Starting Contracting - Advice Needed

**TykeMerc** · 6 August 2008, 08:48

1. Not difficult to do it yourself, just check Companies House, there's a simple procedure. Debatable how much value the formation agents add, they can be faster as they have loads of off the shelf companies which they name change and of course they make less mistakes because they're experienced. Mostly it's convenience.

2. The PCG has a list of contractor savvy accountants and there are a few that lurk on here for that matter. Picking an accountant is a matter of taste, but there are a few IT contractor specific accountancy concerns that mean using one who understands IT contracting can save hassle in the long run.

Best of luck with your new venture and welcome to the mercenary ranks.

**Silas** · 6 August 2008, 12:43

Originally posted by TykeMerc View Post

2. The PCG has a list of contractor savvy accountants and there are a few that lurk on here for that matter. Picking an accountant is a matter of taste, but there are a few IT contractor specific accountancy concerns that mean using one who understands IT contracting can save hassle in the long run.

Excellent advice. I would avoid accountants who lurk on this forum who are not PCG-approved, because they can cause you a great deal of hassle. Here’s the link for the PCG Approved Accountants list:

http://www.pcg.org.uk/cms/index.php?...chqa&task=list

**chris79** · 6 August 2008, 15:10

Originally posted by Shakti View Post

Hello,

I am planning to start contracting on my own. Have chosen the Limited Company route. Have a few questions :

1. Is it easy to form the company on my own, or should I use one of the formation agents. What value addition do I get from formation agents over doing it myself apart from the effort involved in doing your paperwork.

2. Can anyone recommend me a good accountant? I don't mind doing bookkeeping on my own, and having it checked by my accountant and get him to do the year end filing. I really don't mind putting in effort and doing stuff myself if I can do it.

As I said, the motto is to put in LOTS of effort. Do things on my own, if possible and save money.

Thanks in advance for your time and advice.

Regards,
Shakti

1. Yes all done same day, very easy.. just search google for company formation, then do a bit research.

2. Sage instant accounts and Sage instant payroll is all you need, takes a bit of time and effort to set it all up, etc.. but once done its 10 mins a week to maintain. Just get an accountant to do your CT600 end of year returns.

**Shakti** · 6 August 2008, 21:31

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.

Which company formation agents did you use ( if any )? I already did google search and board trolling to read a lot of material. Now need direct recommendations with whom I can call and talk and choose the right way forward.

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?

**kanulondon** · 7 August 2008, 07:56

Where can you learn about SAGE?

Shakti - I had a friend of that name that went to school in Hendon! Good luck with your venture

**Sausage Surprise** · 7 August 2008, 09:51

Nixon Williams do all of the initial legwork for you. Company formation, Business back account etc and all included in their monthly fee.

**conned tractor** · 7 August 2008, 11:49

Originally posted by chris79 View Post

Just get an accountant to do your CT600 end of year returns.

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)

**aceboy** · 7 August 2008, 14:11

I use Stilwell Gray They are £80 per month. They do everything, for me...

**Shakti** · 7 August 2008, 15:32

End of year accounts

Will have a look at Nixon Williams & Stilwell Gray. Does anyone just hire an end of year accountant? How much does that cost? I am confident that I can do the bookkeeping myself. So is there a cost different is going with just end of year, or going for the whole year at a fixed monthly cost?

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.

Starting Contracting - Advice Needed