As a contractor/ self employed do I need an accountant?
It’s understandable why so many people choose self employment and contracting work, with the greater independence, higher earnings, and control over lifestyle it offers. It is clear to see why so many choose this route. With the added freedom that self employment provides, it also comes with wearing all the hats- which I am sure if you’re self employed and reading this, you know exactly what we’re talking about! From the work itself, down to managing your accounts and taxation, it can often be a juggling act, especially when it comes to staying on top of and understanding the ever changing taxation landscape. This can often be the downside to self-employment as it eats away at your time, that could otherwise be out there making income doing what you do best.
This is where many self-employed workers engage with the assistance of an accountant, to not only minimise their time spent on administration, but also reap the financial benefits of working with an expert in the field of accounting and taxation.
So what are the benefits of working with an accountant?
Compliancy
Compliance can be a difficult one when it comes to doing your tax returns, because it often means you have to constantly take the time to read and understand how the constantly changing legislations affect your return. Which can make it easy to accidentally slip up and make mistakes when it comes to filing your return.
At Cornish Accounting we keep up to date daily with any taxation changes that occur, ensuring your tax return is compliant and in before critical deadlines.
Less time on taxation admin, and more time making money
By now you’ve probably guessed that staying on top of your accounting requires much of your time and an extensive knowledge of accounting and laws- and the constant reforms that come with that. This can all take a large portion out of your day, which can feel counterproductive when you could be spending your precious time working in your business and bringing in income.
This is where an accountant can take all this load off your plate. Guiding you and managing your taxation and what documents needed, and importantly notifying you of key dates and upcoming deadlines, to ensure you avoid any fines or penalties. Your accountant will also communicate and deal with IRD for you for any necessary queries taking another stress off your responsibilities.
Maximise your tax return
Using an accountant means maxmising your tax return claims. With a knowledgeable accountant on your team you’ll be surprised to find out that you can claim back on a lot more expenses than you might otherwise realise. An accountant will highlight any missing claims you might have otherwise missed, anything from working at home expenses to vehicle use.
In some cases we’ve had clients that have received tax returns of more than thousands, if that had otherwise done it alone. All because we know all the items you can claim on, that can often be missed if you are not knowledgeable in that area.
Where Cornish Accounting comes in-
At Cornish Accounting we’ve developed a style that works well for all types of accounting needs.
Clients become friends and friends become clients. We believe that personal relationship is the key as each client is different and requires the flexibility to ensure compliance on one hand and individualised service on the other. Clients must feel comfortable working with us and not afraid to ask questions that they feel they should know the answer to. Sometimes it is just a matter of reassurance that they are on the right track. We never charge for a 5 minute phone call that may save a client thousands of dollars. We of course ensure that compliance is maintained. Clients should feel that they’re working with us, not just paying us to work for them.
We identify the key issues for every client we work with. We too are a SME (small to medium enterprise) and understand the time-constraints and needs of SME business owners. Our approach is to liberate you from the paperwork so you can get back to the real reason you started contract and self employment work.
We would love to meet you and support you through all your accounting and taxation needs. There is no charge or obligation for the first visit.