Best contractor accountants

First of all, the creator of this resourceful website is a Contractor Accountant specialist and has been so for many years. Indeed, we offer contractor accounting services for limited company contractors and freelancers alike across the UK. What’s more, we provide some of the best contractor accountants (UK) services and look after clients in all sorts of industries. Therefore, are you on the search for contractor accounting services (UK) for the first time? On the other hand, are you are looking to leave your current firm of accountants? Basically, if either of these apply to you, there are various considerations for you before you look for a new accountant for contractor services. What’s more, if you are taking the time to look for the best accounting services for contractors, please read on.

In the UK there are thousands of firms of accountants out there. In addition, there are many solo practitioners too. Therefore, when you search for best limited company accountants for contractors in the UK, you will find there is plenty of choice. However, it is key to take your time and do your own research, when you search for a new contractor accountant to look after you.

If you are running a limited company and work in IT as many contractors do, you should search for the best IT contractor accountants. However, when you look for an accountant for IT contractor, what else should you consider as part of your accounting service (UK)?

Contractor accountants

Online accounting

In 2023, Making Tax Digital (MTD) is now firmly on the scene. Therefore, many UK contractors that are VAT registered have to maintain their company’s records on a digital system online. Basically, this type of system is accounting software on a digital platform, which you can access via the internet. As a result, with the new MTD rules in place, there is a growing number of digital systems out there.

In terms of online software, FreeAgent, Sage, Xero, and Quickbooks are the more established ones to choose from. However, when you look for the best contractor accountants (UK), they should be familiar with how these online services work. What’s more, FreeAgent is suitable for most small businesses and this includes those who are the owner of their own contractor limited company. Many contracting professionals in the UK regard FreeAgent as the best online accounting software for contractors. What’s more, the best limited company accountants will be familiar with how this software works. Therefore, for most of our existing clients the FreeAgent system works very well.

Are you looking for the best limited company contractor accounting services?

What should you consider when you search for accounting for contractors?

When you work through an umbrella company, you’ll look after all the admin-type tasks. However, when you work for yourself, you may need a dedicated accountant to help guide you.

There are many accountancy firms out there and this includes those on the high street, as well as online. What’s more, there are also specialist contractor accountants (UK) out there who are experts in the contracting arena. It is important to make sure that your accountant is highly qualified in their chosen field and are one of the best accountants for contractors (UK). Furthermore, the main recognised body for most accountants is the Institute of Chartered Accountants in England and Wales (ICAEW).

If you appoint a firm of accountants, it’s better to have a personal accountant who’s dedicated to looking after you, day to day. Indeed, good customer service with a dedicated accountant is better than being dealt with by different members of staff. Furthermore, your personal accountant can look after you each day, and deal with any issues when they arise. As part of appointing an accountant, and if you already have your own HMRC Business Tax account, you’ll need to authorise HMRC to deal with them. As part of this, you’ll also need to authorise your agent for specific tax services through your account.

The best contractor accountant will provide limited company accounting services for contractors and specialise in this area to give you peace of mind. As a result, they’ll provide excellent UK accounting services for contractors. In addition, they’ll provide news and updates, whenever something new or important arises. Furthermore, they’ll also contact you with news with regards to any important changes that affect you. Also, there should be the option of face-to-face meetings if the need arises.

The best time to change contractor accountants (UK)

Are you now taking the time to look for a contractor accountant or small business accountant? Alternatively, are you thinking of how to change your accountant? If your current accountant isn’t satisfactory and left unchanged, their service is unlikely to improve in future. Basically, if you are looking to change to the best accountant for contractors, the best time to do this is at the start of a new financial year. What’s more, we have written a couple of articles on this that are on this site.

Alternatively, if you are looking to appoint a specialist accountancy professional who provides a personal service for UK contractors, we will be happy to help. What’s more, we will help you form a limited company and guide you going forward. In addition, we will also help you maximise your take-home pay and notify you of tax-saving ideas.

