Hi All,
I've been searching the forums and have found some similar answers, but nothing that nails the hammer on the head.
Any recommendations would be very helpful.
Regards
D
Hey,
If you have a few queries you could post here on the forum, i do a good bit of work for Contractors myself and im sure between the accountants that contribute here youd get a few answers.
Good Luck with it!
Andrew
As a result I'm reluctant to use any of the larger IT Contracting specific umbrella style companies or bare bones service companies ( prima, CXC etc ....)
Any recommendations would be very helpful.
Regards
D
A word of warning. The bigger the accountant the more it will cost you.
You will more than likely have a newly graduated associate working onyour books but will be charged the
company rate for it.
As a single man IT contractor, it is essentially a simple book-keeping service you are after and at the end of the day the accountant just signs off on your calculations during the year.
Knowing someone who has been contracting for 5 years, and getting charged upwards of €3500 per year for a personal tax return and company return ( They provided the calculations and they were just verified, once or twice with a P35 ammendment needed ) they found that the main reason they were getting overcharged was that they didnt take the time to understand the minimal tax side of things, regarding their company, which are:
1. VAT - easy one, stick it in a seperate account and file online
2. PAYE/PRSI - Tax Credits cert gives all the info you need to do simple calcs, lodge returns on ROS
3. Expenses - Make sure they are legitimate for business and pay them to yourself without fail
Save all pdfs from ROS and manage expenses and salary via Excel, all it takes is good planning and a bit of math. Accountants have their place, but the day to day running of a one man company is not that complex, barring any fancy property, company cars, directors loans etc.
So learn how to do 80% of it yourself, formulate a system that works for you and stick to it and get a qualified small accountant with a good rate, who appreciates your business to sign them off.
So I'm planning to start as a contractor next month. I know I need to set up a compnay first, should it be a ltd company or should I be applying as a soletrader? As you ahve said in your post, it should be easy enoogh to maintain accounts for an individual. CxC are looking for approx 3600 a year to provide this sevice. Seems very steep to me.
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