Most people are not experts in accounting, so having a contractor accountant means that you’ll have the best advice and guidance right at your fingertips and even if you are an expert in accounting a contractor accountant can save you valuable time.
Why do I need a contractor accountant?
Many people might think that having an accountant is an unaffordable luxury, or that they are just there to fill out forms and keep the taxman happy. An accountant can do much more than this and can even save you time and money with their in-depth knowledge, as well as relieving you of the added stress of worrying about your accounts.
Why you may benefit from having a contractor accountant:
- To make sure that all your forms are filled in correctly, and on time. Unless you are a tax expert , most people will not be 100% confident when it comes to the financial side of their company and if your accounts are not dealt with properly you may find yourself facing late penalties from the HMRC. A contractor accountant can give you the reassurance that your tax return and any other documents will not only be filled out correctly, but will also be done in time.
- Will save you valuable time. Keeping your accounts in shape can be time consuming. Spending valuable time on the accounting side of your business means less time spent working on generating more income, which is extremely counter-productive. A contractor accountant will be able to deal with your finances more efficiently, saving you the time to concentrate on your business and earn money.
- Tax planning. This is perhaps one the biggest advantages of having an accountant. A good contractor accountant will be able to help you with all issues concerning tax, which will be particularly useful due to the ever-changing tax laws. Having professional advice in this area will mean that you can potentially save money, meaning the accountancy service will more than likely ‘pay for itself’. A contractor accountant will be able to provide you with year-round tax advice on: Income tax, Capital Gains tax, inheritance tax, trusts and estates and non-domiciliary tax issues.
- Help you to develop your business. A good accountant will be able to offer you great advice when it comes to growing your business, helping you to make the right financial decisions early on, to ensure the development of your company.
Accountants for contractors will ensure that you have more time to concentrate on your business and will give you the opportunity to have personal financial advice throughout not only the year but also throughout your contracting career.