Accountants for contractors

accountants for contractors can help with many things. If you're a contractor, then you should know why you need an accountant. Although there are many reasons you will need one, we'll discuss some of the top ones. With that said, here are the top reasons contractors need an accountant.

Get more info on accountants for contractors

Handle Enquiries

If you're a contractor, then you'll need an accountant because they will handle HMRC enquiries on your behalf. Dealing with HMRC can be stressful and you will want to know exactly what to say, or the issue might not be resolved as fast as possible. A professional will handle any enquiry that the HMRC makes. They can also handle Companies House enquiries too. If you want to make your life easier and focus on your job and drumming up as much business as you can, all without worrying about taking enquiries from Companies House or HMRC, then hire an accountant.

Complete VAT Returns

Contractors need the services of an accountant because completing VAT returns can be a major task that is difficult to complete. A good accountant will remind their client that VAT needs to be completed and they'll provide you with VAT calculations on a quarterly basis. Not only that, but accountants can review spreadsheets to ensure everything is accurate and they'll provide you with ongoing VAT advice.

When it comes to VAT returns, it is extremely important for all the information to be correct and returns need to be submitted on time. An accountant will help you with these.

Year-End Accounts

Your year-end accounts can be taken care of by a professional accountant. As a contractor, you probably don't enjoy this task because it can take a good amount of time to do it. An accountant can fully reconcile all of your bank accounts, analyse your income, check for expenses that are allowed or disallowed and they will recommend items that you are not claiming. Your year-end accounts will be produced within a relatively short amount of time, such as 30 days. This allows the accountant to make sure everything is done properly.

Personal Self Assessment

Contractors, like other people who run their own businesses, need to submit a personal self assessment on an annual basis. The HMRC requires you to do this, and although it appears easy enough for you to do on your own, an accountant can do a better job. They can see if you qualify for deductions that will reduce your tax burden and they can double check the assessment to ensure it is filled out in its entirety. Once they have determined that everything has been properly filled out, they will submit the assessment on your behalf.

Accountants provide a range of services to contractors. The above are only a few of the many. Now you know why contractors should hire an accountant. Just make sure the accountant you use is skilled and has plenty of experience and one you feel comfortable working with because you will be providing them with a lot of information.