I am soon to start working as an IT contractor as one of the requirements was either to work under an unberalla company or set up a ltd company of my own. I have therefore registered my own comany & now a little confused. Is it really necassary for me to have an accountant? also, i have heard about people contracting, setting up a limited company & becoming an employee of the company, and being paid a a minimal wage (just above the personal allowance) and then paying dividends. How does this work? What steps should i do now, that i have the company, contract? i am confused about tax, paye, corporation tax, help.
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Yoyu don't have to have an accountant, a few people on here do their own accounts, but you really need to know what you're doing. You could end up paying alot more tax by making school boy errors, so if I were you I'd get a specialist contractor accountant who knows about IR35 et al eg SJD, darren Upton (?) or the one through 4c0ntractors. I know a good one too if you want to PM me.Originally posted by creativepresenceThe court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.” -
If you need to ask this question then the answer must be yes.Originally posted by creativepresence
How can it be possible for you to know enough to do you own acconts, and yet not know if you need an accountant to help you do it.
timComment
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Is that the application form for entrance to level 42?Originally posted by zeitghostThe court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”Comment
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Accountant
Hello, did someone mention my name!!Originally posted by Bagpuss
Quite correct, if you are using the ltd route and are a first timer would be advisable to use an accountant.
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Hitchikers guide
Zeit, you been watching Hitchikers Guide this afternoon?
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HMRC workshops!!
I can sympathise with you but from the sound of it you really do need an accountant - at least for the first year! However, the basic answer to your question is that you dont legally need to have one (excluding audits) but if initially helps.
I am doing my own books and but letting my accountant do all the registrations (IR, CT, PAYE, etc)
What I recommend is: -
1) Enrol on the various HMRC workshops to become more up to date. These are listed on their website: wwww.hmrc.gov.uk
2) Talk to people at business link and check out their website too
3) Talk to your accountant once you have one
4) Do your books yourself or get a book keeper (cheaper than an accountant)Comment
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