Updated on: Apr 8, 2024
In this article I want to take a look at the benefits of using a London based accountant. When our business was formed back in 2005, we worked out of a spare bedroom in an apartment very close to the Clapham South tube station in London. After that we moved to our first office which was just around the corner from the West Brompton tube station (shout out to Starbucks on Old Brompton Road). Back in 2005 the vast majority of our client base came from New Zealand, Australia, and South Africa. Now clients come to us having moved to the UK from all over the world.
Once we outgrew that office we moved into a larger space and Fulham, and then moved again to a larger space in Wimbledon. The common thread with all of these office locations was that our clients very rarely came into the office to see us, and these days what we have found is that our clients are much happier to meet over the Internet than to battle London traffic for a face-to-face meeting.
We now have a much smaller office as our staff now all work remotely. As many of you are no doubt aware that comes with pros and cons but from a client perspective the transition was relatively easy because we already dealt with the vast majority of our clients using a suite of online tools.
As a result of continued IT investment in our business since it was formed, we now run one of the most technology driven contractor accountancy firms in the UK. And with clients now based all over the UK we really don’t think that contractors need to be looking for a London accountant.
So while this article looks at the benefits of using a London-based accountant what I really want to do is show you the benefits of using a technology driven accountancy service that operates UK wide to help you decide if a London-based accountant is required at all.
Finding the right London accountant for your business can be time-consuming. With so many options available, how do you know which firm will provide the best service, expertise, and value for money? In this blog post, I’ll explore the key factors to consider when choosing the right London accountant for your business, the comprehensive accounting services they should offer, and the benefits of partnering with a contractor accountant in London. Let’s dive in and simplify your search for the perfect accountant.
Video Summary
Want to watch our YouTube video instead? It summarises the main points but refer back to this article for more in-depth information.
Choosing the Right London Accountant for Your Business
The success of your business does rely on the expertise and guidance of your chosen accountant. With a diverse range of accounting firms and chartered accountants in London, selecting the most suitable one can seem overwhelming because there are just so many! We believe that to make an informed decision, it’s essential to consider factors such as experience, expertise, ease of onboarding, and the technology being used.
A London accountant should look to gain a comprehensive understanding of your contracting business and provide proactive accounting and tax advisory services, offering expert advice tailored to your industry. For our contractor clients and the technology stack that we use, we think your accountant can be based anywhere (with a solid internet connection) which is how we have built up on our exceptional service and competitive pricing, earning praise from clients across various sectors.
Experience and Expertise
An accountant with experience and expertise in your industry can provide invaluable guidance to help your business succeed. For example, our accountants possess a wealth of experience across a range of industry sectors including engineering, IT contracting, locum vets, and finance sector contractors, offering valuable tax advice to clients who are spread across the UK.
By working with a trusted accountant who understands the nuances and challenges specific to your business, and in the niche area of contractor accounting, you can ensure that your accounting functions are handled with professionalism and care.
Ease of Onboarding
A smooth onboarding process is crucial when selecting a local London accountant. It allows you to focus on getting your business set-up and running which minimizes disruption. We realise that for our contractor clients, each hour they are not billing their end-clients comes at a financial cost, so we suggest you choose a firm with a straightforward and effortless onboarding process, such as the Effortless Onboarding service at No Worries, whose specialised team provides comprehensive coverage of company set-up and tax services.
We offer comprehensive Company Formation Services to ensure that every aspect of forming a company is taken care of, including corporation tax and business payroll.
Specialist niche in Contractor Accounting
Contractors face unique challenges and require specialized accounting services tailored to their needs. An accountant with a specialist niche in contractor accounting can provide invaluable advice and services, including technology-led accounting services, business setup assistance, IR35 advice and support, and ongoing reporting requirements.
By partnering with a specialist contractor accountant (regardless of whether they are based in London or not), you can ensure that your unique needs are met and that you receive expert advice, maximizing your financial management and ensuring compliance with applicable regulations.
Comprehensive Accounting Services for Contractors
To succeed as a contractor, having access to comprehensive accounting services that caters to your specific needs is like moving from a steel frame no-suspension mountain bike to a full-suspended e-bike. You can still get from A to B, but the journey is just far more enjoyable, and comfortable, with opportunities along the way to just stop and smell the flowers for a few minutes. These accountancy services should include technology-led solutions, business setup assistance, IR35 advice, and ongoing reporting support. By partnering with an accounting firm that offers these services, you can ensure that your business operates efficiently and remains compliant with relevant regulations.
We provide the full range of accounting services to contractors. This includes looking after the Limited Company set up and compliance, tax advisory, as well as automating processes when possible. Additionally, we offer comprehensive setup services for those unfamiliar with cloud accounting platforms, as well as providing all necessary training.
By having access to a wide range of accounting services tailored to your needs, you can focus on running your business while we handle the financial complexities.
Technology-led accounting service
A technology-led accounting service can streamline processes, improve efficiency, and provide easy insights into your business’s financial health. At No Worries we have our own cloud accounting software called Simplifi which is provided for free to all our clients, while also offering bookkeeping services through one of our monthly accountancy packages.
