Self employed help

beckysheffield

Pennywise wrote: »

Pretty average actually as there'll be book-keeping, VAT returns, monthy payroll/PAYE, annual accounts, annual CT return, annual personal tax return, and ongoing advice re what's claimable and optimising wages/dividend mix.

Ah right. I need an accountant so it’s a good idea to know what is the average cost.

rajat2213

yeah there is some disadvantages of being self employed. i think you have to talk with your authority about these .

Potbellypig

00ec25 wrote: »

because he is going to be working through an umbrella company by the sounds of it, hence him being charged a £1,200pa fee for the "privilege" of paying his own tax - which is only slightly less than directly employing an accountant to do his company accounts and advise him on lots of other aspects as well that may not be done by the umbrella company

£1200pa for an accountant?! Not even close.

Potbellypig

Luke92 wrote: »

Hi all, just after a bit of advice as I've been searching the internet and can't really find or understand what I'm looking for.

Ive always been employed but have recently been offered a new job. I am an engineer and within this job they have said I will be self employed. I will be using there van which they will pay all expenses e.g. mot, tax, insurance and congestion but I have to pay for all fuel and parking. I'm estimating this to be around £700 a month. The reason for this post is to see how much I would be able to claim back? My yearly earnings will be between £50,000-£100,000 and they will be paying me monthly. They also advise I pay a company they use £100 a month and that will include all my insurances and accounts. Meaning that they will take off my tax and national insurance every month before the money goes into my account and then at the end of the tax year I give them all my receipts including fuel and parking.

Any help or advice would be much appreciated as it's all very new to me and want to get some facts before I jump in.

So as someone else has said, you'll be 'self employed' but paying an umbrella company to do the leg work. Do you have an option to not go through the umbrella company and look for an accountant yourself? I'd recommend the latter, if possible.


You'll be able to claim back some mileage, but it won't be anyway close to £700 a month. I claim about 8000 miles a year @ 45p a mile. An actual accountant would be able to advise you on some other bits that would be able to help you too.



I'd keep your eye on IR35 too. Ask your potential new company how they are protecting you from this.

00ec25

Potbellypig wrote: »

£1200pa for an accountant?! Not even close.

really? I take it you don't work in a practice that deals with just this sort of contractor then?

kidmugsy

Might it not be better for the OP to set up his own company, selling his services? Or is that implicit in all this discussion?

00ec25

kidmugsy wrote: »

Might it not be better for the OP to set up his own company, selling his services? Or is that implicit in all this discussion?

implicit - hence get his own accountant who can advise him on all his options, not just take money for processing an umbrella scenario

Potbellypig

00ec25 wrote: »

really? I take it you don't work in a practice that deals with just this sort of contractor then?

I am a contractor with my own Ltd company. My accountant is an absolute gem, and charges nowhere near £1200 per year.