Seek accountancy services, contractors told

Date: 14th July 2011

Employing the services of a specialist accountant has been described as the "bare minimum" a UK contractor should do when looking to keep on top of their company's bookkeeping.

According to Informed Choices, such business operators should look into taking advice from accountants, financial planners and solicitors when starting up their own firm.

Martin Bamford, the organisation's chartered financial planner and managing director, explained that in doing so, such workers can ensure that their records, annual accounts and tax payment calculations are as accurate as possible.

"When you become self-employed, you typically need advice from three types of professionals – accountants, financial planners and solicitors. Most self-employed people work with an accountant as a bare minimum," he commented.

"A financial planner can help those becoming self-employed to understand the cost of living, which in turn can inform business goals and also the replacement of any lost employee benefits with individual arrangements."

Posted by Thomas Fletcher