Reply to: Does your industry matter when choosing an accountant?

[TheFaQQer]

Yes it depends. It is necessary to determine the industry experience of someone going to be an accountant prior to hire so that he can easily work out on your specific business needs.

I found your paper on "5 Reasons Why Accountants Should Use Cloud Computing" very interesting.

[Alan @ BroomeAffinity]

Yes it depends. It is necessary to determine the industry experience of someone going to be an accountant prior to hire so that he can easily work out on your specific business needs.

Not at all. If an accountant is contractor savvy it makes not difference whether the contractor is in IT, O&G, Pharma, etc etc. The knowledge and expertise required is the same. Its a big SEO con-trick.

[Monika Goel]

Yes it depends. It is necessary to determine the industry experience of someone going to be an accountant prior to hire so that he can easily work out on your specific business needs.

[ceebeepps]

My first accountant was... Shocking. I moved to SJD and never been happier with the service from my appointed accountant. I was a noob and needed / still appreciate the support pillar which I feel that I truly have there. I went from stress over tax, vat and business profitability to knowing exactly where I am all the time. It was the most sensible move I made.

[Wolfgirl]

That doesn't make sense - who was the quote from? IPSE or the accountant? Some accountants do offer a discount code for joining IPSE. The figures you're quoting look more like a monthly accountancy fee (although on the high side) than an annual. I'm suspecting a mis-communication somewhere!

Ahhh...monthly...that explains it - quote is from IPSE, I was trying to work it out. Jetlag clearly not helping here! Thanks! This must therefore be the monthly fee including the bolt on + membership. SueEllen - I wasn't sold on the package but had wanted to enquire what was involved. It doesn't include the accountants I'd really like to go with so will probably go with separate to keep that flexibility as you say.

[SueEllen]

I know you think packages are cheaper and easier but you should look at each product/service separately. Then buy them separately.

This is because if you don't like one you swap one but if you don't like all you are more tied in making swapping a pain.

Virtually every contractor I know has changed their accountant at least once.
So find the accountant you like, join them and then get the add-ons as you need.

Also if you are the type to sort out your household bills, banking, etc you don't need book keeping. Contractor book keeping even with multiple clients isn't hard.

[mudskipper]

That doesn't make sense - who was the quote from? IPSE or the accountant? Some accountants do offer a discount code for joining IPSE. The figures you're quoting look more like a monthly accountancy fee (although on the high side) than an annual. I'm suspecting a mis-communication somewhere!

[Wolfgirl]

IPSE

Thanks everyone! Been quiet as on holiday.

Apologies if I am going massively off topic here but I've been busy. So seems like:

-IPSE membership is good
-IPSE contract review is good

IPSE website says membership alone is £149+VAT standard, £239+VAT plus

Then I get this quote for membership with an accountancy bolt on, after enquiring via email. This is not with my short listed accountants btw but I am struggling to work out how membership plus accountancy is cheaper than membership alone...anyone shed any light?! Thanks!

Standard Membership

IPSE Standard Single Membership + Accountancy £136.10

IPSE Standard Single Membership + Accountancy & Book Keeping £174.50


Plus Membership

IPSE Plus Single Membership + Accountancy £145.10

IPSE Plus Single Membership + Accountancy & Book Keeping £183.50

[TheFaQQer]

£50k of cover (more than enough for anyone, I would have thought) is £360 pa. Plus, it's a valid business expense, of course!

Yes - I thought I'd paid more last year, but you're right.

[dty]

If you are really worried, then Qdos do an insurance product that will pay any penalties if you lose as well. Costs about £500 a year or so.

£50k of cover (more than enough for anyone, I would have thought) is £360 pa. Plus, it's a valid business expense, of course!

[TheFaQQer]

Thanks - I saw that; guessing these reviews are more comprehensive than those included with accountancy packages? I'll pay if it's worth it, just don't want to pay and find out it's the same as something I've already paid for!

The IPSE review is more than just IR35 - it will check for other bad contract terms as well.

Also, the reviewers that IPSE use are then also randomly checked to make sure that they are of a consistently high standard.

FTAOD - I've not used the service, though, so I'm not commenting on the actual quality. Even though I'm with InTouch, I've always used Qdos for my contract reviews.

[TheFaQQer]

I think it depends whether you really think you're inside or not (you said you suspected you would be). If it's a grey area (and it usually is) get a review from someone who will negotiate changes on your behalf, read all you can about IR35 and get your head into the idea that you're a business, and keep vigilant once on site so you don't end up being treated as an employee. Join IPSE+ for legal cover (and lots of other benefits) - MGM code IPSEMGM0005 for a £10 amazon voucher for both of us (before that tart FaQQer gets in first!). https://www.ipse.co.uk/member-benefits. £185 + VAT is nothing compared to the extra money if you are outside.

Also read the noob guides - lots available here, at IPSE and free on many of the accountants websites.

If you are really worried, then Qdos do an insurance product that will pay any penalties if you lose as well. Costs about £500 a year or so.

[SueEllen]

Thanks - I saw that; guessing these reviews are more comprehensive than those included with accountancy packages? I'll pay if it's worth it, just don't want to pay and find out it's the same as something I've already paid for!

They are more comprehensive.

If you look at some of the posters here they get themselves in a twist over one clause which is often nullified by other clauses in the contract. A comprehensive review should pick up all the similar clauses and warn you if there is a potential issue with them.

[Wolfgirl]

Just to be clear, IPSE's contract review service is available discounted to members, but isn't included in the cover (i.e. isn't free).

Thanks - I saw that; guessing these reviews are more comprehensive than those included with accountancy packages? I'll pay if it's worth it, just don't want to pay and find out it's the same as something I've already paid for!

[mudskipper]

Just to be clear, IPSE's contract review service is available discounted to members, but isn't included in the cover (i.e. isn't free).