Limited Company contractors who use builder accountants to handle their financial affairs assume that their accountant is completely compliant and helps to ensure that the contractor’s company manages its accounts within the law. But how do you check if your accountant is compliant? Here are five checks you can use to make sure contractor accountants are compliant: The first thing is to choose an accountant that is regulated. Everyone may keep books, complete tax returns and file reports and perform those tasks on behalf of a builder limited company.But If you pick an accountant that’s a member of and regulated by one of those four accounting professional bodies afterward you certainly know that to gain its membership the accountant must demonstrate a level of professional competence and must abide by the rules of the professional institute and also therefore are required to run compliantly. Go to the below mentioned website, if you are hunting for additional information concerning accountancy firms in reading.
Accreditation by a contractor industry body is a fantastic indicator of compliance as these organizations rigorously audit their affiliates or members regularly.The Next thing is to choose an expert for contractor accountants. Although contractor limited companies are small businesses, they have unique attributes and, above all, are subject to laws that most other tiny businesses are not such as IR35 and the Managed Services Companies (MSC) laws. If you choose a high street accountant that is not a specialist in builder affairs, they might not understand the technicalities of the MSC legislation and undertake activities leaving them in breach of their rules and you facing possible penalties. The third issue would be to examine the paperwork your accountant delivers. There’s a line which a compliant accountant won’t cross.What This means is though you do not need to be a tax pro yourself, you need to have responsibility for the company, tax and financial paperwork contractor accountants deliver you. Make sure you read through your tax return and ensure all of your paperwork has been completed in full by your accountant and they’re finishing your paperwork compliantly. Next, the fourth issue would be to Persistent the late penalties and filing. Contractor accountants that record significant paperwork with HMRC and Companies House beyond the deadline, hence incurring penalties, are not delivering accountancy services compliantly. Repeated late filing must set alarm bells ringing and whether the accountant is a member of a professional or industry body, then you should complain about your accountant’s performance.
Last But not least, the fifth thing is to check the accountant must be certain that the transfer should be smooth. All accountants controlled by professional bodies need to pass in your documents to their replacement should you choose different contractor accountants. However, maybe not all of accountants make it easy for their customers to switch. Check with different contractors that are clients of a specific accountant, on the internet and in chat rooms to confirm your present or prospective accountant behaves compliantly when you would like to move. There are thousands of contractor accountants and you’re able to visit various websites to obtain checklists you can use to evaluate your selection of contractor accountant before choosing one for your contractor restricted company.