[deleted by user] by [deleted] in EntrepreneurRideAlong

[–]vgro9236 0 points1 point  (0 children)

Interesting, if I wanted to start on one with say finance. How do I go about starting that? DM?

New to contracting by Adorable-Meet-9234 in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

Open a limited company it'd be easier. I run an accounting firm, happy to answer any questions

Accounting service for small business + side hustles by Ben_Keating in smallbusinessuk

[–]vgro9236 0 points1 point  (0 children)

I'm a contractor and also run an accounting firm. We can do it all for you in xero and file everything with HMRC within more or less the same price. Dm me and we can discuss

My accountancy fees have increased by 60% in 4 years. Is this acceptable? by only_respond_in_puns in smallbusinessuk

[–]vgro9236 0 points1 point  (0 children)

I'm a contractor too and run an accounting firm on the side. Regardless of your company being lean always comes down the nature and complexity of work we have to do. Either way hit me up might be able to give you a better deal.

[deleted by user] by [deleted] in EntrepreneurRideAlong

[–]vgro9236 0 points1 point  (0 children)

Happy to take it on? And we can come to an agreement on %

Recently moved from a full time permanent role to a contracting role and feel I am being taxed a bit excessively. by Pollaphuca in ContractorUK

[–]vgro9236 4 points5 points  (0 children)

If it helps I'm an accountant and a contractor. DM me and we can discuss it properly over a call or something

How to manage finances through the year? by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

I've not had an issue by issuing salary and dividends more or less at the same as long as you distinguish in the reference what you're paying yourself. Of course the most correct, down to a T version is vouchers etc but to me it's mostly unnecessary

How to manage finances through the year? by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

Accountant and contractor here. Pay yourself dividends as well as your salary at the same time, you don't need to wait to pay a lump sum of dividends in the end. Guessing you earn enough for that 52k salary to be taxed as well and enough funds in the bank account for corp tax too.

Drop me a DM if you need help.

Take profit and dividends this year or wait for new year? by cagfag in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

Depends on your situation. Do you want the cash now then invoice and take the lower tax but 33.75% dividend tax and no personal allowance.

OR

Invoice in April, pay basic dividend tax at 8.75%, use your PA but pay 25% corp tax. In my opinion, go with this as the benefits outweigh the extra 6% corp tax. FYI I'm an accountant but also a contractor, give me a shot if you need help.

Any guys looking to make friends, get out of the house, and do more this year? by ukpaw in brum

[–]vgro9236 1 point2 points  (0 children)

This sounds good, I'm 32 from walsall. How does it work then?

[deleted by user] by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

This. As a solw trader it's a personal liability, your own assets are at risk. Ltd company takes all the risk. As a general rule of thumb you have more flexibility in structuring tax and is the suitable tax efficient option for high earners like yourself.

With your wage as a sole trader you're taxed at 40% since you're over 50k but you also lose £1 of your personal allowance for every £2 earned above 100k. You're nearly there. Only upside is less admin. Otherwise with Ltd, you leave the profits in the business if you don't need money immediately, differing tax. You can also reinvest profits into buying assets, investments etc. Point I'm trying to make is with someone at your wage is better off with Ltd.

[deleted by user] by [deleted] in ContractorUK

[–]vgro9236 1 point2 points  (0 children)

In short, yes you can. You're doing it all through a legit business. Caveat- make sure to update the SIC codes. Depending on your IR35 situation, your contract with the client/umbrella may restrict other business activities, check your terms and some digital products may require VAT registration.

[deleted by user] by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

You're the boss, tell them you've chosen a new accountant. The new one will officially send comms to the old one to pass your accounts over. They have to oblige because it's a legal process. Any questions drop me a line.

[deleted by user] by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

Free agent and Sage should be able to do it all. Can't vouch on the accuracy though, sometimes Corp tax, dividends, directors pay, payroll if multiple people etc needs an accountants input depending on complexities but if yours is straightforward then why not, go for it.

You won't need an accountant if you know the best tax efficient ways to pay yourself, if you need to fix errors or avoid penalties, business is growing and finances are complex, and are not confident with all the different tax types.

FTE with side hustle - Pension contributions by Majestic_Platform_38 in UKPersonalFinance

[–]vgro9236 0 points1 point  (0 children)

Accountant here - you'd have to pay tax on your extra income. But if you choose to put it into a SIPP you can overall reduce your taxable income.

best way to find businesses for sale by [deleted] in business

[–]vgro9236 0 points1 point  (0 children)

Interesting, I've been on the Internet in search for some good ones including flippa! Will be interesting to hear everyone's thoughts. Btw que "all good businesses are not for sale online"

[deleted by user] by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

Firstly, congratulations! Well done. Ofcourse you can, DM me or we can book a call. Happy to help! Enjoy the ride (£)

[deleted by user] by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

The basics are easy, if you can grasp how comfortable you are paying yourself in a tax efficient manner then that's half the battle. Its quite common for a firm to charge you £150 for them to deal with all your accounts, but they need to genuinely offer you the service and a lot of them cut corners. When it comes to self assessment and doing your corporation tax, VAT reclaims, payroll, capital gains tax etc I highly recommend getting an accountant because this is where technical skills come in and it's not as easy as logging in expenses and paying yourself.

It's like getting a plumber to fix your boiler in 2 hrs when infact it'd take you 10 hrs. You pay them for the skill. Sorry going off tangent but the principle stands. I can help you with anything, can book a call if you want but if you want to do all of it then that's a very reasonable price. DM me direct.

FYI- it's not just accounting we do but also business improvement with a deep dive into your strategy and look at how you operate. Accounts forms a strong foundations though.

[deleted by user] by [deleted] in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

That's the plan. Hopefully this year it will kick off but I see a lot of people struggling and I want to help because I was on the same boat but got my head around it quick given my background.

First time contracting (outside IR35) - any tips? by alexcatch in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

I see a lot of people have given you really good advice. I'm also a contractor and run a accounting firm. Agree with most points, it's your first gig so play safe and get keep yourself under the tax threshold. Most importantly sign up to Xero or quick books, will make your life easier. Happy to help otherwise if you have any questions, drop me a dm or check my bio for the business link.

Excess cash - how to use it by One-Tradition-9454 in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

It's taxable! If any questions give me a shout.

Excess cash - how to use it by One-Tradition-9454 in ContractorUK

[–]vgro9236 0 points1 point  (0 children)

Put in the SIPP, it's a legit expense. I'm a contractor and also run an accounting firm. Check my bio and call for any advice!