Reply to: Hello and what order to do things.

[JenniM42]

Don't forget VAT registration - consider new FRS category for 'standard' IT contractors.

Thank you, will do.

[kaiser78]

Don't forget VAT registration - consider new FRS category for 'standard' IT contractors vs standard VAT as a result of recent(ish) changes.

[northernladuk]

It takes time to do bookkeeping, payroll etc and deal with setup with accountant and bank etc. I already run my own business and am around more (small chilldrenn to deal with) so am in a good position to do all that, so don't see the problem.

But thanks for sharing your thoughts...

If you get a freeagent accountant it doesn't take any time at all. So little that the vast majority of contractors do it themselves. Takes a couple of minutes every other week or so.

And if accountants do bookkeeping, payroll etc they charge you for this, believe it or not. I am more than capable of doing this, so will be doing so and saving the family/team/business money. I don't see why this is so controversial.

You also pay an accountant to keep up with changes in legislation, to know which to open first and many other things that you don't see straight off the bat but all go towards getting a good service for your money that you cannot provide. Not having an accountant is likely to cost you money in the long run.

[JenniM42]

Don't worry, people like to leap to conclusions. It's more interesting than spellchecking their bosses work.

Ltd Co first, bank second

It's definitely an interesting forum...

[ladymuck]

My husband and I work as a team, generally, so it makes sense to continue that with this business. It is not actually his decision as the 'earner' it is our decision as we will both have positions within the company and be share holders. I am not going to go into details about our family / finances, but my business / career will have to be on the back burner a little for this, so actually I do get a say!

And if accountants do bookkeeping, payroll etc they charge you for this, believe it or not. I am more than capable of doing this, so will be doing so and saving the family/team/business money. I don't see why this is so controversial.

All I asked is do I need to set up the Ltd co or the bank account first...

Don't worry, people like to leap to conclusions. It's more interesting than spellchecking their bosses work.

Ltd Co first, bank second

[ladymuck]

Ahh I see your ex wasn't a mature adult.

[JenniM42]

My husband and I work as a team, generally, so it makes sense to continue that with this business. It is not actually his decision as the 'earner' it is our decision as we will both have positions within the company and be share holders. I am not going to go into details about our family / finances, but my business / career will have to be on the back burner a little for this, so actually I do get a say!

And if accountants do bookkeeping, payroll etc they charge you for this, believe it or not. I am more than capable of doing this, so will be doing so and saving the family/team/business money. I don't see why this is so controversial.

All I asked is do I need to set up the Ltd co or the bank account first...

[SueEllen]

Hmm...maybe, maybe not.

I set up my ex's company and ran the books for him. I told the accountant what to do and my ex signed whatever I told him to. As soon as we split he wound the company up and went to a brolly.

Ahh I see your ex wasn't a mature adult.

[ladymuck]

The accountant can and will do the payroll as contractor accountants give you a package that includes that.

It would be quicker if he set stuff up himself in the first instance. Yes you can do the research over what to pick but the bank will want to deal with him first as the earner not you.

Plus he is the one who needs to speak to the accountant first to decide what shareholding if any and what position you should have due to the fact you also work.

Hmm...maybe, maybe not.

I set up my ex's company and ran the books for him. I told the accountant what to do and my ex signed whatever I told him to. As soon as we split he wound the company up and went to a brolly.

[SueEllen]

It takes time to do bookkeeping, payroll etc and deal with setup with accountant and bank etc. I already run my own business and am around more (small chilldrenn to deal with) so am in a good position to do all that, so don't see the problem.

But thanks for sharing your thoughts...

The accountant can and will do the payroll as contractor accountants give you a package that includes that.

It would be quicker if he set stuff up himself in the first instance. Yes you can do the research over what to pick but the bank will want to deal with him first as the earner not you.

Plus he is the one who needs to speak to the accountant first to decide what shareholding if any and what position you should have due to the fact you also work.

[JenniM42]

I assume you've read the guides on here an downloaded (and studied) the IPSE Guide to Freelancing so you fully understand what you're getting into...? Easiest way if via their Access Membership on their homepage.

You will need a company and a bank account to support your new contract - or do the sensible thing and start via an umbrella until you get everything else sorted and you understand what you're both doing.

As has been said, talk to one of our preferred accountants before you go too far. And keep track of everything you spend getting the first contract up and running, much of it will be reclaimable.

All done. Thank you.

[JenniM42]

IR35 FTW...

Of course, always a consideration/ risk.

[JenniM42]

Why not just let him run his own business? The setup isn't complicated and when he's sorted it's probably going to take him longer to communicate stuff to you than it would doing it himself. Standard contractors don't need someone else to run things.

It takes time to do bookkeeping, payroll etc and deal with setup with accountant and bank etc. I already run my own business and am around more (small chilldrenn to deal with) so am in a good position to do all that, so don't see the problem.

But thanks for sharing your thoughts...

[northernladuk]

Why not just let him run his own business? The setup isn't complicated and when he's sorted it's probably going to take him longer to communicate stuff to you than it would doing it himself. Standard contractors don't need someone else to run things.

[SeanT]

(in case they want to replace him with a contractor )

IR35 FTW...