Top 5 Tips to Choose the Best Accountant for a Contractor

The accounting needs of a contractor are not similar to the needs of regular business people. If you are a contractor you have to look for the ideal accountant to look after your financial matters. Here are some effective tips to find the best contractor accountant. 

Contractors that operate their own businesses sometime contemplate the idea of running their accounts all by themselves. However, the burden of administrative tasks proves to be too time-consuming for them and most of the contractors find laws regarding taxation highly confusing and complex. 

All these reasons triggered the need of a specialist accountant for a contractor who is adept in dealing with the accounting needs of these self-employed people. But there is a plethora of such accounting professionals available in the city of London to choose from. 

Here is some insider tips that contractors should pay heed to in order to trace out the best accountant:

Consider only specialist contractor accountant in London

Being a contractor, your accounting needs are different than those who run their small businesses. This is why the foremost thing that you have to ensure is your chosen accountant is well-versed in dealing with your financial matters specifically. 

The accountant must have several years of experience of working closely with contractors and not giant corporate houses or SMEs. To find such accountants out you can keep a close eye on paid advertisements and the portals that are focused on contractors because only accountants with experience of working with contractors will have them advertised.

Select only regulated and well-qualified accountants

Accountants that are members of business organisations of contracting sector and are regulated by professional guilds your best bet. It will be even better if your chosen professional is also accredited by any organisation of freelancers as well. Overall, you have to ensure that the accountant has industry accreditation from recognized contracting bodies.

Select the accountant that offers services you actually need

There are umpteen contractor accountants in London  and their offerings are not the same and so do the requirements of hundreds of contractors in the city. Hence, be very clear about your needs and choose one accordingly. If you want accounting professional to take care of your annual accounts only the individual you will eventually choose will never be the same individual who will be working for another contractor that want all his financial aspects to be taken care of.

Opt for accountants with knowledge in contractor legislation

As mentioned earlier, your accounting and taxation needs are different so you have to ensure that your accountant is knowledgeable enough to carry out your financial tasks flawlessly. The professional must have deeper and proper understanding of IR35, Section 660 and MSC or Managed Services Company legislation. The individual must also understand the complex tax laws clearly. Any error in filing taxes can cost you dearly so it is a must that your accountant is top of these laws.

Many accountants also offer a few extra services for free such as IR35 contract reviews and if you come across any such free offerings don’t hesitate to grab them if you are certain that the quality of the service would be excellent.

Ask other contractors

You are not the sole contractor in the city of London. There are thousands more and chances are high that many of them have their own accountants as well. You can ask them directly or in online forums about the performance of their accountants. You need to choose that accountant that receives great reviews from clients. You can look for testimonials online to locate accountants that have previously performed well for other contractors.

If you follow these tips you will definitely find a qualified and experienced accountant. Most of these professionals charge a fixed monthly fee and the amount will be determined by the number and significance of services they are supposed to execute.

Author Bio

Jason Fox pens down write-ups on taxation and accounting on frequent basis. His articles where he shares effective tips to find the right accountant for contractor  are highly acclaimed in contracting world. 

Taking Vast Strides with an Offshore Umbrella Company

Making your way in the self-employment arena is a huge step that one could ever possibly take for them. This step literally makes one lose the office job security feel and can give a sense of no fullback or support.

People are now realizing the cold truth that this safety net was more like an illusion. This illusion like another social condition is fast to fade. But still one must realize that the self-employment world makes you entirely responsible for the financial days ahead. Such decisions are need a brave mind and sound one as well.

But if one does take time out to plan out the situation, things can seem to be a whole lot easier. Butterflies in the stomach are natural and are something that only go away once you face the situation head on. When you are making a plan for signing up for an onshore or offshore umbrella company, you need invest more time into the details. Making them your employer, even though you want to work on your own requires a closer look.

Offshore Umbrella company benefits

There are so many big advantages which come to mind regarding umbrella companies.

1. Umbrella companies keep your salaries away from corporate tax and instead subject them to independent contractor rates.
2. As a temporary worker, one enjoys a certain level of privacy.
3. There protection from any kind of liability. All worries can be left at back of your mind with umbrella companies.
4. You will get inside information form their professional for which umbrella service is tailor made for you.

These are just a few of the actual benefits that one enjoys when signing up with an umbrella company.

