Contractors seeking an accountancy services provider and “who do not want to be part of a production line” have an increased choice of contractor accountant, following the launch of Privilege Accounts. That’s according to founders Barry Roback and Victor Stanton, both previously with contractor accountant JSA.
According to Roback, who was a founding partner of JSA, then one of the UK’s first dedicated contractor accountants, Privilege Accounts has been launched in anticipation of an upsurge in contractor limited company incorporations following the introduction of the Agency Workers Regulations in October 2011.
The founders say the new business “will focus on providing high quality, individualised tax and accountancy services aimed at the mid to high end of the [contractor] limited company market.”
Explaining why they are aiming their service at this group, Roback and Stanton say that, as contractors’ earnings increase, so do the opportunities for tax planning. And this requires a level of tax and accountancy expertise many contractors on mid-range fees simply do not require, or aren’t willing to pay for.
“We are offering an old-fashioned personal service, but with a modern twist,” explains Roback. “When we are approached by potential clients we give them a comprehensive fee quotation based on the level of support they require.”
In line with service innovations pioneered by online contractor accountants such as Crunch, InniAccounts and ClearSky, Privilege will provide its contractor accountants with 24/7 access via a cloud-based online system.
The firm also operates a ‘brown envelope’ service, accepting contractors’ records in virtually any form, and then manually inputting receipts, client invoices, banks statements and so on. Once that information has been inputted, it becomes available for the contractor to view via Privilege’s online client portal.
Stanton explains that Privilege Accounts will provide a service tailored to each contractor client’s needs: “We are not a formulaic accounting service provider or simple bookkeeper, but instead we offer a highly professional business, accountancy and tax advisory service.”
Roback and Stanton intend that Privilege Accounts will only act for contractors genuinely in business on their own account, although the firm’s services will also include general guidance on IR35.