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Accountants for IT contractors

Discussion in 'Employment & Jobs' started by michael78, Jan 12, 2010.

  1. michael78

    michael78 Terabyte Poster

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    Guys as some of you know I'm leaving work through redundancy and have secured a contract and due to the salary a ltd company is the way to go for tax purposes. For hiring an accountant is it best to get one that does the books each month or just wait until the end of the tax year and get an accountant to sort it out then in one go only taking a manageable salary from the business. The difference is £1200 monthly or £300 for someone to do it at the end of the year.

    Any advice if your in a similar situation or have do this in the past. Is it advisable to do monthly or yearly to save money. Totally stumped on this so any advice is much appreciated :biggrin
     
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  2. Dubfire

    Dubfire Byte Poster

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    I've gone through a company called Churchill knight . They set up the Limited company and charge a fee each month for the accountancy side of things . The fee is similar to what you have been quoted. Easy process of sending time sheets in , they pay into your business account, then you transfer into your personal account.

    Not had any problems with them.
     
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  3. derkit

    derkit Gigabyte Poster

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    Sorry to hear of your bad news sly, but at least you got some work and soon money coming in.

    The best place to go for this sort of advice is Contractor UK and they have plenty of advice on what to do and who to go with.

    A couple of guys I've worked with as contractors have done different routes. One did £400-500 year-end and he did his accounts the rest of the time (AFAIK it went OK but he kept it simple ie, didn't bother claiming all and sundry) and another spent £115 per month and he claimed for coffees, lunch, train, kitchen sink (well nearly)!

    Looking at the accounts, the £115 per month one claimed about £500 in expenses comapred to £220 per day x 23 days = £5060 per month - so about 10%. In the end this works out at a £100 tax saving (hence in your pocket) - hmmmm, spend £115 to get £100 back (plus countless hours filling in the spreadsheet and keeping receipts).

    My thoughts, unless your earning lots per day (ie, more than he was) and are knocking up the expenses like no-ones I would do the simpler option. But, the guys in the link above know an endless more than I do!
     
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  4. wagnerk
    Highly Decorated Member Award

    wagnerk aka kitkatninja Moderator

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    I don't know to be honest, however according to this article on the BCS site, it highlights the 'Quality Accountant' scheme from the PCG (they have informal links with the BCS). Maybe they can help you...

    -Ken
     
    Certifications: CITP, PGCert, BSc, HNC, LCGI, PTLLS, MCT, MCITP, MCTS, MCSE, MCSA:M, MCSA, MCDST, MCP, MTA, MCAS, MOS (Master), A+, N+, S+, ACA, VCA, etc... & 2nd Degree Black Belt
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  5. UKDarkstar
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    UKDarkstar Terabyte Poster

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  6. michael78

    michael78 Terabyte Poster

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    cheers guys going to look into all your suggestions. I'm a bit clueless when it comes to finances :oops:
     
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  7. UKDarkstar
    Honorary Member

    UKDarkstar Terabyte Poster

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    errr, I'm currently teaching Accounting & Finance :biggrin:p
     
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  8. dazza786

    dazza786 Megabyte Poster

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    I'm doing self assessment.. or at least I'm gonna give it a bash :p
    Just going over the past 6 months now and getting everything documented&filed and then hopefully have soemthing ready (and viable) by april.
     
    Certifications: MCP (271, 272, 270, 290, 291, 621, 681, 685), MCDST, MCTS, MCITP, MCSA, Security+, CCA(XA6.5)
  9. michael78

    michael78 Terabyte Poster

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    Do you use any software?
     
    Certifications: A+ | Network+ | Security+ | MCP | MCDST | MCTS: Hyper-V | MCTS: AD | MCTS: Exchange 2007 | MCTS: Windows 7 | MCSA: 2003 | ITIL Foundation v3 | CCA: Xenapp 5.0 | MCITP: Enterprise Desktop Administrator on Windows 7 | MCITP: Enterprise Desktop Support Technician on Windows 7
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  10. Boycie
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    Boycie Senior Beer Tester

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    I was at a self employed training day at the revenue and they advised to keep stuff simple for self assessment - limited completely different! I also think the expensed field is now one entry (ie a total) rather than lots of separate ones for different outgoings.

    The contractor forum is great, as is UK Business forum.
     
    Certifications: MCSA 2003, MCDST, A+, N+, CTT+, MCT

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