Worst Umbrella Company - Prosperity4

[rootsnall]

So 6 hours each year to do all company admin including accounts, companies house returns and tax returns?

The accountant does all that for £55 a month. I just invoice once a month which is a 5 minutes of a job. And every 3 months ( ie. for VAT return ) I sit down and do my expenses, photocopy a few bits and bobs, sign a few cheques and send it to my accountant, it might take an hour !? He sends me the various returns to sign when needed with 'sign here' type instructions. I've used him a long time and he hasn't cocked up anything up yet but I have a quick check that the accounts and important things look right. I do my own self assessment and use that as a bit of check that my Ltd figures ( eg. divis, tax paid ) stack up.

[partimer]

accounts

I think you're losing sight of the important things here when you're discussing "it takes me 5 minutes" or whatever time is involved.

Your accounts are as complex as your business. You can have loads of multiple simultaneous IR35/non IR35 contracts. You may not be zero rated VAT and claim back stuff (VAT on your petrol), etc. etc.

It's not a contest between who has the easiest accounts. Whether you use a Brolly or Ltd, you *must* have a bare minimum of being able to calculate what your figures are. Otherwise how do you know you're not being stitched up by your Brolly/Accountant.

Ask the celeb Sting, etc.
It's your money. Make sure you know where it's going regardless whether you use a Bolly or Ltd.

[malvolio]

Whether you use a Brolly or Ltd, you *must* have a bare minimum of being able to calculate what your figures are.

Why? Do you have an SLA to measure how good your electricity supply is? A manometer on your mains gas supply?

I know what I've invoiced, I know my rolling VAT liability to within a few hundred quid, I can guess my overall tax liability per annum as being around 75% of gross pre-VAT income. That takes a minute or two...

There's no point in paying professionals and then doing the work yourself, is there?

[rootsnall]

I agree you need to have an undertanding of what numbers are being produced. I think the average contractors Ltd accounts are pretty simple ( but maybe not if you mix IR35 and non IR35, never done that ! ) and its easy enough to wrap your head around around the rough figures. The changes in dividend tax have had me baffled once or twice but its not that hard, its now easier than it used to be.