New Limited Company - when to hire accountant? - Contractor UK Bulletin Board

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northernladuk replied

13 March 2021, 02:14
Originally posted by Sir Ronald of Pickering View Post

Hey chaps,

I'm completely new to the contracting world. I've just set up a limited company and have a 6-month contract starting next week

So you already too late with the accountant engagement.

, with the possibility of another 6-month contract afterwards or a move into full-time employee status.

Ah so you are inside. So why aren't you through a brolly so don't need an accountant?

Does the approaching end of the financial year make a difference, both now and potentially 12 months from now when a potential 2nd 6-month contract would end (i.e. if I hire an accountant today on a 12-month deal, I'll have to hire another accountant afterwards to do a one-off EOY accounting, correct?).

No. Ring a few from the recommedation thread sticked round here and speak to them as soon as possible. They will explain it all. no more guessing.

Any other considerations?

You aren't outside IR35.
Leave a comment:
ladymuck replied

12 March 2021, 18:27
If you pay an accountant monthly, all that really means is that you're spreading the annual cost of their fees over 12 months. Engaging them now will simply mean you don't have to rush

What accounting tasks are you doing yourself and what do you need an accountant to help with? Monthly PAYE, quarterly VAT, bank reconciliations (shouldn't be any less than quarterly IMO). Then there's the annual stuff - CT calculation, dividend calculation and distribution, final accounts submission to HMRC and CoHo. Are you happy determining what is / isn't allowable for CT relief?

It sounds to me like you know very little about the accounting side so I would engage an accountant sooner than later.
Leave a comment:
Sir Ronald of Pickering started a topic New Limited Company - when to hire accountant?

12 March 2021, 17:34
New Limited Company - when to hire accountant?

Hey chaps,

I'm completely new to the contracting world. I've just set up a limited company and have a 6-month contract starting next week, with the possibility of another 6-month contract afterwards or a move into full-time employee status.

When should I hire an accountant? Now on a monthly fee basis, or further down the line?

Does the approaching end of the financial year make a difference, both now and potentially 12 months from now when a potential 2nd 6-month contract would end (i.e. if I hire an accountant today on a 12-month deal, I'll have to hire another accountant afterwards to do a one-off EOY accounting, correct?).

Any other considerations?

Cheers.
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