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Engineering Contractors Told “ Hire an Accountant”

There has never been a better time to be an engineering contractor in the UK. Work is in abundance and the pay is more than generous.

What could possibly go wrong? Well, if you don’t stay on top of your books and keep those finances in order then don’t be surprised if the HMRC come knocking, and that is something you don’t want.

In my opinion, the best thing you can do right now is to hire an accountant and let them take care of that side of things. That leaves you to focus on what you do best…engineering of course.

It isn’t just my opinion either, as a recent study showed that many engineering contractors don’t have an accountant, and the experts behind the study went on to comment that this was a big mistake.

Do you know why? Because at the end of the day, you want to be spending most of your time on engineering contracts which make you the money, and not messing about in the evenings with learning about accountancy and doing your own books.

Yes, it might be quite simple at first, but once you start to become more successful as an engineering contractor then you will find you have less and less time, and any time you do get is best spent on relaxing and enjoying yourself.

Best of all, a professional accountant can advise you on the appropriate course of action when it comes to managing your contracting career. For example, when is the best time to form a limited company or what are legitimate expenses on your tax return? These are all questions an accountant can answer for you.

Also, you can get a lot of specialised advice when you hire an accountant who deals only with contractors…these are commonly known as contractor accountants, and they typically know the ins and outs very well indeed. It’s definitely worth paying that bit extra for expertise, because they will end up saving you money.

So where do you find a contractor accountant who is willing to take on engineering contractors as clients? Right here on this website is a good start, where you can find out information about trusted accountants and then maybe even contact a few of them to discuss more about your situation.

Take your time though and never feel rushed into making a decision, because although choosing the right contractor accountant is important and will save you money, hiring the wrong one is never a good idea, and could even cost you a lot of money. So make sure you do your research and only move forward when you are comfortable.

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