By automating tasks and providing real-time data, technology-driven accounting services can help your business become more cost-efficient, reduce the chances of errors, and guarantee accuracy.
Help getting your business set-up
Starting a new business can be a challenging endeavour, but with the right support, you can ensure a successful launch and avoid unnecessary mistakes. An accountant that provides comprehensive business formation services can help you navigate the complexities of setting up your business and ensuring it is more than just a name. Naturally you don’t need your accountant to be based in London for this, and our formation service operate fully online which is a far cry from how we used to have to form companies for our clients back in 2005!
Having a good formation service allows you to focus getting a new contract set-up, buying any equipment you need, and planning your travel requirement for the contract, while your accountant handles the administrative and financial aspects of setting up shop.
IR35 advice and support
IR35 legislation can be complex, but with proper advice and support, you can ensure compliance and minimize tax liabilities. An accountant that offers IR35 advice and support can help you understand the implications of IR35 and provide guidance on how to manage your financial affairs within the framework of the legislation, including offering valuable business tax advice.
We have a storing preference for our clients to engage with IR35 specialists such as Kingsbridge, Qdos, or Bauer & Cottrell. IR35 is a complex piece of legislation that deals with matters related to employment law rather than tax or accounting. So, our suggestion is that you seek advice from an IR35 employment law specialist team.
Meeting all your on-going reporting requirements
Meeting all your ongoing reporting requirements is crucial for staying compliant and maintaining accurate financial records. By partnering with an accountant that offers on-going reporting compliance for your business, you can ensure that your business remains compliant with all statutory obligations.
The most common reporting requirements for our contractor clients are (a) filing annual accounts with Companies House (b) filing annual accounts and corporation tax return with HMRC (c) filing your annual confirmation statement with Companies House (d) filing your quarterly VAT return with HMRC (if your business income exceeds the VAT threshold) (e) RTI filing your monthly payroll returns to the HMRC.
Comprehensive knowledge base support
A comprehensive knowledge base can provide valuable resources and support for your business. These articles can help you better understand your accounting requirements and stay up-to-date with current regulations.
By having access to a comprehensive knowledge base, you can ensure that you have the information and support you need to effectively manage your business’s financial affairs, including cash flow.
At No Worries we have our own online knowledge base covering numerous tax and accounting areas that provides our clients with answers that are specific to contractor accountanting. We also find that our clients like the self-service approach and they often get answers much faster at a time that is convenient to them.
Navigating HMRC and Companies House Requirements
Navigating the complex requirements of HMRC and Companies House can seem like an onerous task, but with the help of a knowledgeable accountant, you can ensure that your business remains compliant and avoids costly penalties. These experts can assist with tax returns, compliance, and annual account submissions, ensuring that your financial obligations are met.
For us we deal with the HMRC and Companies House on a daily basis. We know how their online systems work and we can very quickly get things done through their online portal.
Tax Returns and Compliance
The importance of tax returns and compliance cannot be overstated, as they play a crucial role in maintaining the financial health of your business and avoiding penalties. An accountant that offers comprehensive tax return and compliance services can ensure that your financial obligations are met, allowing you to focus on running your business.
Having an experienced accountant on your side can help you navigate the complexities of the tax system, benefit from the expertise of tax advisors, and ensure effective tax planning.
We know that clients who regularly submit their annual accounts on time, and pay their tax on time, are much less likely to face compliance issues or questions from the HMRC. That is why we put such a significant effort into ensuring our clients meet their filing and payment deadlines.
Annual Accounts Submission
Submitting annual accounts to Companies House accurately and on time is essential for maintaining compliance and providing a transparent view of your company’s financial standing. By partnering with an accountant experienced in annual account submissions, you can ensure that your financial information is accurate and up-to-date, allowing stakeholders to evaluate your company’s operations and financial position.
Additionally, annual accounts are utilized to calculate the Corporation Tax that your company is obligated to pay, making it crucial to file these accounts in a timely manner.
As I mentioned above, we put a significant emphasis on ensuring our clients meet their filing and payment deadlines, and with our technology-led accounting service, we go to great lengths to ensure it’s as easy as possible for our clients to meet these obligations.
Benefits of Partnering with a Contractor Accountant in London
Partnering with a contractor accountant in London can provide numerous benefits that can help your business thrive. These benefits include a dedicated accountant who understands your unique needs, access to cutting-edge accounting software, and expert advice and support tailored to your specific requirements.
By working closely with a contractor accountant in London, you can ensure that you receive personalized service and a comprehensive understanding of your business’s financial requirements. This can help you make informed decisions, avoid costly mistakes, and grow your business with confidence.
So my question to you is, do you really need your accountant to be based in London to gain the benefits that I mentioned above? Even if your accountant is not based in London, you still get access to cutting edge accounting software, expert advice, and your own dedicated accountant. With the way that accounting services have developed over the past 15 years, and particularly now where a significant amount of filing which Companies House and HMRC can now be done online, I think the physical location of your accountant has become far less important.
