Reply to: New contractor question...easy?!

[Nixon Williams]

what are the normal costs for company set up?

does the £60 odd quid per month include invoicing or do you invoice the agency/endclient yourself, get the money in your company account and then get your accountant to tell you how much you can draw as salary?

cheers!

You should be able to get the set up (company, bank account, VAT & Revenue registration)for free, A few accountants offer this, including ourselves!

Alan

[Nixon Williams]

I'm thinking of using Nixon Williams myself but the distance worries me as I want a table to bang if things go wrong! Umbrella's will be out off business come April so time to move.

We have clients all over the UK, so don't let the distance worry you, anyway I hope you will find that things do not go wrong!

Alan

[Nixon Williams]

Hi mate,

I had the same questions as you a few weeks back. I'm going through www.nixonwilliams.com they handle it all - inc. company setup.
£68 per month + VAT.

Alan from Nixon Williams posts here regularly.

Good luck.

Our charges are actually £60+VAT per month. (£67.50+VAT if we act as Company Secretary & Registered Office).

Alan

[gingerjedi]

So would people on here recommend an accountant that was local to me over one that was only reachable by phone/online? Is it worth paying a bit more for the convenience of being able to pay them a visit?

[cityboy]

I too use a local accountant . It cost me 160 to set up the company and I pay 80 per month. This includes my personal tax as well. Just got a 1300 tax rebate which more than covered the fee.

[Bovvered]

I have a local accountant, local service, for local people. Hell I have him round for tea sometimes. £600 a year. I think there was around £120 back in the beginning to get Ltd company going.

[tobym]

I’m not that well qualified to answer those question myself but I have asked the same on here as I am about to do the same and the overwhelming response was go ltd and get an accountant to do it all for you, I think the company set up is relatively cheap under £100 and the £60 a month covers all, have a look at the First timers section on the homepage.

Thanks everyone, I shall think some more before doing anything rash!

Toby

[gingerjedi]

what are the normal costs for company set up?

does the £60 odd quid per month include invoicing or do you invoice the agency/endclient yourself, get the money in your company account and then get your accountant to tell you how much you can draw as salary?

cheers!

I’m not that well qualified to answer those question myself but I have asked the same on here as I am about to do the same and the overwhelming response was go ltd and get an accountant to do it all for you, I think the company set up is relatively cheap under £100 and the £60 a month covers all, have a look at the First timers section on the homepage.

[dotnetter]

I got mine setup for £75 i think it was

No you would normally do your own invoicing which is a piece of piss, and draw your own salary when you want to, you accountant will advise what to take etc.

All he is really there for is to get you out of the tulip at the end of the year

[jh0711]

what are the normal costs for company set up?

does the £60 odd quid per month include invoicing or do you invoice the agency/endclient yourself, get the money in your company account and then get your accountant to tell you how much you can draw as salary?

cheers!

[gingerjedi]

But will your friend hold his hands up and pay a fine if he's got it wrong? Use an accountant, do what he says and you’re covered, £60-£100 is not a lot in this game for peace of mind.

[tobym]

I've managed my own ltd company by myself for over 10yrs!
I started with IAS who are now GiantGroup.com they were complete feckwits
they managed to deliver my first set of accounts to companies
house late and I got fined for it , after some they paid the fine.

since then I've been using excel spreadsheets that were provided by IAS to do all the basic bookeeping, VAT,.. etc then I get one of my friends who is a an accountant to do the annual accounts and corp tax, in return I provide him with 'free' software and some advice on IT hardware.

Cheers Bright Spark, that's very interesting. A friend of mine runs a small scientific publishing-type company, and they do what you do. He reckons it's a doddle, and that I shouldn't even consider paying someone a monthly fee, just one offs, as and when (and he's generously offered to talk me through it all). Presumably you'd agree with him?

[Bright Spark]

I've managed my own ltd company by myself for over 10yrs!
I started with IAS who are now GiantGroup.com they were complete feckwits
they managed to deliver my first set of accounts to companies
house late and I got fined for it , after some they paid the fine.

since then I've been using excel spreadsheets that were provided by IAS to do all the basic bookeeping, VAT,.. etc then I get one of my friends who is a an accountant to do the annual accounts and corp tax, in return I provide him with 'free' software and some advice on IT hardware.

[Spacecadet]

yup - going through parasol means you pay full tax and NI on your earnings, the only way to pay slightly less tax with them is through claiming expenses and even then they do appear to be very above board with how those can be claimed

[tobym]

Cheers everyone! I shall go and check the other section now.

Have a look on the Accounting/Legal section there’s loads of info on there, I'm thinking of using Nixon Williams myself but the distance worries me as I want a table to bang if things go wrong! Umbrella's will be out off business come April so time to move.

Eh? Why's that then? It's just a company isn't it, they (Parasol) aren't doing anything odd are they (in terms of strange accounting practices), why would they not be around?!

Toby