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Starling Bank questions

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    #11
    Originally posted by jamesbrown View Post
    It isn't that hard to DIY with FreeAgent. However, it would be pretty bold to do this without seeing a couple of cycles of all the relevant returns and, even then, you need to keep up-to-date with the legislation. An accountant seems like a very small outlay to reduce risk, but I can understand why some do it a few years in, assuming they enjoy that sort of admin. Doing this as a n00bie contractor is a bad idea imho.
    IMHO it's a no brainer. My accountant cost the equivalent of one day's gross income every six months. Given I'd need a bit more than 4 days a year to DIY it all, if you include year end and silly questions, using the accountant was cheaper.

    Two caveats - I was an accountant in a previous life and yes, Freeagent is the bees knees for our kind of business.
    Blog? What blog...?

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      #12
      Thanks for everyone's replies!

      I am indeed new to the contracting world hence the newbie questions ?

      I certainly feel safer with the accountant looking after me, I have connected my Starling Business Account to Free Agent which was wrapped up into the accountant's services.

      What I was really interested in Starling was the new Toolkit and not the bank account itself here as it seems the feature that really stood out for me was the automated MTD VAT submission.

      My setup isn't too complicated (he says belligerently) I work from home 100%, I contract for 1 main company and do other odd jobs, all consultancy type work and I'm the only employee.

      It's looking like taking the advice of many of you is I should probably stick with the accountant for now as I'm new to it before making the leap.

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        #13
        Originally posted by Pampa View Post
        My setup isn't too complicated (he says belligerently) I work from home 100%, I contract for 1 main company and do other odd jobs, all consultancy type work and I'm the only employee.
        You aren't an employee for a start. It's that kind of misunderstanding and lack of knowlede that means you need an accountant. This isn't an area where cutting costs works. You are paying someone to potentially save or make you money as well as keep on the right side of the law as you have a legal obligation regarding your finances as a director.

        I think you've got the message now but again, very bad idea to go it alone so soon.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

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          #14
          I'm pretty sure that Freeagent also does MTD VAT, that's almost a standard offering on all accounting packages now.

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            #15
            Originally posted by ladymuck View Post
            I'm pretty sure that Freeagent also does MTD VAT, that's almost a standard offering on all accounting packages now.
            Yup, all filed through FA.

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              #16
              Originally posted by ladymuck View Post
              I'm pretty sure that Freeagent also does MTD VAT, that's almost a standard offering on all accounting packages now.
              Mine does and fills in all the numbers - although I have to do the actual submission manually.
              Blog? What blog...?

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