Advice needed: When to appoint an accountant

[andynags]

Hello all,

I am a newbie to contracting and have secured my first contract. I will now set up my own company either via SJD or NW and was wondering whether I need to appoint them as accountants at the same time? Just worried about cash flow I want to know if we need them at all in the first month on a contract on monthly terms. Any advice on a good time to appoint an accountant will be immensely helpful.

Regards,
Andy.

[malvolio]

Hello all,

I am a newbie to contracting and have secured my first contract. I will now set up my own company either via SJD or NW and was wondering whether I need to appoint them as accountants at the same time? Just worried about cash flow I want to know if we need them at all in the first month on a contract on monthly terms. Any advice on a good time to appoint an accountant will be immensely helpful.

Regards,
Andy.

I think SJD and NW would both describe themselves as accountants, so why not ask them? And if you have to ask that question, I suggest the answer is "Immediately".

HTH

[andynags]

I think SJD and NW would both describe themselves as accountants, so why not ask them? And if you have to ask that question, I suggest the answer is "Immediately".

HTH

"Immediately".
exactly the reason I need to know before I talk to them after 9AM If there is a valid reason I wouldn't mind.

[malvolio]

"Immediately".
exactly the reason I need to know before I talk to them after 9AM If there is a valid reason I wouldn't mind.

You have no idea how much you don't know about operating as a contractor and navigating the minefield of legislation that you are now subject to. They will stop you making expensive mistakes and take a lot of the grief out of your early days.

[kevpuk]

Probably the best thing to do is to speak to your shortlist and see what they can offer...

In may case, I signed up with InTouch and struck a deal that I would not be invoiced until I signed my first contract. This was a very generous offer, and essentially meant that my first 2 months - albeit with no trading - did not cost MyCo any monthly fees. InTouch set up MyCo for me and then patiently waited until I secured my first gig, and the rest - as they say - is history

Get your negotiating head on - the contracting world requires it!

[Martin at NixonWilliams]

It is usually better to appoint somebody sooner rather than later as you can benefit from important advice before you have even began working. For example, if your contract has already been agreed it might be too late to benefit from advice regarding IR35.

Although a deposit is likely to be taken to cover the start up work etc, most contractor accountants will not charge you until you actually begin working, with the desposit being offset with the monthly/annual fee.

I hope this helps.

Martin

[borderreiver]

"Immediately".
exactly the reason I need to know before I talk to them after 9AM If there is a valid reason I wouldn't mind.

As a Ltd Co. director, your accountant is the best friend you have and absolutely essential when starting out. You want to get one appointed right away.

[northernladuk]

Probably the best thing to do is to speak to your shortlist and see what they can offer...

In may case, I signed up with InTouch and struck a deal that I would not be invoiced until I signed my first contract. This was a very generous offer, and essentially meant that my first 2 months - albeit with no trading - did not cost MyCo any monthly fees. InTouch set up MyCo for me and then patiently waited until I secured my first gig, and the rest - as they say - is history

Get your negotiating head on - the contracting world requires it!

If you do the same as Kevpuk you can also be served coffee by Craig while you wait

[jamesbrown]

In terms of cashflow, you can make a loan to YourCo (i.e. credit the Directors' Loan Account).