Reply to: Newbie

[Danielsjdaccountancy]

You get a lunch break?? Slackers....

I knew I'd leave myself open for that one, glad to see you didn't disappoint

I personally don't but some of my clients do!

[northernladuk]

Of course we can't review the spreadsheet if it is not sent in. However I tell my clients to send it to the accountants at any point they need it reviewed and they then provide a tax update.

Regarding the face to face, I meet about 7 of my clients a week so am shocked to read that most people don't need to see their accountant. For me it is the key tool to building a trustful relationship, even if it is just a quick 15min drop in on their lunch break.

You get a lunch break?? Slackers....

[Contreras]

I never realised there was so much complexity (it was hard enough getting a contract !). I do prefer to understand the risks, pro's and con's of the financial side of things but didn't realise how complex it was. Looks like i have my research cut out. I guess having a good accountant is key. I have heard of some horror stories as a result of bad advise thats why i prefer to check everything out for my self and try to understand whats involved. Ultimately its my neck on the line and not the accountant or any other advisor.

Good for you JM.

Fwiw, it won't seem so "complex" once you get your head around it. You could read up on salary vs. dividends, and the VAT Flat Rate Scheme, that'll give you a head start on the basics before seeing the accountant. Also there was a similar thread here recently: http://forums.contractoruk.com/accou...ml#post1532593

[malvolio]

I never realised there was so much complexity (it was hard enough getting a contract !). I do prefer to understand the risks, pro's and con's of the financial side of things but didn't realise how complex it was. Looks like i have my research cut out. I guess having a good accountant is key. I have heard of some horror stories as a result of bad advise thats why i prefer to check everything out for my self and try to understand whats involved. Ultimately its my neck on the line and not the accountant or any other advisor.

JM

As I often say to newbie contractors, you will appalled at how much you don't know. Read the First TImer guide on this site and the "Guide to Freelancing" one at www.pcg.org.uk and you will have a clearer idea. And then start asking questions!

[cojak]

I have heard of some horror stories as a result of bad advise thats why i prefer to check everything out for my self and try to understand whats involved. Ultimately its my neck on the line and not the accountant or any other advisor.

JM

Very good. Start off with that thought and you won't go too far wrong.

Good luck!

[joMartinez102]

WOW

I never realised there was so much complexity (it was hard enough getting a contract !). I do prefer to understand the risks, pro's and con's of the financial side of things but didn't realise how complex it was. Looks like i have my research cut out. I guess having a good accountant is key. I have heard of some horror stories as a result of bad advise thats why i prefer to check everything out for my self and try to understand whats involved. Ultimately its my neck on the line and not the accountant or any other advisor.

JM

[Danielsjdaccountancy]

s58 relates to tax avoidance schemes such as those is the isle of man etc.

I use nixon williams and can recommend, basically sjd give you a spreadsheet for you to fill in each month and so unlike nw, cannot pick up errors on the paperwork as they never see it.

SJD always mention face to face meetings but I do not know any other contractor who has met their accountant, there is just no need for most people.

However speak to sjd and nixon williams and see how you get on with them.

Of course we can't review the spreadsheet if it is not sent in. However I tell my clients to send it to the accountants at any point they need it reviewed and they then provide a tax update.

Regarding the face to face, I meet about 7 of my clients a week so am shocked to read that most people don't need to see their accountant. For me it is the key tool to building a trustful relationship, even if it is just a quick 15min drop in on their lunch break.

[Jeremiah@RHJAccountants]

I would say having a good relationship with your accountant is key and that you can ask questions and also have answers in a reasonable time.

A pro-active service that best suits you and make sure they are Chartered or governed by a professional accounting body.

You should ask what there fees are and what is covered for this as accountants charge extra for payroll or Tax returns.

Ask questions on the VAT flat rate scheme, IR35, S660, S58 and tax questions or if they have a tax expert.

Who is going to be your main point of contact, the worse thing that my clients have said to me is being passed around the office from accountant to accountant as you need to build that relationship.

Most clients now use e-mail and phone as the main way to contact is this something you are happy with or is face to face important to you.

I would say contact a few different accountants and see what service best suits you.

Well done on the contract and welcome to the world of contracting

[BrilloPad]

8/10 but could do better. You are coming along well young padawan....

You are my hero so the encouragement is much appreciated. How can I increase my score to 10/10? Should I have discussed the s58 offshore thingy in more detail? Maybe pointed out that if you go limited then s58 is almost irrelevant? Or should I get a contract?

[northernladuk]

A difficult one as cuk does not let you search for < 4 characters!

Try this thread http://forums.contractoruk.com/accou...ct-2008-a.html . You can also put this string into google :-

s58 site:http://forums.contractoruk.com/

Best of luck!
Brillo

8/10 but could do better. You are coming along well young padawan....

[Waldorf]

s58 relates to tax avoidance schemes such as those is the isle of man etc.

I use nixon williams and can recommend, basically sjd give you a spreadsheet for you to fill in each month and so unlike nw, cannot pick up errors on the paperwork as they never see it.

SJD always mention face to face meetings but I do not know any other contractor who has met their accountant, there is just no need for most people.

However speak to sjd and nixon williams and see how you get on with them.

[BrilloPad]

Thanks for the replies, cojak and Derek....greatly appreciated. Just one question for cojack, what is s58? I tried to search for it but didn't come up with anything? Found the other secions you refered to.

JM

A difficult one as cuk does not let you search for < 4 characters!

Try this thread http://forums.contractoruk.com/accou...ct-2008-a.html . You can also put this string into google :-

s58 site:http://forums.contractoruk.com/

Best of luck!
Brillo

[joMartinez102]

Thanks for the replies, cojak and Derek....greatly appreciated. Just one question for cojack, what is s58? I tried to search for it but didn't come up with anything? Found the other secions you refered to.

JM

[Derek@SJDAccountancy]

I would agree with the questions raised above. I would highlight you want to have a good relationship with your accountant where you feel free to ask any questions and your accountant is looking to provide you with the best pro-active service they can.

I always believe meeting someone face to face is best way of starting this relationship, and particularly if you are new to this.

Well done with the new contract and good luck!

[cojak]

Questions for accountants:

1. Are they a Chartered Accountant? If they are, which professional body do they belong to? If not, move on.
2. What are their fees and what will they do? Cheaper ones may not do as much as the more expensive ones (eg. Do your personal tax for you).
3. How many contractors do they have on their books? If X number, how much do they know about IR35, S660, S58 and to whom do they refer tax questions? If they don’t, move on.
4. Ask who will do the work, the person you’re talking to or a junior?
5. Ask for his/her views on stuff like low salary/high dividends, EBT schemes, etc?

I'll leave the SJD/NW questions for others.