Speaking to contractors directly is by far the best way of
finding out the ideology and needs of a modern limited company. From
discussing the profession with many a sole-trader, it has become clear
that good quality and cost effective accountancy is a must, and finding
business support that meets the needs of a contractor is paramount in
running a successful company.
Quoting individuals directly, it
becomes clear just how important it is to trust an accountant, and be
confident in their services. "I like the idea of knowing that the fees
are fixed, giving me the confidence in a constant premium. It also feels
important knowing what service I will get in return for those fees. A
personal level of service is also a must, I like being treated as an
individual company rather than just being treated as one of the herd."
It
is unsurprising that limited company contractors wish to be considered
as a legitimate business, after all, their working practices dictate
that they must be a business in their own account, thus they should be
treated like one when it matters.
Professionals who operate
outside of the PAYE system are often looked upon as 'glorified
employees' by those who misunderstand their position, or part of a 'tax
evasive workforce' to those ignorant of sole-traders. Because of this,
service providers such as banks, accountants and mortgage providers are
often reluctant to invest or place trust in these individuals,
reinforcing the importance of a good quality provider.
Speaking to
others concerning contractor accountancy, a trend emerges of a need for
specialist knowledge of the contracting industry, and of course that
personal ever present, personal touch. "I want an accountant who covers
everything: Tax, VAT, payroll, Companies House / HMRC correspondence /
returns, advice on expenses etc. Having everything under one roof is a
very attractive prospect, and is something I look for when choosing an
accountant."
Having a 'specialist' contractor accountant is a term
used quite lightly throughout the market, with bookkeepers and service
providers claiming to be experts in the contracting field when in fact
they may not be. As for things to look for when choosing a contractor
accountant, tax, status and IR35 specialties are a must, as anyone
claiming to be a contractor specific advisor should be well versed in
all HMRC working guidelines.
As contractors really are businesses,
having service providers that cater to their specific needs is very
important in maintaining an effective company. From speaking to
professionals directly, you can see a direct pattern emerging as to what
makes a 'good contractor account', and it is important to understand
this before making that choice yourself. Many service providers force
the point that they are perfect for you, but contractors should beware
that so called 'specialists' are not always as dedicated and
knowledgeable as they claim. When choosing support for your business,
always remember that training and knowledge of the contractor industry
is far more important than false promises.
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