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Previously on "Starling Bank questions"

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  • malvolio
    replied
    Originally posted by ladymuck View Post
    I'm pretty sure that Freeagent also does MTD VAT, that's almost a standard offering on all accounting packages now.
    Mine does and fills in all the numbers - although I have to do the actual submission manually.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by ladymuck View Post
    I'm pretty sure that Freeagent also does MTD VAT, that's almost a standard offering on all accounting packages now.
    Yup, all filed through FA.

    Leave a comment:


  • ladymuck
    replied
    I'm pretty sure that Freeagent also does MTD VAT, that's almost a standard offering on all accounting packages now.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by Pampa View Post
    My setup isn't too complicated (he says belligerently) I work from home 100%, I contract for 1 main company and do other odd jobs, all consultancy type work and I'm the only employee.
    You aren't an employee for a start. It's that kind of misunderstanding and lack of knowlede that means you need an accountant. This isn't an area where cutting costs works. You are paying someone to potentially save or make you money as well as keep on the right side of the law as you have a legal obligation regarding your finances as a director.

    I think you've got the message now but again, very bad idea to go it alone so soon.

    Leave a comment:


  • Pampa
    replied
    Thanks for everyone's replies!

    I am indeed new to the contracting world hence the newbie questions ?

    I certainly feel safer with the accountant looking after me, I have connected my Starling Business Account to Free Agent which was wrapped up into the accountant's services.

    What I was really interested in Starling was the new Toolkit and not the bank account itself here as it seems the feature that really stood out for me was the automated MTD VAT submission.

    My setup isn't too complicated (he says belligerently) I work from home 100%, I contract for 1 main company and do other odd jobs, all consultancy type work and I'm the only employee.

    It's looking like taking the advice of many of you is I should probably stick with the accountant for now as I'm new to it before making the leap.

    Leave a comment:


  • malvolio
    replied
    Originally posted by jamesbrown View Post
    It isn't that hard to DIY with FreeAgent. However, it would be pretty bold to do this without seeing a couple of cycles of all the relevant returns and, even then, you need to keep up-to-date with the legislation. An accountant seems like a very small outlay to reduce risk, but I can understand why some do it a few years in, assuming they enjoy that sort of admin. Doing this as a n00bie contractor is a bad idea imho.
    IMHO it's a no brainer. My accountant cost the equivalent of one day's gross income every six months. Given I'd need a bit more than 4 days a year to DIY it all, if you include year end and silly questions, using the accountant was cheaper.

    Two caveats - I was an accountant in a previous life and yes, Freeagent is the bees knees for our kind of business.

    Leave a comment:


  • jamesbrown
    replied
    It isn't that hard to DIY with FreeAgent. However, it would be pretty bold to do this without seeing a couple of cycles of all the relevant returns and, even then, you need to keep up-to-date with the legislation. An accountant seems like a very small outlay to reduce risk, but I can understand why some do it a few years in, assuming they enjoy that sort of admin. Doing this as a n00bie contractor is a bad idea imho.

    Leave a comment:


  • Fred Bloggs
    replied
    Originally posted by SuperLooper View Post
    Included in my accountant's monthly fee.
    Ah, I see. I am thinking of those who DIY, admittedly that's minority here. Thanks.

    Leave a comment:


  • SuperLooper
    replied
    Originally posted by Fred Bloggs View Post
    But then you'd be paying a monthly subscription for FreeAgent? When it's available for free with another on line challenger bank account?
    Included in my accountant's monthly fee.

    Leave a comment:


  • Fred Bloggs
    replied
    Originally posted by SuperLooper View Post
    FreeAgent + the free Starling account is a perfect combination IMO.
    If you ever open a second account with another bank (e.g. for savings or foreign currencies, or because you hit the FSCS limit) how would the Starling package handle that?
    But then you'd be paying a monthly subscription for FreeAgent? When it's available for free with another on line challenger bank account?

    Leave a comment:


  • SuperLooper
    replied
    FreeAgent + the free Starling account is a perfect combination IMO.
    If you ever open a second account with another bank (e.g. for savings or foreign currencies, or because you hit the FSCS limit) how would the Starling package handle that?

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by Pampa View Post
    I'm new to the contracting world
    You might not think that you need an accountant but, trust me, you do. You have no idea what you don't know.

    In terms of software, take your pick, based on what your accountant is comfortable working with. Personally, I think FreeAgent is excellent, so I wouldn't look elsewhere.

    Nothing to do, imho.

    Leave a comment:


  • Fred Bloggs
    replied
    It's £7 a month. For the same on line bank account from Nat West, called Mettle, it costs nothing and you get FreeAgent thrown in. Can't get a lot cheaper than nothing, can you? I am unaware of anything that Starling does that isn't matched by Mettle/Freeagent, perhaps there is something? But FreeAgent has the huge bonus of being very widely supported and thus portable.

    Leave a comment:


  • malvolio
    replied
    You haven't said how long you've been a contractor, but I'm assuming not very long. Sorry if that is incorrect, but if it isn't, a couple of points to consider:

    1. Good accountants don't cost money.

    2. Are you capable of managing the various arcane questions asked at year end on your CT return

    3. Are you fully on top of payroll management and tax accountancy. FreeAgent is good but not infallible

    4. How will will you manage HMRC igf a query is raised on anything?

    5. You will probably need an accountant for your year end anyway. How would their one-off charge compare to a year's fees from a retained accountant?

    Running before you can walk is probably unwise. At least wait until you've done the whole annual cycle before you try.

    Leave a comment:


  • cojak
    replied
    Moved as you have specific questions regarding Starling Bank.

    Leave a comment:

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