Are LTD companies always the most income friendly way to go?

[ratewhore]

Check that the accountant knows about contractors

My small piece of advice would be to learn it yourself. 'Contractor specialist 'accountants are over-rated...

...IMHO of course...

[sktaxadvice]

My small piece of advice would be to learn it yourself. 'Contractor specialist 'accountants are over-rated...

...IMHO of course...

Any reasnoable accountant should be able to establish whether or not an IR35 arrangement is in place. But be warned HMRC are planning to close the net even tighter as IR35 didn't generate anywhere near the Revenue it was supposed to for the exchequer

[Wanderer]

My small piece of advice would be to learn it yourself. 'Contractor specialist 'accountants are over-rated...

...IMHO of course...

I'm starting to think that too....

[SueEllen]

Any reasnoable accountant should be able to establish whether or not an IR35 arrangement is in place. But be warned HMRC are planning to close the net even tighter as IR35 didn't generate anywhere near the Revenue it was supposed to for the exchequer

It's not IR35 which is the problem it's the other advise that is given that causes people grief.

If the accountant is use to dealing with one or two employee limited companies who tend work on one or two projects at a time and in different locations for several months/years then they can advise accordingly. It's when they are use to dealing only with those who work solely out of their own commercial premises that issues arise such as company set up and claimable expenses.

[Contractor UK]

Cater Allen banking

As SueEllen said have a look around the site, First Timers, IR35 etc and also this bank account is one possibility to look at.

[Gonzo]

It's not IR35 which is the problem it's the other advise that is given that causes people grief.

If the accountant is use to dealing with one or two employee limited companies who tend work on one or two projects at a time and in different locations for several months/years then they can advise accordingly. It's when they are use to dealing only with those who work solely out of their own commercial premises that issues arise such as company set up and claimable expenses.

Exactly.

I once worked on a project with a contractor whose accountant was a friend of the family used to looking after shops.

The contractor had asked his accountant about claiming travel expenses (and bear in mind this included flights and hotels) but his accountant had told him that he didn't think he could claim.

To be fair, the contractor should have known better himself and if he had made sure he was aware of what is in the free guides available then he would have done.

[SallyPlanIT]

I've always been under the impression that even if IR35 caught, you'll still be better off with a Ltd.

Also, Sally's post said he HAD to.

For which I apologise. I meant that it would be wise to determine the IR35 status, as Ltd co inside IR35 returns more than using an Umbrella, but consideration needs to be made as to whether the small amount of money is worth the hassle.

[d000hg]

My small piece of advice would be to learn it yourself. 'Contractor specialist 'accountants are over-rated...

...IMHO of course...

I disagree with the first point, and partially agree on the second. I don't believe there's much that is special about a contractor Ltd, rather you are simpler than a 'proper' company. I'm happy with my account because they seem to know what they're doing, not because they are specialists in dealing with contractors (which they are).