Starting Contracting - Advice Needed

[chris79]

How much should the end of year accounts cost (approx.)?

Been quoted 700-1000.......this sounds like extortion to me.
(although so does the rate i charge - if a plumber told me figures like that i'd have a heart attack - especially now they've all gone a bit quiet)

I've been quoted £350-400 for CT600 corporation tax returns, but this is a friend of the family sort of thing (who is an accountant by trade). No idea what a commercial accountant would charge you unfortunately... I was told that 350-400 was a *good* price.

[chris79]

Same goes for accountants. I guess I will just take some initial consultancy and use either Sage or MS Accounting Express ( Free ) to maintain my cash flow and expenses. Will get an accountant to do my year end submission. What about Corporation Tax, VAT, NI etc. Any software good in tracking these payments and remind me on deadlines?

Corporation tax is your CT600, pay an accountant to do this. VAT/NI/PAYE etc is done in Sage, deadlines you just set in your outlook calendar to remind you, for instance PAYE/NI is normally quarterly, so 4 times a year and you can pay it online using a debit card.

[conned tractor]

... I was told that 350-400 was a *good* price.

Sounds much better than 700....just trying to get a feel in case they are taking the michael.

Cheers

[Old Greg]

I suppose you could go without an accountant, but you need to read up very well, as you don't just get your books done but also valuable advice. You wouldn't want to miss out on VAT FRS which is worth about 3 or 4% on top of your income.

I use SJD - they're not the cheapest but they have been very good. Nixon Williams and Upton also seem to be highly regarded here. Think carefully before going without an accountant - I would have been significantly worse off and more stressed in the 1st year without one. It's great to have someone at the end of the phone to answer questions like 'Can I do this?' or 'How do I do this?' Having said all this, I would read as much as you can anyway as it pays to understand your own affairs as well as relying on professional advice. There are good guides on the SJD website and on contractoruk.

Best of luck.

[Gonzo]

Thanks for the valueable advice. I guess it might be easier to buy an off shelf company and get the name changed, but I am a bit concerned if an off shelf company may have traded in the past and may have debts in it's name. Best would be to register a new company I guess.

Whether you use a formation agent to create a new company, or buy one that they made earlier, they will still probably register their own nominees as officers of the company who then resign immediately and appoint who you tell them into those positions.

I am sure that among the documentation that I received from the formation agent was a certificate stating that the company had not traded. I would look out the paperwork to check, but I have had a heavy dinner and I can't be bothered, sorry.

[Sausage Surprise]

From what I have researched, the fixed monthly cost is between 80 - 150 based on which accountant you choose. Unable to get a decent cost estimate for just the end of year filing.

Nixon Williams is £60 + VAT (£70.50) per month.

[Shakti]

Thanks for all the advice. I guess I will go with an accountant at least for my first year and then see if I really want one. Will talk to a few accountants and see if they offer what I am looking for.