Originally posted by dmo
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To use an accountant or do it myself?
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Originally posted by LisaContractorUmbrella View PostYou seem to be under the misapprehension that an accountancy firm can just provide you with a booklet that will tell you everything you ever needed to know about running a Limited Company - unfortunately it doesn't work like that. If you take a look on the HMR&C website, the potential regulations that could apply to you and your Ltd run into hundreds and hundreds of pages and, unfortunately, tax law is anything but straightforward - there are always ifs, buts and maybes. Give your accountant as much information as you can about your circumstances and, if they are a good accountant,they will tell you what's best for you but they can't do that without information.______________________
Don't get mad...get even...Comment
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Originally posted by kaiser78 View PostAgree - was reading over the weekend that the HMRC tax handbook is 3500 pages long !Blog? What blog...?Comment
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Originally posted by malvolio View PostIn my early life as an accoutant, Tolley's was a single volume - a big one, admittedly. Now it needs a couple of bookshelves.
It's having someone on your side when something goes wrong too. Knowing what rights you have, what rights HMRC have, and advising along the way.Comment
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I think I may have mentioned this before so apologies if I am repeating myself.
If I really put my mind to it, I could probably figure out how to service my car, put in a new kitchen, bathroom etc but I neither have the time or the inclination, so I employ a professional to do these tasks for me.
Most of our clients are highly intelligent and I am sure that most could, get their heads around the various tax and accounting rules, most however choose not to for the same reason I gave above.
You need to choose an accountant that you can trust and let them get on with their job, enabling you to use your time in a more constructive way.
It is your choice at the end of the day, I know what I choose, my free time is too limited to waste it doing something I would rather not.
AlanComment
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Originally posted by Nixon Williams View PostIf I really put my mind to it, I could probably figure out how to service my car, put in a new kitchen, bathroom etc but I neither have the time or the inclination, so I employ a professional to do these tasks for me.
P.s I can give you a good price on the kitchen and bathroom if you want Alan.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by Nixon Williams View PostIf I really put my mind to it, I could probably figure out how to service my car, put in a new kitchen, bathroom etc but I neither have the time or the inclination, so I employ a professional to do these tasks for me.
I can see why some people consider doing it themselves but the bottom line for the vast majority of people is if you have to ask if you need an accountant then the answer is YES, you do need one.Free advice and opinions - refunds are available if you are not 100% satisfied.Comment
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£100 even with VAT is too much for accounting fees... i'd agree with you
Somebody might ask what my "questions" would be to an accountant so i'll outline the kind of stuff i'm worrying about.
1. I don't know how to structure it so that I pay the least tax possible, I think if I pay myself minimum wage and the rest in dividends it would work out fine, but i've heard that paying more in salary can reduce tax due to CT relief?
Let your accountant handle the work, not because you cannot do it, simply because you can do better things in the time saved on these things, in addition there will be never surety in your mind whether you have conducted a proper due diligence on the matter as there are and will be numerous taxation and accounting updates throughout the year!!
2. I've paid thousands in server hosting fees over the last year and a half while the company has been dormant, and I bought a server, all out of my own money. Can I claim all these costs back now? Even though the company was inactive and I assume the payments would be in a previous year?
There are several clauses for claiming preincorporation expenses, preliminary expenses etc, couple of due diligence has to be undertaken before deciding!!
3. I have also bought equipment that I only use for work (such as a macbook pro), can I simply sell this to the company in order to get money out of it tax free in the beginning?
Again, you need an accountants advice on this, no kidding!!
I am not telling all this because i work as an accountant or for an accounting company , on the contrary, i'd be more than glad to give free advices on tax and accountancy, however mentioned questions can be tricky, hence!!
https://www.linkedin.com/profile/vie...83&trk=tab_proComment
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Originally posted by Sally@InTouch View PostHowever, if you're keen to go alone, then FreeAgent is a great piece of software, BUT only if your contract falls outside of IR35 as it cannot handle deemed payments.
Projects -> ProjectName -> Edit Details -> More Options -> Is 'Employment' under IR35?Contracting: more of the money, less of the sh1tComment
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