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Do I need an accountant as a contractor


From a legal point of view there is no obligation to appoint an accountant to look after your tax affairs.

You will find lots of free advice available for contractors who have a DIY attitude towards their accounts and tax affairs. However even with the latest bookkeeping technology you are unable to submit your Accounts and CT600 (which is not the most straightforward of tasks), not to mention the amount of time maintaining your accounts. 

We have come up with some of the reasons to appoint an accountant;

- The amount of Time spent on updating your accounts and researching whether expenses can or cannot be claimed can accumulate into several hours per week. Appointing an accountant on the correct package can reduce the amount of time spent on your accounts dramatically.

- The Uncertainty of advice received could lead to costly mistakes; although the free advice from forums is a big help they do not know you and your personal situation. Having an accountant who knows your current situation allows them to tailor advice to your specific needs.

- Tax savings that an accountant can help achieve will most likely outweigh the cost of the accountancy fees. 

- Any changes to legislation will be readily available for accountants meaning they will keep you updated and ensure you stay compliant with the relevant tax and accounting rules.

- Accountants will take on enquires and deal with HMRC on your behalf, taking away your headache!

- In short appointing an accountant takes away the hassle, time and worry of complying with your legal obligations as a director of a limited company.

The above is just a couple of points why you need to consider appointing an accountant when contracting through your own limited company.

Ready to appoint your specialist contractor accountant?

Here at BI Accountancy we are “More than just accountants”.

Business Partner – Helping you succeed.

Growth Coach – Ensuring you grow.

Tax Adviser – Making sure your compliant.

If you have any questions please do not hesitate to contact us.

0161 669 4221

Source: BI Accountancy

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Michael is the Director of Bi Accountancy. They are specialist accountants and tax advisers for contractors.

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Contractor Daily is an information and news portal for UK Contractors and Freelancers. Besides news and information, we would be also providing services like Contractor Accounting, Mortgages, Insurance, Tax Planning, IR35 Review and other related services.

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