Need rid of my accountant fast...Any good ones for under 50/pm

[Alan @ BroomeAffinity]

yeah so? I paid back the money borrowed..got a fair amount of tax money saved up which is more than what I can say for my other freelance chums

What you've done there is prove my point, not argue against it. But by all means get a £50 pcm accountant and then come back in a year and moan that they haven't helped yuo out enough.

[GeorgeB]

So, what I see from this thread is: if you know something about accounting then go ahead and get something for 50/Month, however if you dont really know what your doing or just want to make sure you dont miss anything then it is probably fine to spend a little extra and get the 'Full Support' package.

Personally, I'm thinking a brand new contractor may decide to take the 120/Month but then move to a cheaper alternative once they are sure how the process works and possibly dont mind doing some of the tasks themselvs.

[northernladuk]

So, what I see from this thread is: if you know something about accounting then go ahead and get something for 50/Month, however if you dont really know what your doing or just want to make sure you dont miss anything then it is probably fine to spend a little extra and get the 'Full Support' package.

Personally, I'm thinking a brand new contractor may decide to take the 120/Month but then move to a cheaper alternative once they are sure how the process works and possibly dont mind doing some of the tasks themselvs.

As a brand new contractor I did Umbrella for 3 months as I had my hands full with everything else. I then went accountant but used local guy who wasn't contractor specialist and left me in a right mess. I then switched to SJD who have a great spreadsheet which takes some time to fill but works everything out to the last penny so I can see CT, VAT and the inner workings which I found very useful and have also explained each step as the years pass.

I know they are more exensive and I can save 60 quid a month (tas deductable) to do it myself but to be honest, I just can't be bothered. For ease of use and peace of mind I am happy with that.

Maybe when I can be arsed I will do it myself but for now I am happy.

[TestMangler]

So, what I see from this thread is: if you know something about accounting then go ahead and get something for 50/Month, however if you dont really know what your doing or just want to make sure you dont miss anything then it is probably fine to spend a little extra and get the 'Full Support' package.

Personally, I'm thinking a brand new contractor may decide to take the 120/Month but then move to a cheaper alternative once they are sure how the process works and possibly dont mind doing some of the tasks themselvs.

Could one of you f***ing idiots please explain what you think is going to be wrong with a '£50' accountant ?

Your little one man ltd is NOT complicated and does not require a 'specialist' to do your accounts.

There are thousands of what you call '£50 accountants' out there doing accounts for businesses a damn site bigger and more complicated than yours for £50 a month.

I love the way people on here claim to be 'in business' and then go on to prove time and again that they know nothing about running a business

Edit - I pay £50 per month and don't need to do anything other than email a spreadie to my accountant every month. If I want a question answered, I phone them and they answer it. Your so called 'specialist contractor accountants' are ripping it right out of you.

[malvolio]

Could one of you f***ing idiots please explain what you think is going to be wrong with a '£50' accountant ?

OK, since you ask so nicely. I used a recommended £45 a day guy when I started out. After three years he'd cost me a couple of thousand is overpaid taxes, penalties and unnecessary IR35 payments.

]Edit - I pay £50 per month and don't need to do anything other than email a spreadie to my accountant every month. If I want a question answered, I phone them and they answer it. Your so called 'specialist contractor accountants' are ripping it right out of you.

Or perhaps you're just lucky with your choice? I dare you to ask him to explain IR35 and how it is assessed, how to correctly answer the questions on the P35 and why, what is the definition of a PSC, what is the tax treatment of training to expand you skill set and why he isn't an MSC. He may well know all the answers, but I know more than a few ACCAs who don't.

So I'll pay the extra £432 a year over a £50 a month guy and sleep soundly thanks.

YMMV. Bully for you.

[KittyCat]

As a brand new contractor I did Umbrella for 3 months as I had my hands full with everything else. I then went accountant but used local guy who wasn't contractor specialist and left me in a right mess. I then switched to SJD who have a great spreadsheet which takes some time to fill but works everything out to the last penny so I can see CT, VAT and the inner workings which I found very useful and have also explained each step as the years pass.

I know they are more exensive and I can save 60 quid a month (tas deductable) to do it myself but to be honest, I just can't be bothered. For ease of use and peace of mind I am happy with that.

Maybe when I can be arsed I will do it myself but for now I am happy.

If your spending time filling out a s/s then your practically already doing yourself? If the s/s is set up well - it does it all for you! The on-line submissions are easy.

Def not getting an accountant after reading the horror stories on here!

[northernladuk]

If your spending time filling out a s/s then your practically already doing yourself? If the s/s is set up well - it does it all for you! The on-line submissions are easy.

You are probably right to be honest. Just suits me this way for the moment. When I get the time I intend to take the next step.

Def not getting an accountant after reading the horror stories on here!

It is your decision of course but bearing in mind you don'y give yourself any PAYE I would have thought you would have gotten one of the good ones recommended on here just to find out whatelse you don't know. A year with NW or SJD could have saved you money by now.
I wouldn't say these are horror stories. Hang around here long enough and read the stories of people getting their accounts wrong and try and guess the number of people that have gotten them wrong but have no idea.

[Wanderer]

OK, since you ask so nicely. I used a recommended £45 a day guy when I started out. After three years he'd cost me a couple of thousand is overpaid taxes, penalties and unnecessary IR35 payments.

But now you recommend SJD? These are the people who were adamant that I should not income split with my wife (who earns no income) and recommended that I take a salary of £12,000/year rather than £7,000 which would have also cost me dearly in avoidable tax.

Honestly, I sometimes wonder if this "good" accountant that people refer to actually exists or if it's just a myth.

[northernladuk]

But now you recommend SJD? These are the people who were adamant that I should not income split with my wife (who earns no income) and recommended that I take a salary of £12,000/year rather than £7,000 which would have also cost me dearly in avoidable tax.

Honestly, I sometimes wonder if this "good" accountant that people refer to actually exists or if it's just a myth.

Very strange as I was advised to do exactly both those things (but I did wonder why I should be splitting income with Wanderers wife boom boom!!). I think it is more down to the accountant you dealt with rather than the whole firm.

[malvolio]

Very strange as I was advised to do exactly both those things (but I did wonder why I should be splitting income with Wanderers wife boom boom!!). I think it is more down to the accountant you dealt with rather than the whole firm.

Income splitting was seen as a bad idea while Arctic was in progress. Once that was resolved, its no longer a concern. The £12k is only a suggestion, but it's based on the idea that other contractor-related legislation such as "what is a business" may well use NMW as one of the criteria (as is indeed the case, from what I've seen coming out of assorted working parties).

They are only giving advice based on a cautious approach. If you have better advice from your own resources, or a lower risk threshold, then use it. You pay the accountant, they will only refuse to do what you say if it's illegal or potentially damaging.

At the end of the day, its your company and your money (and your court case). Accountants only advise, the difference being they get sued if they get it wrong.