As the name suggests, contractor accounting refers to accounting services tailored to the specific needs of contractors, whatever their industry. From construction to IT, a whole host of industries rely on the services of contractors on a daily basis – but contractors themselves often rely on the help of accountants to ensure their finances are in order.
If you work as a contractor yourself and are considering hiring an accountant, but aren’t sure if it’s the right thing to do, we’re here to help. Let’s first take a look at what accountants could do to help you and your business.
What contractor accountants do
These specialist accountants provide services designed to help you focus on doing the important stuff: running and growing your business day to day.
By taking care of your bookkeeping and accounting needs, they’ll ensure that up-to-date, accurate records are being kept of your finances – useful for you and essential to remain in HMRC’s good books.
They can also help with tax compliance, VAT, payroll and more, allowing you to relax about meeting deadlines and focus your efforts elsewhere. Contractor specialists will also know their way around IR35 rules, ensuring you don’t get caught out.
Qualified accountants will be able to offer advice and guidance too, helping you configure your company in the most tax-efficient way to help you boost your profit margin.
Essentially, accountants can help provide a solid foundation for your business, laying the perfect building blocks for future growth.
Do I need an accountant?
You don’t have to have an accountant legally – it’s not a requirement. However, unless you have prior financial experience, it’s well worth the investment. Not only can they save you time and effort, but money. An accountant will ensure your business is financially sound and that it’s operating above board, whether you’re a sole trader or a limited company.
Contractor accountants Ely
Interested in hiring a contractor accountant of your very own? Speak to the team at McIntyre Stuart today. We specialise in providing accounting services to construction firms and small businesses generally, and have been serving Ely and the surrounding areas for 30 years now. Find out more about what we do or contact us to arrange a free initial consultation.