Hi All,
I have recently secured a Public Sector IT contract which is due to last 3 months, but will more than likely be extended and/or placed on a similar contract with the main company; so in all I would expect the relationship with the company to be 6 months.
I originally toyed with Umbrella but cannot justify the 40% hit, I am therefore looking at Limited.
As I see it there are off the shelf or Al In One (AIO) solutions such as PayStream (PS) (other providers are available) whose pitch and knowledge was really rather good although I am hesitant at such (AIO) solutions having used them before in different sectors and been stung heavily. Jack of all trades, master of none as they say. I find the AIO solutions appear simple, quick and easy with a hands off approach which just enables me to get on with things although I feel that with such a large company, I would be yet another number rather than a client.
I also feel that with the AIO solutions, using their 'be-spoke' accounting solutions, expense and mileage apps, etc I would be tied to their system should I wish to transfer out at a later stage. I also wonder how good their software and apps really are compared to Xero, Freshbooks and Expensify, etc?
PS quoted me the £150+VAT per month option, which equates to £540 per quarter or £2,160 per annum, which seems rather a lot. I'm sure I remember accountants fees being in the region of £300-500 per quarter for a basic return. PS also stated they would include insurance for free for three months but I do wonder if the old adage is true...if it's free, it's worth nothing!
Having looked through this most helpful forum and its comments, I have a quote from QDOS for circa £1,400 per annum, which seems acceptable for basic to mid-range cover, is it really worth shopping around for insurance or is it all pretty much the same nowadays?
So many questions, I guess what I really asking are the following:
1. Are the AIO solutions any good, are they flexible, can data be transferred out easily, when it comes to actually using their services, e.g. Tax Investigation, Accountants, Advice, etc, do they really know what they are doing and can they deliver?
2. Although more involved, is it better to knit together a solution with a dedicated accountant, top notch software for accounts and expenses, a customised insurance policy, etc and would the performance of these solutions far outweigh their AIO counterparts? I would expect to pay more, but is the extra justified and worth while?
I know some of my statements/questions might appear nebulous with limited points of reference but it's a bit of a Donald Rumsfeld...I don't know, what I don't know!
All thoughts, comments and suggestion are appreciated.
I have recently secured a Public Sector IT contract which is due to last 3 months, but will more than likely be extended and/or placed on a similar contract with the main company; so in all I would expect the relationship with the company to be 6 months.
I originally toyed with Umbrella but cannot justify the 40% hit, I am therefore looking at Limited.
As I see it there are off the shelf or Al In One (AIO) solutions such as PayStream (PS) (other providers are available) whose pitch and knowledge was really rather good although I am hesitant at such (AIO) solutions having used them before in different sectors and been stung heavily. Jack of all trades, master of none as they say. I find the AIO solutions appear simple, quick and easy with a hands off approach which just enables me to get on with things although I feel that with such a large company, I would be yet another number rather than a client.
I also feel that with the AIO solutions, using their 'be-spoke' accounting solutions, expense and mileage apps, etc I would be tied to their system should I wish to transfer out at a later stage. I also wonder how good their software and apps really are compared to Xero, Freshbooks and Expensify, etc?
PS quoted me the £150+VAT per month option, which equates to £540 per quarter or £2,160 per annum, which seems rather a lot. I'm sure I remember accountants fees being in the region of £300-500 per quarter for a basic return. PS also stated they would include insurance for free for three months but I do wonder if the old adage is true...if it's free, it's worth nothing!
Having looked through this most helpful forum and its comments, I have a quote from QDOS for circa £1,400 per annum, which seems acceptable for basic to mid-range cover, is it really worth shopping around for insurance or is it all pretty much the same nowadays?
So many questions, I guess what I really asking are the following:
1. Are the AIO solutions any good, are they flexible, can data be transferred out easily, when it comes to actually using their services, e.g. Tax Investigation, Accountants, Advice, etc, do they really know what they are doing and can they deliver?
2. Although more involved, is it better to knit together a solution with a dedicated accountant, top notch software for accounts and expenses, a customised insurance policy, etc and would the performance of these solutions far outweigh their AIO counterparts? I would expect to pay more, but is the extra justified and worth while?
I know some of my statements/questions might appear nebulous with limited points of reference but it's a bit of a Donald Rumsfeld...I don't know, what I don't know!
All thoughts, comments and suggestion are appreciated.
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