If you have made the decision to run your own contractor business using a limited company, then there are some critical points to consider.
One of the main points is how you will manage your business finances and accounts to make sure that you get the most from your limited company income. Using the best-limited company accountants can help you to maximise the revenue that you generate from your contractor work.
Do I need a specialist contractor accounting service?
Whilst it might seem fairly simple at first glance to manage your own limited company accounts, the reality is that your business accounts for a limited company can be complicated and time-consuming.
Using a qualified specialist limited company accountant will give you the support you need to get the most from your business income using an in-depth knowledge of the contractor market tax regulations.
Use a specialist limited company accountants.
To get the best-limited company accountants, you should generally be looking at a company who either specialises in this area specifically or who has a significant amount of experience in this sector, ideally working primarily with contractors or freelancers.
The significant differences in legislation and tax regulations means that there are considerable gains to be made by working with some of the best-limited company accountants who can clearly identify your opportunities. A general or high street accountancy practice will more than likely be able to carry out basic level accounts for your limited company but may be more expensive and not have the specific knowledge you may need.
To get the best-limited company accountant, you should make sure that they are able to carry out all of the main areas, including:
– Preparation of accounts
– Corporation Tax returns
– Payroll
– IR35
– HMRC communications
There is also the fact that most will offer you a software package with some support to help you to manage your company finances more efficiently. With the use of modern cloud-based accountancy software, you should be able to maximise your income by keeping up to date with all of your business finances.
Recommendations and testimonials
It is becoming more common to be able to access and view reviews or testimonials for companies online which can be completely independent using sites such as Feefo, Trust Pilot or Google. Some of the best-limited company accountants will publish these results on their websites or can be accessed by searching for reviews for a particular business on Google.
Also, if you have received a specific recommendation for a limited company accountant, then you should make sure that you are getting some additional background information to support that claim.
Fees and service costs
The best-limited company accountant will generally charge fees from around £60 to £150 per month for the standard services depending on which level of service you are looking for. You should make sure that you check all charges and costs thoroughly to ensure that there are no hidden extras for additional services.
You should also ensure that your services offered are exactly what you need so you are comparing like for like with other services providers. Most limited company accountants will offer a standard package which should include the main requirements for your limited company contractor accounts.
Switching accountants
When joining with Gorilla Accounting, we’ll take care of the switchover between accountants. It doesn’t have to be difficult, we’ll get in touch with your existing accountant and request all the information that we need once you have given them notice that you’re leaving.
You should be aware that when looking for the best-limited company accountant, you should ensure that they can cater for your needs as your business grows. If you future-proof your choice of accountant then you should make your life far easier in the coming years rather than having to move things services over again.
For more information on the Gorilla Accounting service, contact one of our team of experts today on 0330 024 0406 or email info@gorillaaccounting.com.
