Some contractors will find very little difficulty in handling their finances and remain happy to take care of everything themselves. That’s fine. Others, however, rely on an accountant to take care of all the confusing stuff and keep their business profitable. Alongside the tax expertise offered by a qualified accountancy firm, a specialist will be aware of specific rules and regulations which affect the contracting industry, particularly IR35. This legislation on its own is a minefield, and if your contract work is caught, your take-home pay will be vastly diminished.
There are several other pieces of legislation which may affect you, including the MSC legislation, Agency Workers Regulations, and Section 660. Without a solid knowledge of these rules, as well as the ability to keep on top of your day-to-day accounting duties, you may well struggle to keep on top of your accounts.