Workwell vs High St Accountant – How Do You Explain The Difference to Contractors?

3 July 2024

Leigh Stutman - Sales Director

Leigh Stutman

Sales Director

As an agency recruiting limited company contractors for temporary roles, you may need to explain to your hires why it’s better to use a specialist contractor accountancy like Workwell, rather than a high street accountant.

On the face of it, contracting through a limited company is little different to running any other type of business. However, there are a number of differences which affect temporary workers, like IR35.

To avoid unnecessary risk and to proceed with the most certainty, it pays for contractors to work with contracting industry specialists. Let us explain why.

Personalised support

One of the main reasons people choose to work with a high street accountant is because they presume they will get a better service, with more face-to-face contact and faster response to queries, just because they’re local. However, the way we have designed our service means contractors get specialist accountancy support alongside the benefit of unlimited contact with their own named, dedicated accountant. We believe this results in a faster, more responsive service. And because we’re specialists, queries get resolved more quickly too.

Cost-effective

A high street accountant is likely to charge for the time they spend managing accounts and there will be additional fees for add-on services like software. With Workwell, everything’s included in one simple monthly fee, including the award-winning FreeAgent bookkeeping software, so your contractors can see exactly what they are paying for.

Regulatory understanding

A high street accountant is unlikely to have the same level of in-depth knowledge and experience of the regulatory issues affecting contractors. IR35, MOO (Mutuality of Obligation), SDC (Supervision, Direction and Control) all have a bearing on the correct working arrangement and tax status of a contractor.

Non-compliance in these areas, however accidental, could mean redress by HMRC. This is bad news for the contractor but also for your agency and end clients who can be in the firing line, should HMRC find the correct taxes have not been paid.

Workwell Accountancy has supported contractors for over 30 years. We offer IR35 Complete to agencies and end-hirers to ensure the correct assessment of roles. Individual assessments are then undertaken to ensure workers are properly classified and operate through limited companies only when it is right to do so. We understand the nuances of the assessment process for each party in the labour supply chain, so can work alongside all concerned to remove risk and ensure compliance. If the worker is unable to operate through their own limited company, we can offer alternative options, such as employment with our FCSA-accredited Umbrella company.

Proactive advice & support

As specialists in the contracting sector, every member of our accountancy team keeps up-to-date with changes and proposed changes to rules that affect the accounts or operating practices of contractors.

This means we can be proactive in highlighting anything that may affect workers, helping them to forward plan for changes in compliance, tax rates, for example, or business expenses.

High street accountants, on the other hand, will serve several sectors so won’t necessarily have the time to dedicate to keeping abreast of the latest developments relating to accountancy support for temporary workers specifically.

Additional services

Another difference is that we seek to provide a holistic suite of support and services for contractors. This means we can direct contractors to other trusted partners for services such as personal finance, banking, insurance, accounting software and legal support. All of these partners specialise in supporting contractors and have been carefully selected because of their expertise and service levels.

Find out more

Our team of dedicated Account Directors is here to answer all your queries about temporary worker pay and accountancy. Set up a Teams meeting or arrange for them to visit your office to deliver high-quality presentations to your teams on any aspect of contractor pay and compliance.

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