What are the advantages of using a contractor accountant?
People decide to become contractors for many reasons, such as a better work-life balance, more control over their career, and to boost their earnings. However, many contractors struggle to find the time to dedicate to their accountancy and bookkeeping requirements, as it takes away valuable time they could dedicate to work or leisure. Many contractors use contractor accountants to minimise the administration they have to do, giving them more time to focus on more important things.
Please keep reading for more information about the advantages of using a contractor accountant to assist with your limited company.
The advantages of using a contractor accountant
There are many advantages of using a contractor accountant, and here are just a few of them:
- Tax planning and advice – There are many complicated rules and regulations which affect contractors. A contractor accountant will have in-depth knowledge about the legislation affecting contractors, their filing requirements and the best way to structure the capital of a limited company in a tax-efficient way. They can offer tailored proactive tax planning and advice specific to your business and business goals. They can also correctly advise you on tax reliefs and tax-deductible expenses you can claim to reduce your tax bill legally.
- Knowledgeable about the latest industry legislation – Another advantage of a contractor accountant is that they will be well-informed about the latest industry legislation and any changes that will likely affect you. Dedicated contractor accountants are highly knowledgeable and experienced in giving expert advice on legislation and tax planning.
- Reduce the risk of errors – Bookkeeping and filing requirements for limited company directors can be daunting, complicated, and confusing, especially if you are new to contracting. Contractors who file their own taxes must keep extensive records of expenses, invoices, timesheets, receipts, and more to complete their tax returns. Hiring a professional to take care of it will significantly reduce the risk of possible mistakes on your tax return.
- There are strict deadlines – As a limited company director, you must adhere to strict deadlines and submit your personal and company tax returns on time to avoid penalties from HMRC. A contractor accountant will keep track of all dates and deadlines and ensure all your documents are submitted on time and accurately.
- They’ll save you time – A contractor accountant will take the weight of dealing with all the paperwork and administration off your hands, giving you more time to spend with friends or family or dedicate more time to your business.
What should you look for when choosing a contractor accountant?
When looking for a contractor accountant, you should expect to see the following included in the service:
- Company incorporation (if required)
- Payroll and RTI
- Bookkeeping
- Registration for PAYE, VAT and Corporation Tax
- Quarterly VAT returns
- Payroll and RTI for an additional employee
- Year-end accounts
- Access to a client online platform
- Unlimited support from a dedicated account team
However, if you require more or less, a variety of accountancy services are available to suit different requirements.
Please click here to view Churchill Knight & Associates Ltd’s accountancy service.
Contact us today for a free and consultation
To learn more about the advantages of a contractor accountant or to arrange a consultation to discuss your accountancy requirements, please call our expert Sales Consultants on 01707 871622. Alternatively, you can schedule a consultation for a time that suits you, and a team member will contact you to discuss the service and answer any questions you may have.
Our dedicated self-assessment tax department processes thousands of tax returns for UK taxpayers every year. If you need to submit a self-assessment, contact us today for a competitive quotation or call our friendly sales team on 01707 871622.
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