One of the most important aspects which contractors need to get right when operating their own business is their accounts. The Revenue doesn’t tend to be too forgiving when it comes to unpaid taxes or unlogged or incorrect financial records and your business can find it difficult to handle bad cash flow or hefty penalties because you failed to act compliantly with relevant legislations.
Legislations and requirements for contractors are different to other types of clients that many accountants may deal with. Using an accountant who does not specialise in contractors could put you at risk, as they may not be entirely familiar with the accounting aspects required for a contractor, such as the complicated IR35 legislation. Having the in depth knowledge relevant to your type of business and even trade can be vital.
Many contractors are DIY minded by nature, and whilst never a flaw, it can lead many into attempting to handle their administration themselves, and although numerous will be capable of this, having an accountant not only removes a lot of the administrative burden from your busy shoulders, but having a contractor specialist accountant also provides you with the expert knowledge in changing and even new legislations such as RTI (Real Time Information). For this reason, if you are a contractor who prefers a hands on approach when it comes to your business accounts, it is still advisable to seek an accountant for at least partial involvement, otherwise you might miss some important information and pay for it in the long run. Even at FW Accounting, we find support by partnering with companies with niche expertise, such as Qdos Consulting, Aspire Partnership and Ernst & Young. By doing so, we expand the level of knowledge available to us allowing us to provide an unrivalled level of service to our clients.
FW Accounting are accountants specialising in contractors working in the energy, renewable and IT sectors. Since forming back in 1999, we have helped over 6000 professionals in the energy sector enjoy self-employment by offering a variety of accountancy and tax solutions individually suited to each contractor, plus providing support with insurance, IR35 compliance, offshore training, financial planning and international positions. On top of this, we also support recruitment agencies and end clients with IR35, MSC, AWR and international tax matters for their contractors, giving us an all-round perspective on the contracting industry.
So the question is, how much does your accountant know?
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