as IR35?
Take a look at our outline of the typical duties a contractor accountant can be expected to carry out.
7) Ask to speak to existing contractor clients before signing up. A decent accountancy firm should be happy to arrange this.
8) Make sure your accountant keeps in touch with you - not just at year end! If you feel your current accountant no longer meets your requirements for whatever reason, get a new one!
Contractor Services
- Clarity - Chartered Accountants - Fixed Fee £95/month. No hidden extras.
- Together we're stronger! - Join PCG, representing contractors
- Professional Indemnity Insurance - Essential contractor PI cover
- AccountsNet CA - PCG Accredited. Great Value @ £65pm - View Demo
- inniAccounts - Online Accountants, 24x7 Access, Free Demo
- Qdos - IR35 experts - Providers of low cost contractor insurance
- Free Umbrella Company - Save over £1400 p.a. on fees with Springboard
- Free IR35 & Tax Review - Call ICS on 0800 195 3750
- K & B Accountancy Group - Fixed fee contractor accounting only £75pm
- Parasol - the UK's favourite umbrella company
- planIT Services - Umbrella, Ltd company, free formation & IR35 review
- Cloud 9 Group - Umbrella Solutions only £9.95 per week
- Key Directories: Contractor Accountants | Umbrella Companies
- Financial Services: Income Protection | Contractor Mortgages | Pensions
- More Services: Compare Business Insurance | Company Formation
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