You may be in the IT industry, as many contractors in the UK are. Therefore, lots of IT contractor accountants are out there to choose from. What’s more, most of these accountants for IT contractors will be good and we also offer an excellent and competitive service. Furthermore, the best contractor accountants will usually offer accountancy packages which include a fixed fee. Asa result, this will help you spread the cost of your services over a calendar year.

Accountancy charges 

It’s key to bear in mind that Contractor Advice UK charges are very competitive. What’s more, they are very good value for money.

The charges for accountancy services for a UK contractor are:
To cover all time over the course of a year £90.00
FreeAgent licence fee £17.00
Sub-total £107.00
VAT £21.40
Total £128.40
The monthly charge for contractor accounting services is £90.00. To sum up, this is the annual total to cover all the work for you and your company, divided by twelve to arrive at the monthly amount.
Contractor accountants

Contractor accountants’ top tips

  • Are you you registering a company for the first time or are now thinking of changing contractor accountants (UK)? Basically, one key thing to do is set up your own Business Tax account with HM Revenue & Customs. Indeed, this makes appointing us as agents for your company taxes (Corporation Tax, VAT and PAYE/NIC) much quicker (days, not weeks). What’s more, once your business is registered, you can add each tax service (where relevant) to your account. Therefore, please use this link to register as a limited company or other organisation.

  • When you open a business bank account with Natwest, RBS or Mettle, the bank will cover your FreeAgent licence fee. Therefore, the above monthly charges would be £80.00 + VAT £16.00 = £96.00.

  • Please read our guide to UK contracting which is for UK contractors in any industry, What’s more many of the tips in here can apply to UK businesses too.

  • We recommend that you read our guide to running your own company too.

  • Please also read our latest guide on tax tips.

Included in our contractor accountants fees

Our accountancy services for UK contractors cover all the annual cycle of reporting to the authorities. Therefore, these services will include:

  • We check your quarterly VAT return figures before we file these. In addition, we also advise you what VAT to pay to the VAT office.

  • We prepare the monthly payroll and file the associated RTI (Real Time Information) with HMRC. Basically, your payslips will appear on FreeAgent automatically once these are processed. In addition, we advise you quarterly on what to pay to HMRC for PAYE/NIC.

  • Completion of the annual company accounts preparation. In addition, this contractor accounts work includes Corporation Tax calculations, a Corporation Tax return and the online filing of these with Companies House and HMRC.

  • We complete any admin-type work. Therefore, this work includes preparing minutes, making changes with Companies House and forwarding any mail etc.

  • We prepare your and your partner’s personal tax returns. In addition, we also file these online with HMRC.

  • As contractor accountants, we also look at tax planning for you and your company.

  • As part of the contractor accounting services, we will answer any questions as and when these arise. However, if the query is complicated and involves detailed research, an additional fee may apply for our time.

Contractor accountants
Contractor accountants

Final Thoughts

As you can see, there are various aspects to consider when you look for the best contractor accountant, and in particular, accounting services for contractors. What is more, if you are now searching for the best contractor accountants to look after your accounts and tax affairs in future, or would like to know more, please get in touch. You can do so by sending a message on the contact form at the bottom of the home page.

Accounting Service
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Frequently Asked Questions

Accounting services is the process of recording financial transactions that pertain to a business. The accounting process includes summarising, analysing and eventually reporting all of the transactions to the UK tax and reporting authorities. If you are a contractor, a good starting point is to choose good contractor accountants as they will have the specialist knowledge that you are unlikely to find in an accountant on the high street.
Contractor accounting means looking after a contractor in terms of their accounting and tax needs.

A dedicated contractor accountant will take the time to understand how a contractor’s business is run. In addition, they will also look at how the company is set up and find the best way for the company to operate in a legally tax-efficient way. They can also advise the business on future tax planning depending on your circumstances. An accountant that offers the best contractor accounting services would cover all of the above areas of consideration.