Accountants for contractors have seen their workload increase rather than decline because of the recession. For many in the profession this came as a bit of a surprise, all be it a welcome one.
Why Demand for Accountants for Contractors Has Grown
Exactly why this has happened is not 100% clear. However, there are several potential reasons for this.
It is a well-known fact that when things get tough firms are more innovative and flexible in the approach they take to business. They know that to survive or flourish during a downturn it is important to be flexible. This flexibility allows them to respond to new opportunities and gain contracts they would otherwise lose to their direct competition. In addition, they need to be as lean as possible to squeeze every drop of profit out of the product they sell or the service they offer.
One way of achieving both objectives is to employ a flexible workforce. A pool of labour that can be turned on and off as it is needed, employing contractors is a great way of doing this. When you have a big job, you simply employ your team of contractors sna freelancers for that job and leave your regular workforce working on your core jobs.
As a result demand for contractors has gone up rather than down across the globe. In addition, more people are seriously considering working as a contractor rather than carry out an, often fruitless, search for permanent work. This has also been a factor in the increase in demand for contractor accountants.
Why People Need Accountants for Contractors
However, there is a barrier to people working as contactors and that is the current tax regime for contractors in the UK. It is quite complex and it is very easy to fall foul of the taxman if you do not know what you are doing.
Those accountants for contractors with experience are the ones that are gaining the lion’s share of this new market. People are seeing the wisdom of employing firms who really know what they are doing and are happy to pay well for those services.
To find out more about accountants for contractors visit the Freelancers and Contractors website. We offer advice and services which are suitable for anyone who is working as a contractor.
