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Contractor Accountants London

Contractor accountants London

If you are running a contractor/freelancer business in London you need to ensure that your business is compliant with HMRC's tax legislation, as well as trying to maximise your take home pay and minimise your tax bill. In other words you need contractor accountants. Whether you are a freelancer or contractor offering your trade under a limited company, it will be in your best interest to engage with an experienced and qualified accountant for professional advice and expertise. London has no shortage of contractor accountants for you to choose from. Unfortunately, you need to know how to separate the wheat from the chaff with such an overwhelming supply of prospects.

Your accountant needs to have the experience and expertise relevant and specific to you as a contractor. Without a good, qualified accountant you run the risk of paying exorbitant accounting fees and mismanagement of your tax affairs. Therefore, choosing an accountant who specialises in contractor and freelancer dealings is probably the first piece of advice to keep in mind.

When it comes to contractor accountants you should also consider the size and accreditation of the company. Often you will find that being bigger is not necessarily considered to be the best when it comes to your specific needs. A large accountancy firm may have the relevant expertise but it might have too many clients to look after. In this scenario you may be getting less attention and not the full service you expected. Accreditation is another critical consideration for your accountant. Whether he or she is registered with the ACCA or ICAEW, your contractor accountant must be qualified and licensed. Do not settle for one without the requisite qualifications.

Prior to engaging or signing up with any accountant you need to be clear of what is included in the package and what is not. Find out if the prospective accountant provides you with annual accounts, tax returns, payroll, self-assessment etc. If you are not sure of what you need from your contractor accountant then you might need the help of a contractor specialist accountancy firm. As a minimum you should make sure that all the essentials are part of the package deal.

Other important considerations when choosing your contractor accountant include their knowledge and familiarity with current and future legislation. You might want to find out if your prospective accountant is knowledgeable about IR35 and the MSC legislation. Again, if you are not well versed in this area then you need to obtain advice from someone who knows.

It can be difficult finding a contractor accountant in London when there are so many prospects to choose from, especially if you are overwhelmed by the technicalities and a lack of understanding in what you need. It will save you a lot of time and stress by seeking the advice and guidance of a specialist contractor accountancy firm.

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