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Best way to work

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    Best way to work

    Can anyone recommend the best way to work if you have a perm position but do say 30-40 hours freelance on the side each month. Would it be best to go limited or work in another way.

    #2
    Depends how much you get paid.

    At 400 ish hours a year the accounting fees may not make the savings you'd get from a Ltd worth it. Expecially when your lower tax band is eaten up by your permie job.

    Go umbrella or self employed.

    Comment


      #3
      Originally posted by Sockpuppet
      Depends how much you get paid.

      At 400 ish hours a year the accounting fees may not make the savings you'd get from a Ltd worth it. Expecially when your lower tax band is eaten up by your permie job.

      Go umbrella or self employed.
      I don't know what he does, but I assume 400 hours will pull in between 10K and 20K.

      Isn't his lower tax band used up whichever route he goes?

      Also, accounting fees shouldn't be very much - I pay about 550. I've never used an umbrella, but is that really more than an umbrella will cream off from the 10K or 20K he earns? I'd like to know.

      The other thing is that many client's insist on some kind of limited liability, which would rule out self-employed, although I don't know if that's true in his case.

      Comment


        #4
        Originally posted by wendigo100
        Also, accounting fees shouldn't be very much - I pay about 550.
        If possible could you pm me your accountant's number
        My accountant is charging £1200/year

        Comment


          #5
          I think a lot depends on how much you do.

          I dont pay that much to the accountant becuase they do very little (the odd bit of advice etc.) but all the paperwork is handled by me. All entered into sage accounts, all invoices and reciepts in date order so its easy for him to check etc.

          He also doesnt do payroll or other stuff that I don't need.

          Comment


            #6
            Originally posted by Sockpuppet
            I think a lot depends on how much you do.

            I dont pay that much to the accountant becuase they do very little (the odd bit of advice etc.) but all the paperwork is handled by me. All entered into sage accounts, all invoices and reciepts in date order so its easy for him to check etc.

            He also doesnt do payroll or other stuff that I don't need.
            SockPuppet - re accountant - did you follow up the recommendation I gave you?

            Comment


              #7
              Originally posted by andy
              If possible could you pm me your accountant's number
              My accountant is charging £1200/year
              Erk, mine's 840. Who's your accountant Wendigo?

              Comment


                #8
                Originally posted by Kyajae
                SockPuppet - re accountant - did you follow up the recommendation I gave you?
                Nah. I'm going to split at YE as I'd end up paying more as both accountatns wanted fees for months already gone by.

                Comment


                  #9
                  Originally posted by Sockpuppet
                  Nah. I'm going to split at YE as I'd end up paying more as both accountatns wanted fees for months already gone by.
                  Disregard my recommendation. If you want more info, PM me.

                  Comment


                    #10
                    Originally posted by Sockpuppet
                    I think a lot depends on how much you do.

                    I dont pay that much to the accountant becuase they do very little (the odd bit of advice etc.) but all the paperwork is handled by me. All entered into sage accounts, all invoices and reciepts in date order so its easy for him to check etc.

                    He also doesnt do payroll or other stuff that I don't need.
                    I do all my own bookkeeping as well, so all my accountant does is the annual accounts, plus a few odd bits like re-registering at Companies House. There must be a bit of correspondence with HMRC in there too.

                    Comment

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