New IT Contractor - Ltd Company dilemma

[zayn]

Hi All
First time poster here and trying to read through all the valuable information. I will be starting a new Contract which is possibly 2 months or Longer with 250 as day rate. I would like to move quickly on this and maximize my take home hence my choosing the Ltd..

I read through a list of possible accounts to choose Contractor accountant fees / costs comparison table, but have got lost in the other fee's section near the bottom "Things to Consider when comparing Monthly Accountants" , as i understand there is a lot of hidden charges, but really confused on what i need and don't need ?

Any Advice please as i would like to have something completed and ready for the 25th

Thank you

[stek]

Should never have left One Direction, mate..

[Louisa@InTouch]

When you ring around, ask what is not included as part of the monthly service. This should give you a good start when comparing.

But you will need to make sure you at least have the key items:

- accounts
- self assessment
- VAT
- payroll
- RTI submissions
- IR35 guidance / reviews
- Advice on income / dividends and being tax efficient
- management accounts
- Unlimited advice

As a newbie you will have lots of questions and need more guidance... So you'll want to make sure you aren't being charged each time you ask a question. Plus you'll want to make sure that you get a timely response!

Happy hunting

[northernladuk]

As a newbie you will have lots of questions and need more guidance... So you'll want to make sure you aren't being charged each time you ask a question. Plus you'll want to make sure that you get a timely response!

You wouldn't have any ideas who might be able to offer such an excellent service would you?

[Louisa@InTouch]

You wouldn't have any ideas who might be able to offer such an excellent service would you?

I'm up for a good debate on the answer

[Alan @ BroomeAffinity]

For 2 months? Forget it and go umbrella unless you expect something to come up after this contract.

[jamesbrown]

- Unlimited advice

Well, if you insist...

[zayn]

For 2 months? Forget it and go umbrella unless you expect something to come up after this contract.

Well i don't know if they will extend, but if they do then i see it only as benefit. I maybe wrong but the difference in terms of monthly net is approx £500 , is that not a benefit

[Alan @ BroomeAffinity]

New IT Contractor - Ltd Company dilemma

Well i don't know if they will extend, but if they do then i see it only as benefit. I maybe wrong but the difference in terms of monthly net is approx £500 , is that not a benefit

You'll need to factor in more or less a year's accounting fee. A monthly fee is really only an annual fee divided by 12.

[northernladuk]

Well i don't know if they will extend, but if they do then i see it only as benefit. I maybe wrong but the difference in terms of monthly net is approx £500 , is that not a benefit

The rule of thumb used to be that 30k was around the figure that LTDs start to outweigh umbrellas but that might have changed slightly recently.