6 benefits of a contractor accountant

If you’re self-employed and looking for an accountant to help you with your tax, don’t hire just any accountant. Go for a contractor accountant as they specialise in tax for the self-employed. 

Read below to find out 6 of the many benefits of utilising a contractor accountant.

What’s a contractor?

A contractor is someone who works for themself. So if you’re a contractor, you’ll earn a living by providing a service for a client or organisation over a set period.

👉 Remember, even though you carry out work for someone else, it doesn’t mean you’re an employee.

How can a contractor accountant help me?

Again, there are many benefits of making use of a contractor accountant, but here are just 6 of them:

1. They can help you become more tax-efficient

A good contractor accountant can help you structure your business in a way that allows you to pay no more tax than what you actually owe (yes, this is possible).

It’s called tax efficiency. 

This includes advising you on all the expenses that HMRC will allow you to deduct from your final tax bill. 

2. They’ll save you lots of time

A contractor accountant will take the weight of dealing with all the boring, endless paperwork off your shoulders.

Whether that means you get an extra couple of hours spent on the job or more quality time with the family, it’s much better than spending that time worrying about… tax *yawns*. 

3. Get the support you need, whenever you need it

Many contractor accountants offer around-the-clock support. So if you’re a contractor and one random Tuesday night, you just have to know if your new toolkit is tax-deductible, your accountant will be on hand to answer your query. 🫡

4. They’re up to date on UK tax laws

You never know when things will change with tax. Just look at how the 2022 mini-budget shook up the UK. And some tax changes don’t even make the news! 

An example of this is in April 2022 when CIS workers became obliged to include their corporation tax UTR number on their tax returns to claim any deductions.

Hiring a contractor accountant means you won’t have to worry about any changes that may affect your taxes. Because they’ll do it for you. And just like that, problem solved.

5. Reduce the risk of errors

Filing taxes in general can be quite a pain.

Contractors who file their own taxes will have to keep very extensive records of things such as invoices, timesheets, expenses, receipts and more to complete their tax return. 

This leaves room for errors. Hiring a professional to take care of it will significantly reduce the risk of mistakes on your tax return.

6. There are strict deadlines

From the last day to register for Self Assessment to the last day to submit your tax return – there are quite a few dates to remember when it comes to filing your own taxes. And you’ll have to remember them to avoid penalties from HMRC 🫠 

Or you could just hire a contractor accountant who’ll most likely have all the important tax dates embedded into their system. 💉

Pay a fixed fee with TaxScouts!

So, you’ve figured there are plenty of reasons why you should hire a contractor accountant. ‘But what’s the damage?’ you say.

High-street accountants have a pretty bad rep for charging an arm and a leg. Because, well, often they do (you didn’t hear that from us 🤫).

Not our accountants though. Instead of being charged by the hour (or worse, by the question), you’ll pay a fixed fee for the service. There are no hidden costs. 🙌

 After all, the goal is to better manage your finances, right? Not stretch them out!

Find out more about this service here.