Accountant recommendation for Contracting
Discussion
With any luck, I'll be venturing into the world of IT contracting shortly. I'll be needing accountancy services and I'd like some recommendations for contractor-savy accountants.
A well known large company is 'SJD Accountancy' but are they any good? they seem quite expensive at £110 p/month but is that actually reasonable?
Thanks for your advice
A well known large company is 'SJD Accountancy' but are they any good? they seem quite expensive at £110 p/month but is that actually reasonable?
Thanks for your advice
About to set up another LTD - so in a similar position. I am going for a local accountant instead of a big shop as I want someone close and trusted to deal with HRMC etc. but interested to hear other opinions. Basically someone who will chase me up on tax returns and make sure they get completed, instead of me chasing them!
fido said:
About to set up another LTD - so in a similar position. I am going for a local accountant instead of a big shop as I want someone close and trusted to deal with HRMC etc. but interested to hear other opinions. Basically someone who will chase me up on tax returns and make sure they get completed, instead of me chasing them!
That's a good point really, big company vs small company. I'd happily pay a bit extra for an easier lifeWhy do you need to pay an accountant every month ?
Take a look at http://www.freeagent.com/ you can submit VAT returns straight through the app and they have just released a new interface for Tax Returns (no submission yet - but should be available for next years Tax return),
Also do invoicing, expenses, time tracking etc...
Great support if you need it and there are many accountants that know the app if you need advice from them http://www.freeagent.com/partners
There are other options too:
http://www.kashflow.com/
http://www.clearbooks.co.uk/
http://www.xero.com/
so take your pick.
Full Disclosure: I work for FreeAgent looking after their servers but try all the above and see what you like.
Take a look at http://www.freeagent.com/ you can submit VAT returns straight through the app and they have just released a new interface for Tax Returns (no submission yet - but should be available for next years Tax return),
Also do invoicing, expenses, time tracking etc...
Great support if you need it and there are many accountants that know the app if you need advice from them http://www.freeagent.com/partners
There are other options too:
http://www.kashflow.com/
http://www.clearbooks.co.uk/
http://www.xero.com/
so take your pick.
Full Disclosure: I work for FreeAgent looking after their servers but try all the above and see what you like.
There is a list of professional contractor group accredited accountants here which could be a good starting place if looking for an accountant that is specifically au fait with contractor / freelancer taxation:
http://www.pcg.org.uk/supplier
But as stated above, there is merit to using a good local Accountancy firm to you, preferably one via a recomendation that is regulated by one of the main accountany bodies. My firm for example looks after a number of contractors and we are knowledgeable on IR35, VAT flat rate scheme and other issues that are often relevant to contractors but by no means is our practice marketed as a contractor 'specialist', they are one type of client we look after amongst a whole range of diferent trades, professions and business types. In my opinion, provided that you find the right one, you may get a more personalised service by dealing with a partner of a local firm rather than going to one of the contractor only accountants who have systemetised everything and you need to us their system to maintain records, submit data and perhaps would be dealt with by a lower level staff member.
Having said that, I was reading an article the other day on the guy that set up SJD and he definitely has broken the mould as to how accountancy / taxation services can delivered in such volume (without the need for traditional reliance on the partner of a firm being the main contact, having an annual meeting with client, etc) and his own success speaks for itself. If you have never been in business before, then a packaged service such as that offered by SJD would seem appealling.
http://www.pcg.org.uk/supplier
But as stated above, there is merit to using a good local Accountancy firm to you, preferably one via a recomendation that is regulated by one of the main accountany bodies. My firm for example looks after a number of contractors and we are knowledgeable on IR35, VAT flat rate scheme and other issues that are often relevant to contractors but by no means is our practice marketed as a contractor 'specialist', they are one type of client we look after amongst a whole range of diferent trades, professions and business types. In my opinion, provided that you find the right one, you may get a more personalised service by dealing with a partner of a local firm rather than going to one of the contractor only accountants who have systemetised everything and you need to us their system to maintain records, submit data and perhaps would be dealt with by a lower level staff member.
Having said that, I was reading an article the other day on the guy that set up SJD and he definitely has broken the mould as to how accountancy / taxation services can delivered in such volume (without the need for traditional reliance on the partner of a firm being the main contact, having an annual meeting with client, etc) and his own success speaks for itself. If you have never been in business before, then a packaged service such as that offered by SJD would seem appealling.
DanX5 said:
There is a list of professional contractor group accredited accountants here which could be a good starting place if looking for an accountant that is specifically au fait with contractor / freelancer taxation:
http://www.pcg.org.uk/supplier
But as stated above, there is merit to using a good local Accountancy firm to you, preferably one via a recomendation that is regulated by one of the main accountany bodies. My firm for example looks after a number of contractors and we are knowledgeable on IR35, VAT flat rate scheme and other issues that are often relevant to contractors but by no means is our practice marketed as a contractor 'specialist', they are one type of client we look after amongst a whole range of diferent trades, professions and business types. In my opinion, provided that you find the right one, you may get a more personalised service by dealing with a partner of a local firm rather than going to one of the contractor only accountants who have systemetised everything and you need to us their system to maintain records, submit data and perhaps would be dealt with by a lower level staff member.
