Are you looking at being a contractor? Chances are good that you’ve heard friends talk about the freedom they enjoy when it comes to their schedules. They can come and go as they please, handling things as they see fit. Sounds much freer than your job, where you can’t just leave work early when you’d rather go to the park with your children.
However, for all of the comfort that being a self employed professional brings, it does indeed carry its own set of challenges. There are just going to be things that you will need to handle that employees do not. For example, the accounting needs of an employee are very minimal, as the company they work for handles all of that. Really, they just need to show up to work and handle their job. This can be pretty difficult to deal with, especially if you’re not used to handling accounting in any way.
As an employee, you probably didn’t even think of it. But now that you’re moving into being a contractor, you really have no choice but to think about it. That’s the biggest difference, and it’s one that you need to understand. Not because we think that you shouldn’t be a self employed contractor, but because you should know what you’re getting into.
Thankfully, there are solutions: quality accountants for contractors really do exist. You will want to go with an accountant that truly understand the needs of contractors rather than just a general accountant, because they’re much more likely to be able to handle the unique tax issues of contractors. For example, do you know at a glance whether or not you are IR35 compliant?
Probably not — but your accountant would know by looking through the unique details of your self employed life. This knowledge can save you a lot of money in terms of your taxes, which is why it’s so important to get the right details the first time around. If you delay getting a quality accountant, or try to do it on your own, you will not be as protected as you would be if you got quality advice you could trust. Which situation sounds the best to you? If you’re like most people, you’ll find that paying for a quality accountant that can truly serve your best interests is always the best option. Why not check it out today for yourself?