How to Choose a Contractor Accountant

Making the switch from working for an employer to working for yourself is a rewarding experience. You are gifting yourself with the freedom, power, and gratification of being your own boss. The challenges are exciting, roles are never boring, and you are getting paid a higher day rate. But what happens after you decide to switch? How do you stay at the forefront of your bookkeeping and accounting while pursuing the next role, continuing your education, and updating your skills?

You aren’t equipped to know the ins and outs of payments, tax deadlines, and other nuances required to support a profitable business. It is why finding a reputable, successful, and knowledgeable contractor accountant is vital to your own success.

Look for Accountants Specialising in Freelancers

The first step is to find accountants that work with contractors and freelancers. They are the ones who understand your needs. They comprehend the distinction in tax breaks, fees, and government compliances for freelancers versus big corporations. This is an asset to you in the long run. It saves you time and money from refiling paperwork, missing financial targets, and losing out on new regulations and compliances favorable to your contracting business.

It also prevents any surprises from appearing at your financial year-end. If something goes wrong with your filings and correspondence then it is you and your company detained liable, not your accountant.

Ask Other Freelancers for Accountant Referrals

Accountants are in abundance in the U.K. so take your time in finding the right one for you. Ask colleagues who they use. Who are they happy with? Compile a recommendation list then go through a checklist.

Screening Checklist

Inquire about fees and charges. Discover what type of bookkeeping you are required to supply for them to do their job successfully. Will the accountant give you a client spreadsheet to fill out day-to-day or monthly? Think about your communication style. How quickly do you expect the accountant to reply to emails and phone calls? Outline these expectations from the beginning.

Once you’ve completed this vetting process, select an ideal contractor accountant matching your business needs.