... or can I just hire someone ad-hoc for the year-end work each year?
I'm pretty new to all these (contracting, accounting and tax). I've read some articles here and there on the benefits and necessity of hiring an accountant on an ongoing basis. But I'm not sure to which extend these would benefit me on my simplest case. Here it is:
I need to register a Ltd to do some IT contracting work for a company. For some reason, I must register a Ltd instead of being a sole trader or using umbrella company. Also, I might do just a few months this year and another few months next year (which was proposed by the company), but that's probably it. I consider it a temporary thing, and I'm not going to make contracting as a permanent or full time job in the long run.
The only turnover of the Ltd will come from the the invoice I issue to the company , which is based on my daily rates. I'll issue the invoice monthly (or even quarterly if it makes things simpler, so by the end of year I guess there will be only 2-3 invoices in total?)
I'll probably use the flat rate VAT scheme just to keep it simple, or maybe not do VAT registration at all if I eventually work for less months per year and keep the turnover below the threshold.
I'm not expecting to expense expenditures, not frequently at least. I might expense a few relatively bigger ones only when they are 100% unambiguous as business spending, but I'd expect such cases to be very rare.
Two share holders, me and my partner (unmarried). Two employees, me (director) and my partner (secretary or director, not sure which one is better).
Will pay ourselves salaries only to maximize the NI/income allowance threshold. Might pay dividends too, but won't exceed the 20/40% line.
I intend to use Kashflow/FreeAgent/Xero to do bookkeeping everything myself. Some people told me for my simple case even spreadsheet is fine, but I guess these online systems could make it easier for the year-end accountant.
I might need some IR35 consultation but I can probably do it separately or buy insurance if needed.
I'll still need to hire an accountant to prepare the year end stuff, which I'm going to.
I just want to know, for simple cases/demands like this, is there any reason to hire an accountant on an ongoing basis paying the same 100+ fixed monthly rates as other complicated business cases? If so, what does the money buy me for? If not, what's the best solution for my case? should I just hire someone around the year end to do the work? How much does it normally cost for this type of service? and what's the best way to find a good one for such case?
All inputs are welcome, thanks in advance!
I'm pretty new to all these (contracting, accounting and tax). I've read some articles here and there on the benefits and necessity of hiring an accountant on an ongoing basis. But I'm not sure to which extend these would benefit me on my simplest case. Here it is:
I need to register a Ltd to do some IT contracting work for a company. For some reason, I must register a Ltd instead of being a sole trader or using umbrella company. Also, I might do just a few months this year and another few months next year (which was proposed by the company), but that's probably it. I consider it a temporary thing, and I'm not going to make contracting as a permanent or full time job in the long run.
The only turnover of the Ltd will come from the the invoice I issue to the company , which is based on my daily rates. I'll issue the invoice monthly (or even quarterly if it makes things simpler, so by the end of year I guess there will be only 2-3 invoices in total?)
I'll probably use the flat rate VAT scheme just to keep it simple, or maybe not do VAT registration at all if I eventually work for less months per year and keep the turnover below the threshold.
I'm not expecting to expense expenditures, not frequently at least. I might expense a few relatively bigger ones only when they are 100% unambiguous as business spending, but I'd expect such cases to be very rare.
Two share holders, me and my partner (unmarried). Two employees, me (director) and my partner (secretary or director, not sure which one is better).
Will pay ourselves salaries only to maximize the NI/income allowance threshold. Might pay dividends too, but won't exceed the 20/40% line.
I intend to use Kashflow/FreeAgent/Xero to do bookkeeping everything myself. Some people told me for my simple case even spreadsheet is fine, but I guess these online systems could make it easier for the year-end accountant.
I might need some IR35 consultation but I can probably do it separately or buy insurance if needed.
I'll still need to hire an accountant to prepare the year end stuff, which I'm going to.
I just want to know, for simple cases/demands like this, is there any reason to hire an accountant on an ongoing basis paying the same 100+ fixed monthly rates as other complicated business cases? If so, what does the money buy me for? If not, what's the best solution for my case? should I just hire someone around the year end to do the work? How much does it normally cost for this type of service? and what's the best way to find a good one for such case?
All inputs are welcome, thanks in advance!
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