IT Contractor Accountant (Dublin)

D

dtlyn

Registered User
Messages
166
Hi All,

I've been searching the forums and have found some similar answers, but nothing that nails the hammer on the head.

I'm looking to move from a permanant IT role into working for myself with a view, in the longer term, to building my own business.

However, the business idea is currently in the developmental stage and I would like to work as a contractor in the interim in order to generate some cash-flow.

I have a requirement, therefore, to set myself up as a contractor via Limited Company and would like to establish a relationship with an accountant.

I don't mind paying for a good accountant who could provide a personable service, answer my queries and could provide tax and company advice going forwards.

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
 
I and a number of my friends (all it contractors) have been using the same accountant for the past number of years - definitely not the cheapest but very good & have been working with it contractors for years - one of my mates has been with the 10 years.

pm me if you want details.
 
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
 
dtlyn said:
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
Click to expand...

I would reccomend this one for a decent service with fair and reasonable prices
[broken link removed]
 
andrewol said:
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
Click to expand...

I second that, we are a general accountancy practice in Dublin but do a lot of work for contractors both through their own limited companies and via umbrella companies. Would be happy to assist with any queries you might like to post on the forum or via PM.
 
Have you found any good option yet?
Do Let me know if you get a better option than www.cxc.ie and how much it will cost. Contracting via them. havent had any complaints but still would like to check out other options.
 
dtlyn said:
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
Click to expand...

I don't know if you're referring to Prima as a "bare bones service company" or a "Larger IT Contracting specific umbrella style company" but for the record can I state that we are neither!!!

There are some "bare bones service companies" operating in this country. That doesn't mean that all companies providing accountancy services to contractors in Ireland are the same, far from it.

We employ a team of professional accountants and payroll staff and offer a range of options contractors working in IT, Engineering, Finance, Medical and many other fields. We do offer umbrella companies for those contractors wanting convenience, and also offer a personal company service for those who want their own company. Contractors with their own personal company have a dedicated qualified accountant to provide exactly the service you required, i.e. to "provide a personable service, answer my queries and could provide tax and company advice going forwards".

I fully accept that there are companies providing services to contractors who cannot provide a comprehensive accountancy service, but please don't tar us all with the same brush!!



Regards

www.prima.ie
 
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.
 
sinbadsailor said:
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.
Click to expand...

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.
 
epopnomis said:
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.
Click to expand...

From reading posts here and on other Irish forums, it seems that most principals would seem to favour dealing with companies rather than sole traders.

That seems a high fee, what did they propose to do for you to earn that?
 
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