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Contractor Accountants & Tax Service Providers

Selecting the Right Contractor Accountants

Selecting the right accounting partner for you and your contractor business is an important decision. It’s one that should not be taken lightly as the right contractor accountant will be able to optimise your tax position to ensure you are maximising your take home pay but also ensure that the whole process of running your contractor Ltd Co is as seamless & hassle free as possible.

Furthermore, a specialist contractor accountant is better aware of specific contractor and freelancer accounting & tax issues (such as IR35 and S660a Income Shifting) and their systems and processes are geared towards dealing with this type of client.

General High Street accountants service a wide array of clients from varying industries and are not always the best placed to serve the needs of contractors and freelancers.

An Initial Meeting with a Contractor Accountant

When you buy an item or service of importance or high value (such as car) it is more than likely you will view the item or service you are buying before making the commitment to buy. So should the same not apply when appointing an accountant?

There’s no doubt an initial (no-obligation) meeting or call with a prospective accountant can provide more assurance than just a website or telephone conversation.

Benefits of Using a Specialist Contractor Accountant

A specialist contractor accountant will only focus on contractors and freelancers, most of whom will probably be or want to operate via their own Limited Company. Therefore, a specialist provider will have in depth knowledge of the accounting and tax rules that impact contractors and freelancers.

Here at Aidhan Accountancy we focus on each contractor’s individual needs to make sure they are operating as tax efficiently as possible and have a functional, transparent system they can use to record and view their numbers and accounts.

Our contractor accountants will assess your circumstances first so that they can develop a suitable strategy going forward, helping to legitimately reduce your tax bill and therefore maximising your take home pay. In addition, all our contractor clients are provided with access to their own online account, allowing them to view their management accounts anywhere they have a device with internet access. This online tool also enables invoice raising and booking expenses.

Find out more about our tax saving strategies and how we can help you take home up to 80 - 85% of your fee income.

IR35 Advisory and Guidance

IR35 is a complex (and grey) area for contractors and freelancers, so to help mitigate the risks our contractor accountants provide specialist advice and guidance.

This piece of legislation was brought into play in 2000 and has since been a constant niggle for contractors and freelancers operating through their own Limited Companies.

We recommend that all contractors and freelancers gain a basic understanding of IR35 without having to spend hours and hours researching the subject. The good news is that we’ve summarised the salient features of IR35 in our 5 minute guide to IR35.

It is also recommended that specialist IR35 investigation insurance is considered as well as IR35 contract reviews to help obtain peace of mind.

At Aidhan Accountancy we provide IR35 guidance and advisory to all our clients to ensure they are aware of the salient features and pitfalls of this legislation.

How Much Should You Pay For a Contractor Accountant?

Most specialist contractor accountant firms charge a fixed monthly fee for a set level of features and services. This is a common practice across this market and ensures the contractor’s Ltd Co is charged a flat rate every month that eliminates unpredictable bills!

Different providers have different package levels dependent on your requirements and the level of service you require. Some providers only offer one level of service which can be simpler during the initial buying process but it can lead to a contractor potentially overpaying for items/features they don’t require and will never use.

Another feature and benefit for added peace of mind are no tie-ins or exit fees. Some accountants will have these in their contracts. No doubt, you would question the quality of the provider concerned if they tie you in or insist on exit fees? Most reputable contractor accountancy providers will not tie you in to any contracts or charge exit fees as their service levels speak for themselves (they know they’re only as good as their service to you otherwise you can switch to another provider fairly easily).

At Aidhan Accountancy, we have no tie-in contracts or exit fees and we are unique in providing a 60-day fee refund guarantee. If you sign up to one of our packages, you can try us out to see if we are as good as we say (it’s very easy for an accountancy provider to promise the world when they’re trying to sign you up but a lot more difficult to maintain a consistently high level of service).

If you’re not satisfied with us, our service or any aspect of our offering in the first 60 days (2 months) then we’ll refund your first 2 months fees – no quibbles! What’s more we will not charge you for any work done or advice provided. We want you to experience how good we are first hand without any financial risk to yourselves.

There is no right or wrong fee level. This is where its advised to do your research and in the main you will want to ensure you get value for your fee. To find out more about what we can do for you take a look at our accounting packages for contractors and freelancers.

Online Bookkeeping and Accounting for Contractors

As a contractor Ltd Co you’ll want to know your numbers and now you can with instant and secure 24/7 access to your accounts. Unfortunately, many traditional accountants are stuck in the dark ages carting around bags of receipts, paper invoices and doing manual bookkeeping!

One feature you will definitely want is instant and remote access to your (management) accounts. In today’s technological world, it would be a sin not to be able to get instant access to your numbers! Many people now bank online because of the convenience it provides and I’m sure you would not consider a bank that did not have this facility? Furthermore, you would probably also want to be able to pop into your local bank branch if necessary? So why would you not want that with your accounting provider and service?

At Aidhan Accountancy, not only do we provide all our clients with our online portal for quick, secure and instant online access to their own accounts but we also have a physical presence enabling our clients to have face to face meetings should they require them.

Find out more about the online portal and how simple and easy it is to use. Remember our contractor accountants are on hand to help should you have any problems or questions.

A Dedicated Contractor Accountant

Lastly, it’s always advisable to select a credible as well as a specialist firm of contractor accountants. What constitutes credibility?

Firstly, are they a member of a UK recognised accountancy body such as the ACA (ICAEW or ICAS) or the ACCA? There are many accountancy providers out there, many of whom are unqualified and not affiliated to a UK accountancy body.

Secondly, what’s their reputation like? Look out for credible testimonials from existing or past clients.

Aidhan Accountancy are certified and regulated by the ACCA (Association of Certified Chartered Accountants), the largest accounting body in the world. Our membership number is 2277803 and this ensures the ACCA regulate our activities and that we are ‘fit & proper’.

All our accountants must attend regular CPD (Continued Professional Development) training courses to ensure they are up to date with the latest developments in the accounting and tax world. This knowledge is then passed on to our clients to add value, something unqualified accountants are not obliged to do.

For further reassurance, here are some testimonials from past and existing clients:

If you have any questions please call one of our specialist contractor accountants on
0203 368 3173 or email us at info@aidhanfinancial.com and we'll be in touch soon.

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0203 368 3173

info@aidhanfinancial.com