Operating as a contractor, either as a limited company or sole trader can be hard work, but does hold many benefits in the long run. Control over what projects you take on, the direction of the work taken out and also the flexibility of a contract are just a few pros to contracting. Another main factor is having the ability to earn a lot more money than you would doing the same work in a permanent position.
Contracting is very time consuming, its not very often a contractor will get to work a 9 – 5 on a project, normally they have tight deadlines and often work late to get projects completed to meet them. So when it comes to bookkeeping and logging expenses, they normally take less a priority and some people can really fall behind, leaving their accountancy to the last minute.
Bringing on board a contractor accountancy service makes sense, not only will you have someone to handle all of your returns and dealings with HMRC, but you will have professional advice to hand. A phone call to your accountant can resolve any accountancy issues that may arise whilst contracting, they can help you work in the best way to make the most of your income.
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