SJD: Yay or Nay?

[javadude]

Hi all,
Just come back from being abroad for a number of years, and was just offered a short term contract position (possibly going perm after 3/4 months, possibly not).

I guess this means that you will be inside IR35 (or at high risk of HMRC deciding you were if you take the perm job and are then investigated). Does being inside IR35 alter the decision on ltd vs umbrella I wonder?

[ContractorBanking]

From the accounts of the major contractor accountants I don't think that costs are a major concern. SJD's recent accounts show profits very close to 50% of turnover and these do not include the full effect of the recent price increase.

It has to be said that contractor accountants are very profitable!

Wow, 50% profit margin!

I seem to recall SJD use to charge £120pm + VAT, what's their new price?

[RL68]

Nay

Started my Ltd last March, went with SJD because their website lists contracting in Germany as one area of their expertise.
I told them when I initially spoke to them that I'd be working in Euros & Sterling, and was told that would be no problem.
In reality it has been frustrating from the very start working with them, and I'm just waiting for the year end and then will be moving on.
They supplied me with the standard (locked) sterling spreadsheet and no guide on how I should account for Euro transactions.
I had to search online for how to unlock their Excel sheet, then make all the modifications myself.
The first time I did this it screwed up a bunch of the hidden calculations in the sheet, so I had to do it again - took me about 20 hours of playing around with their Excel sheet to get it at least operational. The alternative was, as some of the other members have said, buy Freeagent on a monthly basis, increasing their already high fees even further.
The advisor I have is a trainee I suspect, as he never knows anything himself and always says he will ask someone else and get back to me.
I have no confidence in his advice at all, not helped by the fact that on his (publicly available) Facebook profile he lists his single interest as 'Getting Hammered'.

At £132 per month, I do not consider this value for money.

[LisaContractorUmbrella]

If you are considering going perm after a few months then, unless you're outside IR35, an accountant will probably work out more expensive in the long run as I believe you will have to pay to close your Ltd Co as well as to open it

[Waldorf]

Wow, 50% profit margin!

I seem to recall SJD use to charge £120pm + VAT, what's their new price?

Still £120+VAT but their latest accounts only covered half the period of the higher cost.

[dingdong]

I've used crunch for a few years and have been really happy with their service and their online portal and software - especially the way i can view all my up-to-date accounts at any time and download queries into excel.

Their charge is 64.50+VAT so I can't see any benefit in paying someone £200/month for an uncomplicated IT contracting company.

[DallasDad]

Hi all,
I guess i'm on deadline as I need to set the company up asap so I can get the contracts started, but would be good to know about alternatives.
Regards,

This:
You can get your Ltd setup all over the shop it does not follow that you have to use SJD if you engage them to set up your company.
Gorilla did mine for £50.

If time is an issue then you should do - incorporate LTD > in order to apply for company Bank account (that may take the longest) > then get Insurance, in parallel with researching and engaging an accountant.

Or
If time is an even bigger issue go Brolly and set up Ltd when you have more time to engage brain and ask the good folks here all sorts of silly newbie questions (that's what I did)

If you do go brolly check if agent will only work with a PSL if so check to see if someone in the thread above is on it as she will look after you.

[mudskipper]

Set up Ltd is normally a couple of hours and a few quid with CoHo.

I just happened to time mine (back in 2009) when they were doing a systems upgrade and it took over two weeks

[Alan @ BroomeAffinity]

This:
Gorilla did mine for £50.

Many don't charge for this at all...

But otherwise pretty good advice from DallasDad. Although I don't agree that the umbrella option is necessary if there's a lot of time pressure: a company can be incorporated in 4 hours and that's really all you need to get going. Then you can get insurance in place immediately. Everything else: bank account, VAT etc can be done at a later date.

[northernladuk]

Many don't charge for this at all...
.

Are you sure about that Alan. Isn't it a case that many will charge if it's in the first year? It's included from then on?