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When to start using accountant

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    When to start using accountant

    Hi All,

    I've just been offered an outside IR35, but only starting in November. But in order to get the paperwork rolling the client is looking for limited company (currently inside IR35 using umbrella) details.

    I've spotted a couple of accountants that seem suitable but is it worth engaging one yet (e.g. if they handle company formation) for them to twiddle their thumbs for 2 months? Or do I just set the company up myself for now?

    And if doing it myself has anyone used Tide as a business account? Seems like they incorporate the company for free but not sure what the obligations would then be.

    Thanks!
    Tom

    #2
    You don't need an accountant to set the company up for you; you can do that yourself. In fact, it's arguably better to do it yourself, to avoid any issues with MSC. See:
    MSC Legislation: what is it and why are HMRC using it now to nail contractors? - Contractor UK Bulletin Board
    (Basically, if the accountant is running the company for you, and you just take the money, that looks bad.)

    Comment


      #3
      contractor gig starting in 2 months????

      I don't believe it. They would try an get a permie and only when that fails would they go for a contractor and it would 2-3 weeks out not 2 months...
      See You Next Tuesday

      Comment


        #4
        Whoever you choose, just make sure it's not SJD Accountancy or Caroola as they have now recently rebranded themselves.

        There are countless threads on here about how awful their services became after they got bought out by a private equity company and eventually formed part of a consolidation of several other accountancy and professional services firms.

        Comment


          #5
          Unless you feel confident and have experience doing company accounts I'd forget doing it yourself. Use one of the ones in the recommended thread and add Paper Rocket to that list. If you really want to do it yourself learn everything you can from them and go on your own later.

          You use an accountant for accounts. Don't use them for setting your company up, insurances, IR35, nothing. And when they are doing their accounts do let them run it all for you. You still need to know what you are doing and do much of it. You'll get caught up in the MSC problems as already mentioned if you don't run your own company properly.

          I'd ring around and find one you are comfortable with. They'll tell you what you need to do and you can discuss the Nov start with them. Some might sign you up but not charge till it starts.

          But personally I'd be waiting until a week or two before the start date. It's a very real possibility it will evaporate before it starts with that long of a wait.
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            #6
            Make sure they're a FreeAgent accountant. And learn to do your own payroll, VAT returns etc.... Do as much as you can yourself. And it's the best way to learn. I did DIY everything, I don't recommend it to the OP.
            Last edited by Fred Bloggs; 3 September 2023, 11:33.
            Public Service Posting by the BBC - Bloggs Bulls**t Corp.
            Officially CUK certified - Thick as f**k.

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