close menu

Pay less tax: Choose the right contractor accountant

by Kobus Van den Bergh | Feb 21, 2017
  • Choosing an accountant is a critical decision for any contractor. A good accountant is an asset to your business, handling your affairs efficiently and ensuring that you stay compliant with ever-changing legislation. Below, we highlight five crucial factors you should consider before taking the plunge.
    cut tax edit

    1. Certification

    Anyone can call themselves an accountant or financial adviser. That’s why it’s important to ensure that whoever you hire is professionally qualified and regulated by a professional body.

    Professional accountants will belong to the Association of Chartered Certified Accountants (ACCA), while Chartered Accountants will be registered with the Institute of Chartered Accountants in England and Wales (ICAEW). You can visit either body’s website to find an accountant or check if yours is a member.

    2. Expertise

    Choose an accountant with a fair share of industry experience under their belt. Given the specialist knowledge required to take care of administration and tax for a limited company, it is best to find an accountant who is a contractor specialist.

    A specialist contractor accountant will be familiar with the accounting requirements of a typical contractor, like retained earnings and IR35 compliance. They will therefore be able to understand your needs and handle the requirements quickly and efficiently.

    3. References

    Word of mouth is one of the best ways to find a good candidate. Ask other contractors for referrals and check online reviews to see what other people are saying.

    Cashflow is the lifeblood of your company; your accountant needs to be organised and have good time management skills to ensure that your affairs are kept in order.

    Hiring someone who is unreliable can be a costly mistake, so be sure to do your research before entrusting your finances to someone else.

    4. Your needs

    Depending on your individual needs, you may choose personalised quarterly service or just occasional financial advice. You should also consider whether you want face-to-face consultations or if you would prefer online, phone and email communication.

    Know your needs so that your accountant understands what you require from them.

    5. Fees

    Confirm exactly what is and isn’t included in the price – you don’t want to receive a supplementary bill for something you assumed was included in your package.

    You will find that contractor accountants tend to charge a fixed monthly fee, whereas a general accountant may charge you for a whole array of services, some of which are unnecessary for contractors.

    Looking for a reliable, certified contractor accounting service? 1st Contact Accounting offers affordable services tailored to your needs. Give us a call on +44 (0) 808 141 1643 or send us an email at accountinginfo@1stcontact.com for more information.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

    • Tax refund money
      11 excellent ways to spend your UK tax refund
      Apr 09, 2019  |  by Kobus Van den Bergh
    • London-business
      The UK still the best country for business in 2019
      Apr 04, 2019  |  by Scott Brown
    • Contractor choosing door
      Contractor insurance: Choosing the right cover for your risks
      Mar 12, 2019  |  by Kobus Van den Bergh
    • Making Tax Digital for VAT
      Making Tax Digital for VAT deadline: What you need to know before April 2019
      Feb 18, 2019  |  by Scott Brown
    • Businessman-running
      Did you overpay HMRC? Here’s how to get your tax refund
      Feb 07, 2019  |  by Kobus Van den Bergh
    • Business
      Will 2019 be a good year for UK contractors? IR35 and the loan charge
      Jan 24, 2019  |  by Ashley Deakin
    • Business-concept
      Moving your business to the UK? You’ll need to understand the UK’s VAT regulations
      Nov 12, 2018  |  by Scott Brown
    • Autumn-statement-banner-no-logo-white
      Highlights from the 2018 Autumn Statement
      Oct 30, 2018  |  by Scott Brown
    • man-in-front-of-shop
      A quick guide to UK business tax
      Oct 26, 2018  |  by Scott Brown
    • working-man-contractor
      Self-employment vs. contracting in the UK: What’s the difference?
      Oct 11, 2018  |  by Kobus Van den Bergh
     
     

    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    25 Richefond Circle
    Ridgeside
    Umhlanga 4320 +27 (0) 31 536 8843

    United Kingdom

    Croydon

    One Croydon
    12-16 Addiscombe Road
    Croydon CR0 0XT +44 (0) 20 7759 7514

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services Licence issued by ASIC to deal in foreign exchange (1st Contact Group - AFS Licence number 335 126).

    We use cookies to provide the best website experience for you. Using this website means that you agree to this. How we use cookies.