97TURBO

Can anyone advise me on roughly what you would expect to pay an accountant to do tax returns etc.. for a self employed contractor?

Secondly, on PAYE tax can anybody advise on the below scenario (please excuse if it seems ridiculous, I know little other than the very basics )

Week 1 earning £700
Week 2 earning £950
Week 3 earning £900
Week 4 earning £700

On being paid weekly should you expect week 4 to be taxed exactly the same amount as Week 1?

Thanks in advance

billythekid

The answer is - it depends.

The more work you do yourself the cheaper it will be.

If you just have a weekly invoice, no purchase invoices and don't do VAT or company cars, pensions etc then it wont cost too much.

Don't use an accountant based on cost though. You want someone who will look at your position and advise best possible route for your own position.

Everyone is different but in 90% of cases LTD company is the way forward.

Some things to look into, IR35, VAT, insurance, pensions, dividends, directors loans and company cars / mileage etc.

billythekid

FWIW when I was contracting I was paying about 1.5% TO in accountants fees. Its deductible though.

I now pay about 1% with the same guy, TO is 3 times higher though and my position is more complex.

Chip

I pay £30 a month plus vat, Ltd comp.

97TURBO

Thanks for the feedback folks.
Does anyone have an answer regards the PAYE question?

quattroowner

iTrader: (5)

Ill ask my mum for you ( I know !!) as shes a accountant and probably give some advise for free over the phone.

hodgy0_2

Paye stands for pay as you earn if that's any help

Midlife......

iTrader: (2)

I'm on PAYE and for ever £1000 I earn I think about £370 lands in my pocket........personally I'd pay an accountant even if they cost 1% of earnings.

Shaun

Chip

How come? Do you pay a huge amount into your pension then.?

jonc

Wife tax!

XDevil666

Think mines on a weekly inflation rise

Apparently I cant waste money - but this weekendshe is off to go buy the 4 year old another Ipad (he smashed the lastone to bits) and a lovely 600 digital camera... oh and shes currently looking at the booking the Maldives even though we have a holiday booked for may... but yeah to her we are skint when it comes to me wanting something lol

hodgy0_2

When I reported my wife's credit card stolen to the police

They queried why it had taken me Six weeks to do so

I said because the thief was spending less than she was

billythekid

If tax was being taken at source as PAYE then yes week 1 and week 4 would be the same if your tax code had remained the same for all 4 weeks.

If you were paying tax at the end of the year via a tax return it would not matter as it would just be income for the year minus any deductions or credits.

IYSWIM.

(I am no expert that's why I pay someone)