• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Keeping up with tax / regulatory / accounting changes

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Keeping up with tax / regulatory / accounting changes

    For those of you who do not use an accountant, how do you keep up with the various changes in tax / dividends, other expense changes, etc? Tolleys? Accountingweb?

    #2
    Why wouldn't you use an accountant? For the amount you pay them, it can easily be recouped back by benefitting from their knowledge.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

    Comment


      #3
      Originally posted by LondonManc View Post
      Why wouldn't you use an accountant? For the amount you pay them, it can easily be recouped back by benefitting from their knowledge.
      I suppose for some, spending 0.8% of their annual turnover on an accountant is just too much to bear.
      Taking a break from contracting

      Comment


        #4
        Originally posted by chopper View Post
        I suppose for some, spending 0.8% of their annual turnover on an accountant is just too much to bear.
        May as well join a scheme then. Just make sure it's QC approved and you'll be able to take home up to 109.32% of your revenue.
        The greatest trick the devil ever pulled was convincing the world that he didn't exist

        Comment


          #5
          Originally posted by LondonManc View Post
          Why wouldn't you use an accountant? For the amount you pay them, it can easily be recouped back by benefitting from their knowledge.
          I have an accountant but there are some here who choose not to, you'll have to ask them their reasons.

          I was more interested in how they keep up with the communication of change from year to year, and where their main sources of information on tax and process changes. It seems to me that there are a lot of regulatory changes each year, so I was curious (without berating them for not getting an accountant) as to how they keep up with the changes.

          Comment


            #6
            The few I know on here without them ask on here. 13000 accountants for free..
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #7
              Originally posted by northernladuk View Post
              The few I know on here without them ask on here. 13000 accountants for free..
              It's not a bad place to start to be fair. If the info isn't there there's more often then not enough people willing to sign post to it.

              Comment


                #8
                Originally posted by Alan @ BroomeAffinity View Post
                It's not a bad place to start to be fair. If the info isn't there there's more often then not enough people willing to sign post to it.
                It sort of assumes, though, that they would have an idea of what to ask for, which implies that they have had some form of communication that might trigger that they need to find out more.

                Comment


                  #9
                  Originally posted by meridian View Post
                  It sort of assumes, though, that they would have an idea of what to ask for, which implies that they have had some form of communication that might trigger that they need to find out more.
                  I think majority of this would come from hearing other contractors speaking about said changes. Whether on this forum or at the place of contract.

                  Comment


                    #10
                    Originally posted by Michael at BI Accountancy View Post
                    I think majority of this would come from hearing other contractors speaking about said changes. Whether on this forum or at the place of contract.
                    Actually, I suspect the majority live in blissful ignorance of the rules, probably not filing correctly, probably not paying the correct tax (I imagine many not paying any tax at all, keeping their head in the sand).

                    It is reasonable to assume the majority of limited company contractors in the PS are unaware of what is coming their way in a couple of months.

                    And when the taxman cometh, or when their April fees are massively lower than March, they will google frantically, come here, and ask for free advice with a situation far more complex than can be answered on a public internet forum.

                    And then, as sure as apples are apples, they wont like the answer and we'll all be called unprofessional for telling it like it is.

                    THAT is the approach that most limited company contractors without (and some with) accountants take. ;-)
                    Taking a break from contracting

                    Comment

                    Working...
                    X