Tempting though it may be to handle your own accounting, as a contractor, you’ll have a lot on your plate.
You may find it difficult to juggle both your work commitments and accounting obligations. For these reasons – and more we’re about to delve into – many contractors choose to enlist the help of a professional.
It’s not a legal requirement to hire an accountant, but it does make a lot of sense. Here’s why.
The first (and most obvious) reason to hire an accountant is the time they’ll save you. Time is money when you’re self-employed, so why spend hours accounting when you could be out there earning money and building your reputation?
As you take on a higher volume of contracts – and more complex ones – your accounting obligations can soon weigh heavy on your shoulders. If you have prior accounting experience and are confident you can handle it, great. But most of us aren’t in that position. Offload this burden to a professional accountant and you’ll have more time to focus on what really matters.
Just as you know your trade like the back of your hand, professional accountants know theirs. You’ll be able to save money up-front by tackling your accounting yourself, but it can be a false economy. Much in the same way as buying cheap products can cost you more in the long term (if they wear out quicker or don’t work as well), taking on accounting with limited experience can cost you over an extended period.
Why? Accountants understand tax legislation like IR35. They also know how to communicate efficiently with HMRC and will make sure you don’t miss any deadlines. Using their expertise, they’ll ensure you only pay the amount of tax you’re required to – and no more!
Not only can they save you a lot of money (more than enough to cover the cost of hiring them), good accountants can provide invaluable advice and support when you need it. If your circumstances change and a financial re-think is required, an accountant can alleviate much of the stress by offering practical solutions to get you back on track. Having a reliable, trusted accountant by your side is truly invaluable as a self-employed contractor.
Speak to Contractor Accountants Ely
If you’re based in the Ely area and are looking for expert accountants to handle your finances, speak to the team at McIntyre Stuart. Our experienced accountants in Ely can work with you to provide a truly bespoke, tailor-made accounting service that accommodates your individual needs. Let us help you save money. Contact us today to arrange a free initial consultation.