Contractor accountants provide best tax solution

There has been massive rise in outsourcing over last twenty years in the IT industry. Major corporations have taken massive steps to downsize and rationalize production so that added costs are not required to endure. There are many who have shifted to freelancing from full time job and are provided with great opportunities for career. Freelancing is a popular career option now as a career can be developed here as well and the skills can be honed along the way. They are hired for specific contracts and they take the opportunity to sharpen skills and take it to the next level.

There are many freelancers and contractors now and they work on small parts of the project in order to make a living. There are many reasons behind coming into this domain and amazing opportunities are presented to all. The problem appears as soon as tax statements are to be formulated. It is better to approach a contractor accountant in East London as contractors accountants are also commonly available now as they attempt to win a prominent presence in order to help the many contractors available.

A contractor accountant in East London will work for a fixed price and they are adept at performing health check of business transactions. Individuals who are comparatively new in this field are provided with commendable advice and this helps to avoid penalty that can be levied upon them. The advice of a contractor accountant in East London will come in handy if the government is to be dealt with and this also helps the freelancers to understand the tricks of trade faster. Accountants help the freelancers to stand on their feet since time is money. If more time is lost, more income is sure to be lost as well.

The contractor accountants or any reputed accounting agency like True Dynamic is sure to aid with protection of personal assets in case you want to set up a limited company. They will help you to protect your assets of unlimited liability in case you end up facing legal issues.

 

Tips to choose an IT contractor accountant

While beginning as a limited company contractor, the most significant advisor that you are likely to come with in contracting career is an accountant. Some steps must be undertaken before selecting a contractor accountant for business. Let us now have a look at things that are worth a consideration here:

• Make sure to hire only the specialist contractor accountants. Only firms who are well versed with the workings of contractor business will understand the way in which contractors work. Specialists are adept at understanding how these payment cycles work as well as features of specific tax legislation like IR35, Agency Workers Regulations and Managed Service Companies.

• Check out on the amount charged by IT contractors accountants. Most accountants ask for a monthly amount that covers different aspects of accounting. Fees tend to vary depending upon providers.

• Check out whether there are any set up fee. You may be charged a setup fee to include costs associated with registering your company as well as some initial administration work.

• Make sure if the concerned organization is recognized by a professional body.

• See whether your IT contractors accountants offer online facility. Online contractor accountancy is growing in popularity rapidly and thus, it is vital to ascertain whether your accountant is web enabled. See if they provide online access 24×7 or you can just submit paperwork and expenses online.

• See whether your accountants are aware of tax rules that may affect the industry. Most accountants, especially ones from renowned agencies like True Dynamic are aware of these rules. Most important of these is IR35 or Intermediaries Legislation. There is actually a huge difference in the take home pay between ones who are caught by IR35 rules and ones who are not.

• You may be more comfortable with handling a firm of a particular size. Check out on the size of the organization and if you will be comfortable of using it.

• You can also check out on the experience level of the organization as well as the number of clients that it has handled. Ask if you can talk to existing clients or have a look at the testimonials.

While you hire an accountant, you may not always be certain of their ability unless you begin working with him or her as a client. However, if you take a few precautions beforehand, you are sure to have a better experience.