New contractor looking for advice - Parasol or SCPay?

[jh0711]

ok thanks for all the feedback - looks like we are now having a proper discussion

lets talk insurances then

no employers liabiltiy/public liabilty or profesional indemnity - I am pretty sure you may need one or more of there to operate legally? what happen if someone decides to sue you company for negligence - ho hum saved £4k in tax paid £1million in costs......... cost of the whole lot £500 -£600 per year maybe? (anyone any ideas?)

how about end of year tax returns - are these done for free by your accountant or do they cost - how much time is involved?

are company bank accounts really free? i was reading another thread about natwest and that seemed to imply there were some charges involved?

how about accountancy costs I was reading another thread where by someone was saying they did the account for about £50 - £60 per month - but if you have a query they charge you £25 per call (+VAT)

no cost for calling your brolly (because you are an employee)

which is really why i said do not use ltd for first year or so - you are bound to have questions and queries about the whole contracting shebang - is it not nice to know you can pick up the phone get some answers and not have to pay through the nose for it?

also remember not everyone gets a big kick out of being able to say - I am a Director of my own company - when realistically you have set up a ltd company to do a bit of contracting........

[rootsnall]

no employers liabiltiy/public liabilty or profesional indemnity - I am pretty sure you may need one or more of there to operate legally? what happen if someone decides to sue you company for negligence - ho hum saved £4k in tax paid £1million in costs......... cost of the whole lot £500 -£600 per year maybe? (anyone any ideas?)........

The majority don't bother using the theory that if you aren't insured you aren't worth pursuing. Can't remember which on it is but one is a possible liability against you personally ( not the Ltd ) but I have never heard of anyone being caught out. One of the safer bits of insurance dodging I think.

how about end of year tax returns - are these done for free by your accountant or do they cost - how much time is involved?........

Done as part of the monthly fee. They do it and send it to you to check and sign, there shouldn't be that much on there to check to be honest as there isn't much scope for any creative accounting. You could spend an hour checking it if you want to be thorough.

are company bank accounts really free? i was reading another thread about natwest and that seemed to imply there were some charges involved?

Mine is free and pays 2-3% interest depending how much you have in there

how about accountancy costs I was reading another thread where by someone was saying they did the account for about £50 - £60 per month - but if you have a query they charge you £25 per call (+VAT)

Mine just went up to I think £65 (?) a month and I've never been charged any extras and make failrly regular calls.

If you earn a reasonable rate, and have fairly normal expenses, and sign up for the flat rate VAT scheme then your annual accountancy costs are effectively zero compared to a brolly. I think the flat rate VAT savings were worth quite a bit over a grand for me last year, total fees were a grand or so.

[Xtrain]

ok thanks for all the feedback - looks like we are now having a proper discussion

lets talk insurances then

no employers liabiltiy/public liabilty or profesional indemnity - I am pretty sure you may need one or more of there to operate legally? what happen if someone decides to sue you company for negligence - ho hum saved £4k in tax paid £1million in costs......... cost of the whole lot £500 -£600 per year maybe? (anyone any ideas?)

how about end of year tax returns - are these done for free by your accountant or do they cost - how much time is involved?

are company bank accounts really free? i was reading another thread about natwest and that seemed to imply there were some charges involved?

how about accountancy costs I was reading another thread where by someone was saying they did the account for about £50 - £60 per month - but if you have a query they charge you £25 per call (+VAT)

no cost for calling your brolly (because you are an employee)

which is really why i said do not use ltd for first year or so - you are bound to have questions and queries about the whole contracting shebang - is it not nice to know you can pick up the phone get some answers and not have to pay through the nose for it?

also remember not everyone gets a big kick out of being able to say - I am a Director of my own company - when realistically you have set up a ltd company to do a bit of contracting........

I really do think you are talking absolute pap!

In all my years of contracting no client or agency has ever asked for proof of insurances of any nature! Nor have I ever heard of anyone being sued inidvidually or their company. If they sue me...great..there is no money in my business, and there is no point sueing anyone or thing if it hasn't got any money. So insurances for me...nothing

I do my tax return online...cost nothing. If you do it before September the IR calc your tax for you. Btw most brollys DONT include a tax return service. Neither OrangeGenie or Parasol did when I used them.

Lloyds TSB...free business banking for first 2 years.

Accountant £1K per annum incl as many question as yer like.

Travel to work expenses - included

Dividends - included (I am outside of IR35)

So which brolly do you use which is so fantastic offering insurances, expenses, as many questions as you like, free tax return service etc?

[Ardesco]

Does sound like a brolly pimp...

ok thanks for all the feedback - looks like we are now having a proper discussion

lets talk insurances then

no employers liabiltiy/public liabilty or profesional indemnity - I am pretty sure you may need one or more of there to operate legally? what happen if someone decides to sue you company for negligence - ho hum saved £4k in tax paid £1million in costs......... cost of the whole lot £500 -£600 per year maybe? (anyone any ideas?)

If you bother with them about half that price, go with PCG and you can get them for under £200 (PCG Membership £220 + vat and you can easily get a 15% discount for your first year with a bit of google fu)

how about end of year tax returns - are these done for free by your accountant or do they cost - how much time is involved?

Done by my accountant and is included in the annual sum I pay him. Any decent accountant will do this.

are company bank accounts really free? i was reading another thread about natwest and that seemed to imply there were some charges involved?

Natwest are tulipe, have a look at the Cater Allen account CUK can set up for you (click money in right hand panel and look for it)

how about accountancy costs I was reading another thread where by someone was saying they did the account for about £50 - £60 per month - but if you have a query they charge you £25 per call (+VAT)

Rubbish, if this is the case they had a ddgy accountant and are being ripped off

no cost for calling your brolly (because you are an employee)

Phone call to my accountant is no more expensive than a phone call to a brolly, cheaper if the brolly are using an 0870 number...

which is really why i said do not use ltd for first year or so - you are bound to have questions and queries about the whole contracting shebang - is it not nice to know you can pick up the phone get some answers and not have to pay through the nose for it?

The problem is a lot of brollies give out incorrect information because thier staff aren't properly trained. i would rather talk to my accountant and be secure in the knowledge that the information is correct rather than spend half my life arguing with a brolly about how I do really need receipts and I can't claim the full dispensation they have every day no matter what they say....

also remember not everyone gets a big kick out of being able to say - I am a Director of my own company - when realistically you have set up a ltd company to do a bit of contracting........

your point is....

[Xtrain]

Does sound like a brolly pimp...

and they obviously avoided the question of which brolly they use!