More and more people are becoming self-employed during such difficult economic times. Monies are tight but by going solo you can enjoy tax efficiency, flexibility and greater earnings. If you are considering becoming a freelancer, or you have recently taken the plunge, it is vital that you do everything by the book and manage your finances properly.

Taxes can be daunting, especially if you have little experience, but it is crucial that you look after your affairs and paperwork accordingly to avoid any fines or penalties from HM Revenue & Customs.

It is for this reason why hiring an expert contractor accountant is so important. They have years of experience and they have amassed vast skills to maintain the books on your behalf. Here are the three main reasons why you should employ accountancy services.

• Resources

Contractor accountants have the resources to look after your paperwork. They have the professional software you need to keep everything in order and they have the time capacity to fulfil all the tasks to the best ability. Their sole job is to take care of your taxes, which can be extremely time-consuming, and your time is better spent liaising with your clients, and undergoing the actual work.

• Intricacy

Taxes can be complex, especially if you aren’t too fond of numbers. If maths isn’t your strongest skill, it will pay to hire an expert who is good at the job so nothing gets missed. All the various forms that need to be filled in and the deadlines set can be overwhelming. What is more, there are regulations which you need to adhere to.

• Know-how

Simply put, a contractor accountant will have the knowledge and know-how you need. They specialise in the work so they know what needs to be done and by when. They are independent, impartial experts to offer help and advice regarding your finances.

If you are self-employed, it is imperative that you look after your tax affairs properly. By hiring a contractor accountant, you can sit back with peace of mind that all the hard work is done for you so you can just get on with running a business.

This article was written by www.nixonwilliams.com; one of the leading contractor accountancy firms in the UK.