April 25th, 2018
Breaking free of the 9-6 and becoming your own boss is a dream had by many and taking the leap is an exciting time with lots to think about. It might sound obvious, but in the excitement of setting up your business, you may forget about appointing an accountant and then rush into it later, only to regret that decision in the long run. Making the right choice when you first set up in business will save you both time and money.
But what do you need to look for when choosing a contractor accountant? If you’re not sure, you’re in the right place. Below are three top tips from SJD Accountancy to help you when choosing an accountant:
Do you have a dedicated point of contact?
Your accounts are important, and it can be frustrating to be passed from person to person. Make sure that you’ll have a named point of contact who you can call whenever you have an enquiry or need advice.
Are they a specialist in your industry?
Whilst HMRC view each industry as the same when it comes to National Insurance and tax contributions, some industries have their own pieces of legislation to bear in mind and none more so than the contracting industry. Your accountant should be fluent when it comes to IR35, SDC and what expenses you can claim. You’ll have enough to deal with in starting up and having to educate yourself on legislation is something you’ll be pleased to leave in the hands of your accountant.
Will there be any hidden costs?
Ensure that you choose an accountant where you will pay a fixed fee each month and ask about any hidden costs up front. With some accountancy firms, you’ll pay a fee for completion of your accounts and they may also charge per hour for any phone calls or meetings you have with them.
For more information on being self-employed or working as a limited company director, please visit our partner SJD Accountancy who are the UK’s largest specialist contractor accountants with over 15,000 Limited company clients.