IT Contracting - need an accountant/company

[jimothy]

Got my first contracting offer yesterday, so now it's time to get an accountant, get a company set up etc.

Can anyone recommend anybody? Anyone here an accountant who deals with IT contractors?

Cheers!

[gh0st]

I can recommend mine who do my Ltd company accounts - they are excellent and genuine people.

they are based in Reading - HollowayCook Accounts - Speak to David Coook or Brent Holloway on 01189 391333.

Say that Chris from NewRedComputers Ltd recommended them

Edited to say - wait until after 9am though

>> Edited by gh0st on Thursday 11th August 08:04

[workshy fop]

Get a company from this lot

www.uk-plc.net/companyformation/

I've got a couple from them, same day service all online, you want option no.2 £34.99

[Plotloss]

Phone any local accountant and say you need to create a 'Personal Service Company'

Should be able to get one off the shelf with all the correct filings for about £100 including some advice etc.

It really is a 10 minute job.

[t1grm]

I can recommend J A Tuffin & Co in Brighton as accountants and Singer and Friedlander Isle of Man as a bank. Getting a good bank is as important as a getting a good accountant. Tuffin can do the company set up for you. It's also worth joining the Professional Contractors group PCG as you get tax investigation insurance and discounted public indemnity insurance (as well as access to help and support).

www.jat.co.uk/

www.singerfriedlander.com/

www.pcg.org.uk

[s2ooz]

the cheapest isnt the best, but also the most expensive is a rip off.

around £600-£1000 a year is all you need to pay, but don't let them take the piss.
They should do you expenses, tax returns, invoices and self assesments and VAT for that.

I had an accountant who just posted me the tax forms and expected me to fill them in!!!

Also make sure he feeds you the tax costs, rather than just ask for a huge check at the end of the year which you were not expecting.

[Hughesie2]

www.charterhouseplc.com/limited-companies/index.html

Free to set up and the National Sales Managers a PH'er !!

[JonRB]

Cater Allen Private Bank (formerly Flemings) are a good no-frills business banking service with no bank charges whatsoever for up to a certain number of transactions a month (I forget what it is, but I'm always well below it)

As for an accountant, you should look for one that
a) Is well versed in PSC matters, especially IR35
b) will provide the following services:
- preparation of annual accounts
- preparation of the company’s corporation tax computations and CT600 return
- calculation and administration of PAYE/NI scheme
- calculation and administration of quarterly VAT returns
- preparation of director’s personal income tax returns
- preparation of spouse’s tax return where he/she has no other significant income and draws a salary or dividend from your company
- dealing with all routine tax queries including random audits/inspections
- preparation of annual return to Companies House and related Companies House administration
- registered office service
- liaison with your pension/investment advisors
- ad-hoc advice as necessary
- IR35 contract reviews
c) Has realistic charges. Mine charges £750 pa plus VAT for all of the above.


>> Edited by JonRB on Thursday 11th August 11:38

[viper_larry]

Worth considering your VAT position. If like me you are just supply a service and no goods, you'll benefit from the VAT flat rate scheme, which for IT Contractors is 13%. Therfore, you charge your employer 17.5% VAT on ALL your invoices, but only pay C&E 13% - adds a nice little bit each month.

Downside is you can't claim VAT back on any purchases, but unless you plan on buying goods with VAT value over £200 a month, you'll still be better off and its far easier to administer.

More details here:

www.ir35calc.co.uk/flat_rate_vat_contractors.aspx

[dern]

Quite happy with my accountant and can happily recommend them... Warr & Co. I use flemmings bank and has been said a flat vat scheme is worth it unless you buy lots of stuff.

Mark

[iaint]

viper_larry said:

Worth considering your VAT position. If like me you are just supply a service and no goods, you'll benefit from the VAT flat rate scheme, which for IT Contractors is 13%. Therfore, you charge your employer 17.5% VAT on ALL your invoices, but only pay C&E 13% - adds a nice little bit each month. Downside is you can't claim VAT back on any purchases, but unless you plan on buying goods with VAT value over £200 a month, you'll still be better off and its far easier to administer. More details here: www.ir35calc.co.uk/flat_rate_vat_contractors.aspx

that's a nice scheme - pity I can't use it as there's a threshold ammount for annual billing. Guy I'm contracting with uses the scheme but was using the wrong percentage for some reason and owed HMRC a fat dollop of hard-earned. His accountant didn't spot this!!

Most of the things you accountant will do for you you can easily manage yourself and get the accountant to give it a once-over... depends on how tight you rae really!

[Mark.S]

JonRB said:

c) Has realistic charges. Mine charges £750 pa plus VAT for all of the above.

Am looking to switch accountants at the moment so would appreciate a nod in their direction.

Current one is charging too much, makes too many mistakes and is not pro-active enough for my liking.