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Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
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Just4contractors.com > New to Contracting > Choosing an Accountant
Do I need an Accountant?
Yes you do!
If you are new to Contracting, an accountant will advise you on tax and legal matters, they will help you to form your business, choosing the right business structure and make sure that you are in compliant with the law. Most of the administrative work associated with running a limited company is taken care of by an accountant. Aside from your company tax liabilities, your accountant can also help you manage your personal tax liabilities.
Your accountant will be instrumental in helping you succeed as a contractor. You need to choose an accountant that you can trust, and someone that you can get along with since you will be spending a lot of time talking to them. You must treat this as a long-term relationship so choose carefully. Here are a few helpful tips on what to consider when choosing an accountant:
Personal recommendations - Ask other contractors. You may also consult and ask questions on the forums on the Internet. You may check out the forums of Professional Contractors Group (PCG).
Membership of Chartered Institutes or of a professional body - This gives you more protection against malpractice. The accountants who specialize in handling freelancers are usually limited companies and are well-informed of the policies and of being compliant at all times.
Evidence that the accountant understands freelancing - There are large accountancy firms aimed solely at freelancers. These specialise in issues such as IR35. Some of the specialist accountancy firms offer money-back guarantees on their services.
Location - It is practical to know that you do not have to travel far to meet with your accountant especially if you have any problems they should help you with. Your accountant should at least be accessible through a phone or online to be able to provide advise and support whenever you need it.
Don't see an Accountant as a cost to the business. View the accountancy fees more as an investment - choose the right Accountant and build a strong ongoing relationship with them and you'll recover the costs many times over.
If you are maintaining your daily accounts yourself on a spreadsheet or through a simple accounting package such as Quickbooks, the cost of the year end processing (a legal requirement for a Limited Company) should not be excessive - up to £150 plus VAT
See Also
Choosing the right Bank
Managing your finances
Accounting Records
Partners - Accountants
HMRC Compliance
IR 35
Recommended Links:
Association of Chartered Certified Accountants
If you are new to Contracting, an accountant will advise you on tax and legal matters, they will help you to form your business, choosing the right business structure and make sure that you are in compliant with the law. Most of the administrative work associated with running a limited company is taken care of by an accountant. Aside from your company tax liabilities, your accountant can also help you manage your personal tax liabilities.
Your accountant will be instrumental in helping you succeed as a contractor. You need to choose an accountant that you can trust, and someone that you can get along with since you will be spending a lot of time talking to them. You must treat this as a long-term relationship so choose carefully. Here are a few helpful tips on what to consider when choosing an accountant:
Personal recommendations - Ask other contractors. You may also consult and ask questions on the forums on the Internet. You may check out the forums of Professional Contractors Group (PCG).
Membership of Chartered Institutes or of a professional body - This gives you more protection against malpractice. The accountants who specialize in handling freelancers are usually limited companies and are well-informed of the policies and of being compliant at all times.
Evidence that the accountant understands freelancing - There are large accountancy firms aimed solely at freelancers. These specialise in issues such as IR35. Some of the specialist accountancy firms offer money-back guarantees on their services.
Location - It is practical to know that you do not have to travel far to meet with your accountant especially if you have any problems they should help you with. Your accountant should at least be accessible through a phone or online to be able to provide advise and support whenever you need it.
Don't see an Accountant as a cost to the business. View the accountancy fees more as an investment - choose the right Accountant and build a strong ongoing relationship with them and you'll recover the costs many times over.
If you are maintaining your daily accounts yourself on a spreadsheet or through a simple accounting package such as Quickbooks, the cost of the year end processing (a legal requirement for a Limited Company) should not be excessive - up to £150 plus VAT
See Also
Choosing the right Bank
Managing your finances
Accounting Records
Partners - Accountants
HMRC Compliance
IR 35
Recommended Links:
Association of Chartered Certified Accountants