Having said that, I was reading an article the other day on the guy that set up SJD and he definitely has broken the mould as to how accountancy / taxation services can delivered in such volume (without the need for traditional reliance on the partner of a firm being the main contact, having an annual meeting with client, etc) and his own success speaks for itself. If you have never been in business before, then a packaged service such as that offered by SJD would seem appealling.
Being a "traditional" accountant, I agree with everything you say. Most accountancy firms will handle contractors as part of their overall portfolio of clients and will be generally up to speed on the (few) specialist requirements of contractors.http://www.pcg.org.uk/supplier
But as stated above, there is merit to using a good local Accountancy firm to you, preferably one via a recomendation that is regulated by one of the main accountany bodies. My firm for example looks after a number of contractors and we are knowledgeable on IR35, VAT flat rate scheme and other issues that are often relevant to contractors but by no means is our practice marketed as a contractor 'specialist', they are one type of client we look after amongst a whole range of diferent trades, professions and business types. In my opinion, provided that you find the right one, you may get a more personalised service by dealing with a partner of a local firm rather than going to one of the contractor only accountants who have systemetised everything and you need to us their system to maintain records, submit data and perhaps would be dealt with by a lower level staff member.
Having said that, I was reading an article the other day on the guy that set up SJD and he definitely has broken the mould as to how accountancy / taxation services can delivered in such volume (without the need for traditional reliance on the partner of a firm being the main contact, having an annual meeting with client, etc) and his own success speaks for itself. If you have never been in business before, then a packaged service such as that offered by SJD would seem appealling.
The thing with contractors is that their accounting requirments are fairly similar and their transaction levels low. This has lent itself to 'specialist' firms being able to streamline and to an extent deskill the service to provide services in volume. This business model does not really work if you have a mixed bag of clients in different sectors, all with their unique issues which needs partner level input. Some of these specialist firms give a good packaged service but equally there are some major horror stories. The smaller 'local' firm like ours will give a more personalised service but you need to be confident that they have a handle on issues like IR35, VAT Flat Rate, expenses rules and so on. Most firms these days will have a good number of contractor clients so this should not normally be an issue. Personal recommendation is a good place to start.
I contracted in IT for many years but couldn't be arsed with setting up my own company / accountants etc.
Parasol IT is an umbrella company that does all the invoicing / tax etc for you. They were very good value and reliable when I used them a few years ago. Don't know what they're like now.
Parasol IT is an umbrella company that does all the invoicing / tax etc for you. They were very good value and reliable when I used them a few years ago. Don't know what they're like now.
Kenzle said:
I contracted in IT for many years but couldn't be arsed with setting up my own company / accountants etc.
Parasol IT is an umbrella company that does all the invoicing / tax etc for you. They were very good value and reliable when I used them a few years ago. Don't know what they're like now.
Many of these umbrella companies are now no longer tax friendly following new laws a couple of years back.Parasol IT is an umbrella company that does all the invoicing / tax etc for you. They were very good value and reliable when I used them a few years ago. Don't know what they're like now.
David
sumo69 said:
Kenzle said:
I contracted in IT for many years but couldn't be arsed with setting up my own company / accountants etc.
Parasol IT is an umbrella company that does all the invoicing / tax etc for you. They were very good value and reliable when I used them a few years ago. Don't know what they're like now.
Many of these umbrella companies are now no longer tax friendly following new laws a couple of years back.Parasol IT is an umbrella company that does all the invoicing / tax etc for you. They were very good value and reliable when I used them a few years ago. Don't know what they're like now.
David
DanX5 said:
There is a list of professional contractor group accredited accountants here which could be a good starting place if looking for an accountant that is specifically au fait with contractor / freelancer taxation:
http://www.pcg.org.uk/supplier
Darren Upton was also on their list http://www.pcg.org.uk/supplier
I shouldn't laugh, he's still costing me money, the thieving t
t.I use Crunch and pay £72 a month.
They have online accounting software which requires you to keep it up to date with any business activities. The downside to this is if you have a lot of expenses then you are constantly logging on to input the information.
The upside if you keep the software up to date is at any time you can see the companies profit and liabilities.
It will also work out how much dividend/salary you can take and submit VAT returns for you, plus lots of other stuff.
They have online accounting software which requires you to keep it up to date with any business activities. The downside to this is if you have a lot of expenses then you are constantly logging on to input the information.
The upside if you keep the software up to date is at any time you can see the companies profit and liabilities.
It will also work out how much dividend/salary you can take and submit VAT returns for you, plus lots of other stuff.
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