Before you make the jump and sign up with that contractor accountant, it’s best to get an idea of what a specialist accountant for contractors should be doing to support you. To ensure that you’re not being withheld important services you can get elsewhere. With many contractor accountants having several levels or tiers to their services, it can sometimes get confusing.
No need to fear, as here at Brookson we’re here to help! We’ll delve into what you can expect a specialist contractor accountants to do.
A specialist contractor accountant should conduct certain tasks when you initially sign up with them. These would include:
- Registering your company to pay VAT, Corporation Tax, Employers’ National Insurance/PAYE
- Set up a business bank account
- Setting you up with their own accountancy system
- Incorporating your business via Companies House
Make sure to check with the accountant first as some of these could have extra charges, while others do these free of charge.
Next up is the core tasks that a specialist contractor accountant should be doing for you on a monthly basis:
- Accounts preparation
- Daily tax updates
- Dealing with financial correspondence
- Completing company quarterly VAT returns
- Providing proactive tax advice
- Support team to advise you on any queries
- Automated Bookkeepers
If your specialist accountant for contractors does not offer any of these. It is a cause for concern any you may want to consider looking to switch to a different specialist contractor accountant.
Additional Contractor Services
Some specialist accountants for contractors charge for additional services which can often lead to your monthly fee increasing. These services often include:
- IR35 Services
- Completion of your personal self-assessment tax returns
- Provide accountancy references
- Financial services
It’s often best to check with the contractor accountant to see if these services are included in your monthly fee or are an additional charge.
Call Brookson for a FREE consultation and learn all about our all-inclusive service.