Some contractors may take it upon themselves to manage their finances and legal procedures themselves. This is not a very competent way of handling matters. You may be capable of handling some of the legal processes but it can be time consuming and a lot of effort. While contracting, time is of prime importance and time means money.

A reasonable monthly fee can get you a reliable and experienced specialist who can deal with all the accountancy subjects, tax and legal procedures that are a part and parcel of contracting. 1^st Contract is one such firm that provides contractors with experienced professionals to help them overcome their difficulties.

How do you choose an accountant?

Getting a Specialist

Most of the experienced accountants can offer their services, but there are numerous specialist firms in different market segments that are far more efficient, especially dealing with the matters of computer consultants. As compared to general accountants who handle practically all kinds of businesses, specialist accountants offer a highly qualified service.

For a nominal monthly fee, specialist accountants offer services that include preparation of accounts, corporation tax return, payroll matters, statutory affairs and telephone support. They have advanced knowledge in these areas, including IR35 that can be of importance to your company.

Considering Professional Qualifications

Most of the specialist firms are run by chartered accountants who are well versed in accountancy and legal matters. Apart from this they have a professional attitude towards the work, which can be an assuring factor to you.

How does size determine the quality of service of the firm?

Client numbers can differ from firm to firm and can range between 200 to several thousands. Larger organisations dealing with a higher rate of clients will be able to provide you an institutional type of service whereas a smaller firm would offer individual services. If you are more comfortable dealing with the same person every time, a smaller firm would be a better option.

Consult others before you choose an accountant

It is always a better idea to consult friends and other contractors before you hire the services of an accountant.

Service charge

For a quality accounting service you must be prepared to pay between £100 - £200 a month in order to acquire the services of a specialist firm. Take into account all the services included in the package. A high-priced package will always be inclusive of all services but a low priced one comes with hidden costs that are added after the work is done, for example personal tax return, P11D etc will be charged as extras.

Switching over to another accountant

If in the first place you have made a wrong decision in choosing an accountant, you can certainly make amendments. Select a specialist firm and see that all services are included and you are getting the required services that you are being billed for.

1^st Contact is a specialist firm that has a highly experienced panel of experts to give you the right guidance. So do not make the mistake of choosing the wrong accountant whom you might have to change in the future, instead select a specialist firm like 1^st Contact to be at your side during all times.

1st Contact Tax offers specialist tax services to contracting professionals.
These services include: Contractor Accounting, Personal Tax for Contractors, Limited Companies for Contractors and Contractor Financial Advice.