Dedicated Accountant
A dedicated accountant can provide personalized service and a deep understanding of your business’s financial needs, ensuring that your accounting functions are handled with care and precision. By working with a trusted partner who understands the nuances and challenges specific to your business, you can ensure that you receive tailored guidance and assistance that can help your business succeed.
All of our dedicated accountants can be contacted by phone, by e-mail, or you can arrange a chat over Teams. The most important thing for our clients is that their dedicated accountant is available to be contacted.
Accounting software to help your business grow
Accounting software can play a crucial role in helping your business grow by streamlining processes, providing valuable insights, and automating tedious tasks. By partnering with a contractor accountant that offers access to cutting-edge accounting software, you can ensure that your business operates efficiently and effectively,
We have always built our own accounting software for our clients to use, and it’s freely available to all of them. There are only two contractor accounting firms with access to the software which is No Worries Accounting and Capital City Accountancy. The software is also available as a standalone product for contractors who want to look after their own accounting affairs.
The benefit of using Simplifi is that it has been built exclusively for contractors and freelancers and it is continually updated with new features, and better reporting.
Expert Advice and Support
Expert advice and support can be instrumental in achieving goals, solving problems, and making informed decisions. By partnering with a contractor accountant in London that provides expert advice and support, you can ensure that you have access to the specialized knowledge and experience necessary to navigate the complex world of accounting and compliance.
This can help owner managed businesses avoid costly mistakes and ensure the long-term success of your business.
You may have realised by now that expert advice and support is not localised to accountants who are based in London, and as you would expect accountants who live outside of London also deliver the exact same level of knowledge and support.
Evaluating London Accounting Firms
When evaluating London accounting firms, it’s important to consider factors such as technology-driven solutions, pricing structure, and client testimonials. By taking these factors into account, you can ensure that you’re getting the best value for your money and partnering with a firm that truly understands your needs. You may even find that the ideal accountant for you is based outside of London 🙂
A technology-driven accounting firm can provide innovative solutions and improved efficiency for your business, while a competitive pricing structure ensures that you’re getting the best value for your money. Client testimonials can provide valuable insight into the quality of service and support provided by an accounting firm, allowing you to make an informed decision and choose the best firm for your business.
Technology-driven
A technology-driven accounting firm can provide innovative solutions and improved efficiency for your business. By automating tasks and providing real-time data, technology-driven accounting services can help your business become more cost-efficient, reduce the chances of errors, and guarantee accuracy.
Furthermore, technology-driven accounting firms often employ robust security measures to ensure the confidentiality and integrity of client data, giving you peace of mind knowing that your sensitive financial information is protected.
We are extremely proud of our vertically integrated systems that we have been working on pretty much since the business started. We like to have as much control as possible over every step in the process from onboarding new clients, to providing accounting and tax support, to providing accounting software, to providing an online system for accounts and tax return approvals, to having a single repository for all client related communications, to monitoring phone calls for training purposes. We believe technology driven accounting firms will continue to succeed, and we will continue to be at the forefront.
Pricing Structure
When assessing the pricing structure of a London accounting firm, it’s important to consider factors such as the services provided, the complexity of the services, and the experience of the firm. By comparing pricing structures, you can ensure that you’re getting the best value for your money and partnering with a firm that offers the right balance of cost and quality.
All contractor accounting firms offer their services under a fixed fee accounting package, and it’s important to understand what you get within each package.
Client Testimonials
Client testimonials can provide valuable insight into the quality of service and support provided by an accounting firm. By reading through client testimonials, you can gain a better understanding of the experiences of other clients and determine whether the firm is a good fit for your specific needs.
Testimonials can emphasize areas where the firm excels and areas that may need improvement, giving you a well-rounded view of the firm’s capabilities and strengths.
Summary
Choosing the right accountant is important for the success of your business. By considering factors such as experience, expertise, ease of onboarding, technology-driven solutions, pricing structure, and client testimonials, you can make an informed decision and partner with a firm that truly understands your needs. With the right accountant by your side, you can focus on growing your business and leave the complex world of accounting and compliance to the professionals.
Frequently Asked Questions
What factors should I consider when choosing a London accountant for my business?
When choosing a London accountant for your business, make sure to consider their experience, expertise, onboarding process, technology-driven solutions, pricing structure and client testimonials. Once you have considered all of these factors you may decide that your accountant does not need to be based in London at all.
How can a technology-driven accounting firm benefit my business?
A technology-driven accounting firm can provide you with improved efficiency, real-time data, and automation to help your business reach new levels of success while ensuring you are freed of administrative tasks so you can focus on billing your end clients. These features not only help you save time and money, but they also provide you with the insights you need to make informed decisions.
With the right accounting firm, you can take advantage of the latest technology to streamline your processes.
What services should a contractor accountant in London provide?
We believe a contractor accountant should provide services such as business setup assistance, tax advice, IR35 advice and support, bookkeeping support, a good online accounting software produce, and ongoing reporting and filing services to HMRC and Companies House. That’s why we think having an accountant in London is much less important than having a technologically driven accountant who has a suite of online tools to help support their clients no matter where they are based.