Many contractors are dissuaded from using the services of a contractor accountant due to perceived savings that could be attained by a do-it-yourself online financial management routine. However, for most people cutting costs in the area of contractor accountancy is likely to accrue significant long term costs, and neglecting professional help can actually prove to stagnate the development of an otherwise promising contracting business.
When many individuals elect to pursue a profession as a contractor, they are largely undecided as to whether to be paid through an umbrella company or set up their own limited company. A contractor accountant can offer a wealth of advice in these areas, and they will also remain in partnership with an individual once they have begun to pursue their newly chosen career.
The most immediately identifiable benefit of using specialist contractor accountants is the sheer amount of time that they can save. Many contractors find that the amount of time spent conducting their own accountancy actually proves to be more expensive that the cost of hiring an expert, and the professional advice offered by such accountancy services can help to cut costs in a variety of other ways.
Contractor accountants are able to use their relevant current experience to extract the maximum returns possible, and possess in depth knowledge of legislation affecting the contractor marketplace. Most contractors do not possess this level of specialist understanding, and the amount of time needed to create such a familiarity further reduces the amount of time that can be devoted to paid work.
When considering a contractor accountant you need to be sure that your choice of provider is accustomed to the specific demands of the contractor market. ICS was established in 2002, we are one of the UK’s leading payroll and accountancy providers for contractors and freelancers. Our core principles of trust, care and compliance mean that you can always rely on us to offer the most appropriate services for our clients, so please contact us if you wish to benefit from our contractor payroll and accountancy services.