[Closed] Contractors - what accountancy company do you use?

We've been with SJD since 2003, and see no reason to change.

Been a contractor for 8 years now, tried a few including Crunch. I've gone the limited company route. Possibly not an option from this April on if you have anything to do with public bodies but works for me.
The best I have found is our local accountants in town. Having someone you can sit down with now & then to discuss options face to face can be a big benefit & has certainly saved me money.
We worked out a deal where I pay on a monthly standing order and it works out about the same if not a little less then the accountants who target contractors.

I'm with PayStream, no complaints. Limited company working in the private sector

I'm limited co with Crunch, but I'm considering ditching them and doing my own accounts using one of the freemium online accounting tools like fresh books. Limited co accounts don't have to be audited or prepared by an accountant.
Work out whether you want tax advice and/or a decent book keeping system.

I use a small outfit, Contratax, they're very good.

My top tip, get an accountant who offers the Freeagent platform as part of the deal.

And....don't get a public sector contract ! 🙂

Long accountant recommendation thread here:-
http://forums.contractoruk.com/accounting-legal/69742-accountant-recommendation-threads-inc-local-requests.html

SJD here. Could probably get cheaper, but never seen any reason to

what benefit do you actually get over just going to an accountant to get your tax return done once a year?

I am set up as a ltd company but still need to log into the HMRC basic tools thing and find out how to pay myself.

As for public sector contracts - yup, got one of those. Waiting to see how they sort it out!

As for public sector contracts - yup, got one of those. Waiting to see how they sort it out!

+1

Don't use Brookson, expensive and incompetent.
If you're going ltd consider one that uses third party cloud apps such as Freeagent. The in house apps lock you in

Another thumbs down for Brookson. Their incompetence cost me £11,000. Tw@s.

Yeah I'm going the Ltd route.

Staying way clear of public sector contracts to avoid the new IR35 rules, HMRC's new tool isn't available yet I see and it's all coming across as a bit of a minefield that could turn expensive!

Reading into free agent it sounds like the software is pretty good at payroll, expenses etc. The only complication I've got in that respect is SLC payments.

I'm going to speak to these guys later: https://www.1stonline.net

Thanks for the comments!

SJD here too. They're ok, do the job, though do seem a bit expensive for the service you get.

what benefit do you actually get over just going to an accountant to get your tax return done once a year?

Payroll, real time reporting, VAT calcs, on-going advice and basically one less thing to worry/bother about.

basically one less thing to worry/bother about.

^^ this

[i]what benefit do you actually get over just going to an accountant to get your tax return done once a year?[/I]

Well for one, you wouldn't be confusing your company's tax with your own 🙂

[I]As for public sector contracts - yup, got one of those. Waiting to see how they sort it out! [/I]

That's easy. Any payment made by your Agent to your Limited company on or after 6th April 2017 will be made net of income tax and employees NI (and someone will need to pick up the employers NI). So you'll be +30-40% down on the March 2017 payment.

Surely that's just going to decrease the supply of contractors to public sector positions, as they'll look for work elsewhere, so pushing the rates up?

The knock on being those public sector contractors will increase the supply in the private sector, pushing rates down *builds wall* 👿

And it'll apply to private sector contracts from next year too.
Interesting times.

Are they assuming all these public sector contractors will just roll over, take a huge pay cut and become permies ? I don't think that will work 😆

FWIW I use an accounting company called NASA. Seems OK but my finances are very straightforward.

So I've got 12 months to make the most of it before the tax man catches up. 😆

And it'll apply to private sector contracts from next year too.

Eh, what?

Am considering a change of scene myself later this year and doing some contracting.

But the proposed IR35 changes (initially for public sector, but evidently to follow into private sector) make it very unappealing.

Why take on all the risk for none of the upside?

I get the desire to raise more income tax without the political impact of raising income tax for everyone, but it does seem shortsighted.

I guess the the public sector from Apr HAS to increase their day rates otherwise they wouldn't attract anyone to temp roles they'd stick to private?!

If the playing field is equaled next years that's a different story.

[quote=geoffj]And it'll apply to private sector contracts from next year too.

Source? Or speculation..?

SJD here.. a bit pricey but have always been very quick with queries etc.

http://www.contractoruk.com/news/0012628government_approves_ir35_changes_april.html

Speculation, but no reason why it shouldn't be extended.

[i]SJD here.. a bit pricey but have always been very quick with queries etc. [/I]

Their prices have barely shifted in 10 years, and tbh they cost the same with 2 contractors thru the same limited as 1 - so feels reasonable value as they also deal with the end-of-year personal tax and now all the RTI and VAT online.

[i]I guess the the public sector from Apr HAS to increase their day rates otherwise they wouldn't attract anyone to temp roles they'd stick to private?![/I]

Not currently, they'll wait and see - but IMO it'll hit the NHS first as no Locums etc will be around for the Easter weekend. Don't be crashing that weekend!

I use Freeagent; excellent bit of software, written by accountants so it is widely accepted by them as a formal bookkeeping system.
They can be allowed access by the user so can advise you through the year and also can pull off reports etc.
Banking feeds are embedded and can be used for invoicing with no real limit on customers/clients.
if anyone wants a 10% monthly/annual discount, contact me for a referral code.

Oh, and another thumbs-up for Freeagent. Very easy to use.

Signed up to freeagent under false details to give it a try.

Seems very intuitive so I'm thinking I'll just try it on my own, what's the worst that can happen!? 😆

SJD here, happy with their services.

nathb - Member
Signed up to freeagent under false details to give it a try.

Seems very intuitive so I'm thinking I'll just try it on my own, what's the worst that can happen!?

I did that for the first month then signed up properly. Think you still get the technical support during the trial as well.

Been contacting for 4 weeks now using FreeAgent - amazing piece of software!

Can someone message me their code? My trial is about to expire.

SJD. Again, not cheapest and I keep getting offers from others or suggestions from friends to use theirs as they're cheap, but SJD do a comprehensive job and really know their stuff regarding the contract market, IR35 etc. Their ability to constantly bug me to do stuff is also welcome as I'd otherwise put it off and forget 😀

Bit out dated using speadsheets compared to some that are using third party online services like FreeAgent, though I feel some are using those services to do their job for them.

On the other hand SJD are going or have gone "online" with their own solution. Though I've yet to work out how to access it.

geoffj - Member 
> http://www.contractoruk.com/news/0012628government_approves_ir35_changes_april.html
Speculation, but no reason why it shouldn't be extended.

I find contractoruk very pessimistic. Constantly posting news articles claiming bad things will happen after picking up on some rumour, but they don't. Often they've put 2 and 2 together to get 5.