Fixed fee Accounting for Contractors
Many people take out pet insurance so that, should their furry friend experience any type of health issue, they don’t have to worry about a large vet’s bill – but can instead budget for a monthly payment in a structured way. Paying for your accountancy services monthly is kind of the same, although of course, your accounts are not something which MIGHT happen – they certainly will happen! Plus, you might find yourself needing extra support throughout the year when unexpected situations or queries occur, again you won’t have to pay extra charges that some accountancy firms who don't operate a fixed fee service will charge.
Hidden and extra charges
Typically and historically accountants quote you a one-off fee to do your end of year accounts. However, throughout the year you will most definitely have accountancy and tax related queries, this is 100% true if you are new to contracting. If you use a one off-fee accountant each time you call your accountant you're likely to be charged - so by the end of the year you could be looking at a sizeable bill. It's no surprise then that most contractors and freelancer's soon stop calling their accountant and push their tax returns to the back of the drawer. This could mean they miss out on valuable tax saving advice.
So, you could call upon your accountant’s services on an ad hoc basis throughout the year, and pay whatever fee that results in – sometimes even for something as simple as a five minute phone call. Or you could decide to budget for a low cost fixed monthly payment secure in the knowledge that you can pick up the phone to your accountant anytime you like - or ask for a meeting - without having to worry about receiving an unexpected bill afterwards.
So what are the main benefits of fixed-fee accounting?
- Unlimited access to your accountant
- Unlimited advice on the most tax effective way to operate
- Year end statutory accountants
- Pre-year end Tax planning meeting
- Corporation Tax Computation
- Corporation Tax Return
Essentially all of your personal and business tax needs throughout the year.
Call centre account manager or Accountant you can meet?
It's worth mentioning that you could use a telephone based accountancy service or one where you actually get your own accountant that you can meet up with. Now as SJD Accountancy doesn't provide a telephone only based service and does provide all clients with their own accountant that they can meet and have unlimited access to, you must expect us to recommend using an accountant rather than a call centre based service - well you'd be correct, this is exactly why we recommend this.
Now if you think about it, it would be far cheaper for us to just offer a telephone based service and far easier for us to manage, however we believe, like probably 99% of all accountants do, that this would reduce the service we provide and the value of the service received.
It is correct that most of the work you'll do with your accountant will be over the telephone and via email, however there are instances when just sitting down with your accountant over a cup of coffee will mean everything in the world to you. Tax is complicated and as such as it is comforting to know that you can discuss things in person, there may also be occasions when you want to discuss personal things you'd rather not discuss over email or the telephone.
Surely telephone only based accountants are 50% less than face to face accountants?
One final note, you'd think there would be a huge different in price between telephone only and face to face accountants due to the massive savings the telephone only based firm offers. However, this simply isn't the case, we charge just £110 plus vat for a fully inclusive service, telephone based companies charge very similar amounts, in fact, some even charge more.
Our advice is do your research and think about what's important to you.
At SJD we hate the thought of our clients being scared to contact us, and potentially lose out on valuable tax saving advice due to extra charges or that they'd love to meet up (without charge) to discuss something personal or complex, especially when they are first starting out. Not being able to see your accountant is a bit like not being able to see your doctor; sure you could describe your symptoms over the phone but isn’t it better to actually see your doctor?
We offer a simple low cost fixed monthly fee accountancy service, which has been specifically designed for contractors and freelancer's who operate through their own limited companies. At SJD we provide all our clients with proactive tax advice and accountancy services, all backed-up by a unique money-back service guarantee.
We are the UK's largest specialist accountants for contractors with over 10,000 contractor clients, all of whom work through their own limited company. The benefits of working with SJD include:
Free face-to-face meetings. Tax is complicated which is why we offer everyone free face to face meetings in any city of the UK. SJD is the ONLY national specialist firm with offices in all UK cities.
Unlimited access to your own dedicated accountant. No call centres, no outsourcing, no press one for this or two for that. Telephone, email or meet your own dedicated accountant face to face.
Money back service guarantee. All your telephone calls and emails will be answered the same day or we will refund your monthly fee.
Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.
All this for a fixed monthly fee of £110 plus VAT, which is one of the lowest prices in the market - and covers:
- Year end accounts
- Payroll bureau
- Dividend administration
- Dealing with Inland Revenue and Companies House
- Completion of VAT returns and Annual Return
- Personal Taxation
- IR35 compliance and solutions
- Free bookkeeping software
We think one of our clients summed it up best when we asked him how he would describe the benefits which SJD provides for his business:
“You pay a straightforward (and very good value) fixed monthly fee, for a comprehensive accounting service that’s designed specifically for contractors.”
And there you have it . . . need we say more??
Other pages you may find helpful are:
If you have any question about contracting or would like any further advice please call our New Client Services helpdesk on 0500 152500 / 01442 275789 or email rachel@sjdaccountancy.com.
SJD Accountancy
SJD Accountancy are the UK's largest specialist provider of fixed fee, limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 11,000 clients.
We are the only National specialist firm of accountants with offices in all major UK cities so you’ll never be far from your accountant. SJD also have more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATII, ATT, ACCA, CA, ACA, FCCA, ACMA. You’ll also be pleased to know that we are one of the lowest priced as well.
Free face-to-face meetings. This is another unique service, only SJD offers free face to face meetings - tax is complicated and sometimes only a meeting will do.
Unlimited access to your own dedicated accountant. No call centres, no outsourcing, no automated call handling. Simply telephone, e-mail or meet your own dedicated accountant face to face.
Money back service guarantee. All your telephone calls and e-mails will be answered the same day or we will refund your monthly fee's.
Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market.
All inclusive low cost monthly package which includes completion of accounts, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, unlimited access to your accountant and all company returns. All this for a fixed monthly fee of £110 plus VAT, which is one of the lowest prices in the market.
If you have any questions about contracting or would like any further advice please either contact your SJD Accountant or call our new client services helpdesk on 0500 152500 / 01442 275789 or email: nikki.hanlon@sjdaccountancy.com.
Appoint SJD Accountancy and never worry about your tax or accountancy affairs again!
You may also find the following pages, guides and case studies useful:
Take home pay calculator - How much could you be taking home
Contractor FAQ - All your frequently asked questions and their answers
First time Contracting or Freelancing? - A summary of the alternatives along with pros and cons
Choosing an accountant - For a full review
Step-by-step Guide to Contracting - Download a FREE copy of our guide
Limited or Umbrella? Can't decide? - We help you decide which is best for you
Guide to Contracting - All the best guides to contracting in one place
Expenses Guide - Know exactly what you can claim
Umbrella company guide - Everything you ever wanted to know about umbrella company services
IR35 Guide - A great plain English guide to IR35
