Hi All!
So I just secured my first contract and have to go through the process of setting up a Ltd company, sorting out monthly accounting service, insurance and all that jazz.
I have done some research (I used the league tables from freelancesupermarket, though does anyone know how independent these actually are?) and read through the forums here and I think I feel more confused than before I set out....
To start I would be interested in knowing whether people have put stock in using professional IR35 review services? Some accountants seem to include it either through Qdos or Bauer & Cottrell but do people think that it's actually worth it?
(My contract is with a large bank so I would imagine that they are pretty savvy on the wording of the contract to make suer I fall outside of it...)
Also I have called up and done research on the following accountants and these are my thoughts...
After reading through the site I feel hyper aware that selecting the cheapest isn't necessarily the best option as they might not be up to speed tax wise...
K&B Accountancy - Low initial costs as they include professional IR35 reviews, insurances and Ltd Compant setup into the monthly accountancy costs. They also use FreeAgent (Which I assume to be an improvement over spreadsheets). Unsure how easy it is to speak to accountant or their experience with IT Contracting...Also don't seem to be liked too much in the forums here...
Crunch - Cheapest overall costs, very nice pretty looking book keeping software (Ohhh the shiny lights...). Unsure how easy it is to speak to accountant or their experience with IT Contracting...
planIT Services - Seemed to have the best knowledge of the lot, stepped me through exactly what options I would have with dividend payments even pointing out the ability to supplement my wifes income with div's up to 42k. This is possibly just common knowledge but the only company to go so in-depth with me on the phone. The are on the higher end of the costs scale when I factor in insurance costs on top. Also use FreeAgent
Nixon Williams - On the cheaper side of my options (but not the cheapest). From reading the forums here many people use NW and are quite happy with their service. Website seems pretty up to speed on all the tax law and what I would need to do. Seem to tick all the boxes but not sure if book keeping entails spreadsheets or specialist software.
SJD Accountancy - Reading the forums here it seems popular and with happy users. Higher on the overall costs scale and would have to use spreadsheets. Website seems up to speed on tax law and seem to tick all the boxes.
Any advice that people have would be greatly appreciated!
So I just secured my first contract and have to go through the process of setting up a Ltd company, sorting out monthly accounting service, insurance and all that jazz.
I have done some research (I used the league tables from freelancesupermarket, though does anyone know how independent these actually are?) and read through the forums here and I think I feel more confused than before I set out....
To start I would be interested in knowing whether people have put stock in using professional IR35 review services? Some accountants seem to include it either through Qdos or Bauer & Cottrell but do people think that it's actually worth it?
(My contract is with a large bank so I would imagine that they are pretty savvy on the wording of the contract to make suer I fall outside of it...)
Also I have called up and done research on the following accountants and these are my thoughts...
After reading through the site I feel hyper aware that selecting the cheapest isn't necessarily the best option as they might not be up to speed tax wise...
K&B Accountancy - Low initial costs as they include professional IR35 reviews, insurances and Ltd Compant setup into the monthly accountancy costs. They also use FreeAgent (Which I assume to be an improvement over spreadsheets). Unsure how easy it is to speak to accountant or their experience with IT Contracting...Also don't seem to be liked too much in the forums here...
Crunch - Cheapest overall costs, very nice pretty looking book keeping software (Ohhh the shiny lights...). Unsure how easy it is to speak to accountant or their experience with IT Contracting...
planIT Services - Seemed to have the best knowledge of the lot, stepped me through exactly what options I would have with dividend payments even pointing out the ability to supplement my wifes income with div's up to 42k. This is possibly just common knowledge but the only company to go so in-depth with me on the phone. The are on the higher end of the costs scale when I factor in insurance costs on top. Also use FreeAgent
Nixon Williams - On the cheaper side of my options (but not the cheapest). From reading the forums here many people use NW and are quite happy with their service. Website seems pretty up to speed on all the tax law and what I would need to do. Seem to tick all the boxes but not sure if book keeping entails spreadsheets or specialist software.
SJD Accountancy - Reading the forums here it seems popular and with happy users. Higher on the overall costs scale and would have to use spreadsheets. Website seems up to speed on tax law and seem to tick all the boxes.
Any advice that people have would be greatly appreciated!
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