Contracting Couples - How Should We Set Up A Limited Company?

[ChapSmurf]

I don't know if you would expect to pay double on all fees. Your accountant may offer you some sort of deal or at the very least it is worth asking when you talk to different accountants.

My other half is asking this very question from the accountant we have used in the past. Maybe we can get some kind of discount.

He seems expensive (at £1200.00 p.a. (per company)) but he knows his stuff and was recommended to me by a friend of 20 years, who has been contracting for the past 15 years or so.

[northernladuk]

That's not expensive. That's pretty standard. Seems pretty cheap to have an accountant on tap whenever you need him for the whole year. How much would you give a client for 1200 quid? Cheap accountants cost you money, good accountants save you much more.

Don't forget it's really 20% off that ultimately.

[Alan @ BroomeAffinity]

£1,200 pa is not expensive. If he (or she) is good, pay it. If you think £1,200 is expensive for a good accountant, try paying £400 for a bad one.

[ChapSmurf]

That's not expensive. That's pretty standard. Seems pretty cheap to have an accountant on tap whenever you need him for the whole year. How much would you give a client for 1200 quid? Cheap accountants cost you money, good accountants save you much more.

Don't forget it's really 20% off that ultimately.

To be honest, I wasn't sure if it was expensive or not. It just seemed it (to a fellow Northerner). But I guess you are right, in that a good accountant saves you money and the last time I used him he did just that.

Thanks for your advise today. Its very much appreciated.

[northernladuk]

You meant advice didn't you

[ChapSmurf]

You meant advice didn't you

Doh!

[tractor]

...

I can't see anyone mentioning PI and liability yet. Make sure your PI insurance covers your expected turnover and that your insurer understands the risk if you go for a single co. Agents are becoming aware of the shared pot and are whining about it. You need to ensure you are covered to the appropriate amount.

As others mentioned though, you cannot over emphasise the potential for difficulty following an acrimonious split. No one wants it but you both need to be prepared.