Choosing accountant

[Myright]

Hi guys

I am working in a financial company as a contractor earning around 40k a year.

I started 2 months ago and set up a ltd company and a business bank account where my earnings go into.

I have been given 500 pounds quote from an accountant to do my monthly accounts. This includes VAT ( flat rate) . Which I can claim more 'pay' which will probably top my turnover by 2k per year.

Anyway guys as I am getting roughly the same quote some higher some lower.

So now I have to just make a choise which accountant to go with. As I have never hired an accountant. What questions should I be asking them ? What should I expect ? How can I tell if the accountant will be good and can maximise my profits so to speak?

[mudskipper]

Hi guys

I am working in a financial company as a contractor earning around 40k a year.

I started 2 months ago and set up a ltd company and a business bank account where my earnings go into.

I have been given 500 pounds quote from an accountant to do my monthly accounts. This includes VAT ( flat rate) . Which I can claim more 'pay' which will probably top my turnover by 2k per year.

Anyway guys as I am getting roughly the same quote some higher some lower.

So now I have to just make a choise which accountant to go with. As I have never hired an accountant. What questions should I be asking them ? What should I expect ? How can I tell if the accountant will be good and can maximise my profits so to speak?

£500 is pretty cheap. Most are anywhere from £80 - £150 per month.

There's a sticky at the top of this forum with accountant recommendations.

Most contractor accountants are pretty good, and know the intricacies of our industry inside out, whereas your local accountant might not.
There are various solutions for record keeping - spreadsheets, cloud portals, freeagent - some include this in their monthly offering, some don't.


As far as 'maximising profits', not quite sure that's what you mean - more profit = more tax! The idea is that you offset legitimate expenses against your profits (thereby reducing profits) in order to reduce yourCo's tax liability.


I'm with InTouch and very happy with both their service and their cloud based platform. If you do go with them, tell them I sent you

[missinggreenfields]

As far as 'maximising profits', not quite sure that's what you mean - more profit = more tax! The idea is that you offset legitimate questions against your profits (thereby reducing profits) in order to reduce yourCo's tax liability.

How do you know whether your question is legitimate or not, and how much do you charge per question?

I'm with InTouch and very happy with both their service and their cloud based platform. If you do go with them, tell them I sent you

Same here - I joined following recommendations from here and have been very happy with the service since I've been with them.

[mudskipper]

How do you know whether your question is legitimate or not, and how much do you charge per question?

Doh. Expenses. Too early in the morning.

[Myright]

Sorry I didn't mean profits. I meant genuine expenses thus giving me a better returns.

What other features should I expect? Or with the figures I provided. What should be included as expenses? I live 10 miles away from work in a different city. I also pay 1.60 parking most days

[Myright]

Anyone??

[Myright]

Anyone??

[WTFH]

Sorry, most users on here are asleep at this time of the day. What country are you based in, and is your work in the UK?


You want an accountant who knows how to deal with contractors. Just getting a normal accountant means that you may not be maximising your cash, or may mean you are claiming things you should not.


Have you been working in the same place for 2 years (or do you know you will be there for at least 2 years)?

[cojak]

I'm keeping an eye on this thread.

[pr1]

Sorry I didn't mean profits. I meant genuine expenses thus giving me a better returns.

What other features should I expect? Or with the figures I provided. What should be included as expenses? I live 10 miles away from work in a different city. I also pay 1.60 parking most days

Anyone??

Anyone??

mudskipper referred you to a reputable accountant, what did InTouch say when you contacted them? or are you waiting for all the answers on here?