Best contractor accountants
First of all, the creator of this resourceful website is a Contractor Accountant specialist who offers accounting services for UK contractors and freelancers alike. What’s more, we provide some of the best contractor accountancy services and look after clients in all industries throughout the United Kingdom. When you are on the search for contractor accounting services either for the first time or you are looking to leave your current firm, there are various considerations. Therefore, if you are looking for the best accounting services for contractors please read on.
In the UK there are thousands of firms of accountants, as well as solo practitioners. When you are searching for accountants for contractors in the UK, you will find there is plenty of choice too. Therefore, it is key to do your research when you are looking for a new accountant to look after you.
Online Accounting
Making Tax Digital (MTD) is now on the scene. Therefore, many contractors that are VAT registered need to maintain their company’s records on a digital system. This is effectively accounting software on a digital platform that you will access via the internet.
With the new MTD rules in place, there is a growing number of digital systems available.
However, FreeAgent, Sage, Xero, and Quickbooks are the more established ones. When you are looking for the best contractor accountants (UK), they should be familiar with how these online services work. FreeAgent is suitable for small businesses, including contractors, and works well for all of our clients. Xero is suitable for more significant concerns.
Are you looking for the best contractor accounting services?
What to consider?
When you work through an umbrella company, all of the admin-type tasks are looked after for you. However, when you work for yourself, you may need a dedicated accountant to guide you.
There are many accountancy firms out there, including on the high street as well as online. However, out there, there are specialist contractor accountants which are experts in the contracting area.
If you appoint a firm of accountants, it is better to have a personal accountant that is dedicated to looking after you. This is better than being dealt with by different members of staff as they may not necessarily know exactly what is going on with your affairs. Your personal accountant can look after you from day to day and deal with any issues that arise.
An ideal accountant will provide limited company accountancy and specialise in this area.They will provide excellent accounting services for contractors and provide news and updates whenever something new or important arises. In addition, they will also contact you with news with regards to any important changes that affect you. There should also be the option of face-to-face meetings if the need arises.
The best time to change contractor accountants (UK)
If you are looking for a contractor accountant or small business accountant or are thinking of changing your accountant, the best time to do this would be at the start of a new financial year. We have written a couple of articles on this that are on this site.
Alternatively, if you are looking to appoint a specialist professional who provides accountancy services for UK contractors we would be happy to help. We will help you form a limited company and guide you going forward. Please note that 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 are and there are lots of IT contractors out there to choose from. Most of these accountants for IT contractors will be good and we offer an excellent and competitive service. Contractor accountants will usually offer accountancy packages which include a fixed fee and this will help you spread the cost of your services over a calendar year.
Our charges
Please note, our charges are very competitive and good value for money.
Contractor accountants’ top tips
If you are starting up for the first time or are thinking of changing contractor accountants (UK), one key thing to do is set up your own Business Tax account with HM Revenue & Customs. This makes the process of appointing us as agents for your company taxes (Corporation Tax, VAT and PAYE/NIC) much quicker (days, not weeks). You can use this link and once registered, you can add each tax service (where relevant) to your account. Please use this link to register as a limited company or other organisation (please scroll down and it is the third bullet point on the list): https://www.gov.uk/log-in-register-hmrc-online-services/register
When you open a business bank account with Natwest, RBS or Mettle, the bank will cover your FreeAgent licence fee and therefore the above monthly charges would be £80.00 + VAT £16.00 = £96.00.
Please read our guide to UK contracting (this can apply to UK businesses too):
https://www.contractoradviceuk.net/a-guide-to-contracting-in-the-uk/
We recommend that you read our guide to running your own company too:
https://www.contractoradviceuk.net/running-my-own-limited-company/
Please also read our latest guide on tax tips:
https://www.contractoradviceuk.net/tax-tips-for-uk-contractors/
Included in our contractor accountants fees
Our accountancy services for UK contractors cover all the annual cycle of reporting to the authorities. These services will include:
We check your VAT return figures before filing these and advise you what to pay.
We prepare monthly payroll and the associated RTI (Real Time Information) filings with HMRC. Your payslips will appear on FreeAgent automatically once these are processed. We advise you quarterly on what to pay to HMRC for PAYE/NIC.
The annual company accounts preparation. This work includes Corporation Tax calculations, a Corporation Tax return and the online filing of these with Companies House and HMRC.
Any admin-type work. This work includes preparing minutes, making changes with Companies House, forwarding mail, etc.
We prepare and file your and your partner’s personal tax returns.
As contractor accountants, we also look at tax planning for you and your company.
As part of the contractor accounting services, we answer any questions as and when these arise. If the query is complicated and involves detailed research, an additional fee may apply for our time.
Final Thoughts
As you can see, there are various aspects to consider when you are looking for a new accountant. If you are now looking for contractor accountants to look after your accounts and tax affairs in future, or would like to know more, please feel free to send us a message on the contact form at the bottom of the home page
