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How to choose a contractor accountant

Are all contractor accountants the same?

are all contractor accountants the same?Choosing the right accountant is not easy as there as so many unqualified accountants claiming to be experts.  >>Nimble Jack Accounting are a firm of Chartered Certified Accountants – this means that we have undergone intense and rigorous training before getting professional qualifications and are obliged to maintain our expertise with continuous professional development.

A good accountant will ensure no tax problems now or in the future, whereas a bad accountant will leave you with a mess, which you will only find out about when it’s too late.

When choosing an accountant you should take your time and think about the following factors:

  1. Qualifications – unfortunately, anybody can call themselves an accountant, which means there are many unqualified accountants in the market.  You wouldn’t go to an unqualified doctor, so make sure your accountants are Chartered Certified Accountants.
  2. Experience - where have the partners of the firm worked before? How many years’ experience do they have? A specialist firm with relevant experience will always give you the latest up to date advice on areas which affect you, e.g. IR35.
  3. Specialist contractor knowledge – with a specialist contractor accountant you can rest assured that they will advise you on how to save more tax and earn more profit because they simply understand the industry you work in.
  4. Contact – do you have regular contact with your accountant?  Do you feel you can pick up the phone or send them an email? Does your accountant give you a quarterly call just to see how your business is and if there is anything they can do to help?
  5. Tax planning – from the offset you should choose an accountant who can give you a tax plan of roughly how much your take home pay will be and where you can make significant savings for example by being on the VAT flat rate scheme.
  6. Cost – cheapest is not always the best.  We have seen contractor accountants charging anything from £65 – £150 per month.  Although, you might save a few pounds in fees with a cheap accountant, you could lose thousands in missed tax opportunities and risk costly mistakes.  Also cheap accountants are notorious for their slow response time and lack of attention when preparing accounts.
  7. Dedicated Accountant or just an Account Manager?- often in large national firms your work is passed onto a junior member of staff known as an “Account Manager”.  Many contractors, freelancers and small business would prefer having a qualified and dedicated accountant as a single point of contact.
  8. Face to face meetings? – many accountants are just “online” meaning that you can never meet or see them in person.  Here at >>Nimble Jack Accounting, we are experts in online accounting software because it truly saves time and gives you much more compared to spreadsheets. However, we are always available over phone, email or face to face at any of our locations.
Any questions? Speak to one of our friendly accountants on 020 7969 2879.


About Hardeep Mangat

Hardeep is a down to earth accountant, who loves helping contractors, freelancers and small businesses save tax and make more profit. He also has a particular interest in IR35 . Hardeep attended University College London and is a Chartered Certified Accountant, who previously worked for Credit Suisse Investment bank and at a local accountancy practice.

Hardeep on Linkedin and Google+

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