So why should one use the help of an offshore umbrella company?

It is possible for one to look into signing up with a umbrella company which is offshore than one which is in your own country. These offshore umbrella companies offer some valid reasons for dealing with them rather than your native ones. With offshore umbrella companies one gets to enjoy 100% identity protection. The second reason would be taxes. You won’t have to pay so much tax if you have signed up for an umbrella offshore company.

Many people try to set up their own umbrella service company for business but it is a whole lot easier to seek the help of an offshore company which is already established. These companies are quick to act and have simple workflow processes which are easy for common people to understand. In short, dealing with an offshore umbrella service company is much easier than bringing your own to existence.

So why should one resort to an offshore umbrella company?

You don’t want to take a jump into quicksand without thinking about all the pitfalls, do you? Nobody does. This is primarily why such decisions regarding an offshore umbrella company require due consideration and a good sit down. Thinking hats on folks! This decision is going to affect your financial days ahead and as of now is probably isn’t the most traditional way of leveraging. If you must, get professional advice. They will guide to choosing the right offshore umbrella company and will give you good inside information about how things work there. The professional advice will come in handy in making a good selection.

Always make sure that you pick an offshore umbrella company which has a good reputation in the Industry

Many people affiliate themselves with an offshore umbrella company just because their advertising was so good. One would be shocked to know how many people actually do that. One doesn’t need to be told this, but only good can come when you are linking yourself to an umbrella company that is well spoken about. Dealing with an umbrella company that has managed a good reputation over the years is the need of the hour.

Before taking the plunge, make sure that you do your homework and work to find facts and figures before signing ontoan offshore umbrella company. Make the most of the Internet and be as diligent as possible to ensure you are dealing with the right kind of people. This tactic is going to help you increase your savings and will reduce all liabilities that you are usually responsible for. It is important as a customer that you enjoy the full benefits of privacy which you wouldn’t be able to get otherwise. Choosing an offshore umbrella company requires a lot of research and is a decision that must be taken with utmost seriousness.

The Best Place For You To Work May Just Be Under Your Own Roof

Image by Let Ideas Compete via FlickrThe traditional job market is expected to have slow growth for many years to come. This has forced many people to find work in the most unlikely place, their own home. There are indications that business are hiring, but they are hiring workers on a contract basis.

Let's face it,our slow economy is going to be slow for quite a while longer. Businesses are not hiring because they just don't have the work or just don't have the money to hire full time employees. Their only option is to hire part time, contract based employees.

The benefits of part time or contract workers to the employer are many. They don't have to pay for the usual expenses like health care, social security, 401(K)'s, and actual office space. Hiring outside help, is a big savings for the company.

The facts.
The facts are online employment middleman Elance is showing tremendous growth. The increase is 50% higher than last year. They have had over 48,000 jobs posted in the last 30 days.

There has been a reboot of the way companies hire people to do their work. The Bureau of Labor Statistics states that 68% of hiring in 2010 was in the form of contract based freelancers.

This kind of freelance work is the bread and butter of the younger generation just entering the workforce. The freedom of working from home for multiple employers is highly appreciated.

Many people have pounded the pavement, sent out resumes, and have gone interviews only to be disappointed. Many of them should have stayed home and started a freelance business.

Many online sources can get you the work you have been looking for. With the expansion of the information age and telecomputing, you will never have to leave your home to go to work, again.

There are many sites to find work, but the biggest is Elance.com. There you will find work consisting of programming, designing, writing, marketing, administration, consulting, and finance. There are othe websites so search around to find the perfect job for yourself.

Some key skills are needed to make working from home a good experience:

• Enjoy your work. If you don't love it, it will show.
• Sure working from home has a lot of perks. But make sure you like the work you are doing. Do the thing that you are most qualified for otherwise you may tend to lose interest. 
• Make sure you are educated with home tech. Like computers, fax machines, and printers

To make working at home easier you must have a basic knowledge of your computer and it's peripherals. Getting online and being able to cure a sick computer or business machine is a must.

Are you a self starter?
You have to be a self motivated person to work at home. You won't have someone looking over your shoulder every day.

Give your best effort.
You must always over deliver on your freelance work. Many times your work is given a score on free lance websites. A bad review may make you unhireable in the future.

The bad economy has caused a shifting in the standard job. The new norm is independent contractors and free lancers.