Newbie questions

[retyfraser]

i am new to the world of contracting, surprised to see loads of people here !

I have just recd a job offer for contracting and I have accepted it. Because this is the first time, and everyone needs a first time. I have decided to do the preliminaries by myself

1. Set up my own Limited company, with me as the director and sole share holder.
2. Open a Business bank account
3. Set up for VAT, PAYE and corporation Tax

Now, I intend to do all of the above by myself, and then hire an accountant for a few months ( or 14/15 TY) , to do my accounts and Tax.

I have just now completed my Limited company now( a few hours back) . After reading articles I have gathered that setting up company/VAT/PAYE/etc., is really not that hard.

Has anyone done this on their own, any experiences to share, anything to be wary of ? Any tips and suggestions will be of help

[Martin at NixonWilliams]

Hi, and welcome!

Aside from what you have already mentioned, the first thing you need to think about is your IR35 position as this will determine how you are able to extract money from the business. If you are unsure what this is, have a read of the guides on the right hand side of this page. I would also recommend that you have your contract reviewed by a professional.

In terms of the rest, most contractors will appoint an accountant to do everything for them. Most of the contractor specialist accountants will do the things you have mentioned as part of an all inclusive monthly fee but there are a lot of other things to consider and many reporting requirements in addition to the VAT, PAYE, CT and accounts you have mentioned.

I hope this helps.

Martin

[LisaContractorUmbrella]

If this is your first contract I would advise that you seriously consider appointing an accountant from the getgo

[DiscoStu]

i am new to the world of contracting, surprised to see loads of people here !

I have just recd a job offer for contracting and I have accepted it. Because this is the first time, and everyone needs a first time. I have decided to do the preliminaries by myself

1. Set up my own Limited company, with me as the director and sole share holder.
2. Open a Business bank account
3. Set up for VAT, PAYE and corporation Tax

Now, I intend to do all of the above by myself, and then hire an accountant for a few months ( or 14/15 TY) , to do my accounts and Tax.

I have just now completed my Limited company now( a few hours back) . After reading articles I have gathered that setting up company/VAT/PAYE/etc., is really not that hard.

Has anyone done this on their own, any experiences to share, anything to be wary of ? Any tips and suggestions will be of help

Get a decent accountant and get them to do it.

Can personally recommend Nixon Williams as a former client but other contractor accountants are available.

HTH

[Pondlife]

If this is your first contract I would advise that you seriously consider appointing an accountant from the getgo

Get a decent accountant and get them to do it.

Can personally recommend Nixon Williams as a former client but other contractor accountants are available.

HTH

The OP was told this almost a fortnight ago and has seemingly decided to carry on.

[LisaContractorUmbrella]

The OP was told this almost a fortnight ago and has seemingly decided to carry on.

[DiscoStu]

The OP was told this almost a fortnight ago and has seemingly decided to carry on.

Perhaps I should have suggested a special offshore umbrella instead

[Maslins]

There's nothing legally to stop you DIYing it all. However I imagine the vast majority of Ltd Co contractors pay an accountant to assist. Of those who don't, some will perhaps have had an accountant the first year or two so they could see largely what was required and when, then after that gone it alone.

Many of the things required aren't that hard individually, but there's lots to do, at different times, many with penalties if not done correctly/on time. It doesn't take that many mistakes to suffer more in penalties than the cost of an accountant. Plus of course you'll need to devote quite a bit of your own time to it, not just the registrations/submissions, but the research to know what to do.

Get something like FreeAgent. It won't replace an accountant, but it will help make some of the things easier for you.

Good luck if you do still decide to go that way. You won't be the first, or last.

[LisaContractorUmbrella]

Perhaps I should have suggested a special offshore umbrella instead

ooohhh mean

[tractor]

...

The OP was told this almost a fortnight ago and has seemingly decided to carry on.

And despite the advice and two weeks to research it all is asking the same questions?