I know this has been touched on before, but it's getting warmed up this year with (as I understand it) HMRC's insistence that public bodies are directly responsible for ensuring contractors' status.
I have been operating the business side of my work (I am also employed part-time) as a sole trader.
I've now been told by an intermediary (Capita) that I must incorporate or go under an umbrella company otherwise they can't work with me as the ultimate client is the NHS. I can't estimate the value of any contracts - I've only just got onto a framework agreement and have had no orders yet on that particular project. In any case it will be one day at a time if ever. But it is important and valuable in terms of experience and profile if I do get some under my belt.
Q1. Am I right in thinking if I incorporate I will have to do a payroll, whatever happens?
Q2. Is this straightforward? Or something to buy in?
My current accountant charges (in London) me around £500 for annual report and tax return. I do all the adding up. He takes a few bob off, adds a few allowances and files it. He says he can do payroll "but it costs". This is a historical relationship. I went to him because he used to do my partner's accounts when she was in a very specialised industry. But she has changed career now and does her own. So I'm also thinking of talking to some more 'grass roots' accountants who are more accessible to me where I live (and I'm pretty sure would be cheaper).
I know from previous forums that there are a number of contractors on here. It's a different set up, but I thought you might have an insight into payroll and accountancy (eg a monthly fee to an umbrella company when for all I know I may do no work at all doesn't suit me).
Thanks guys.
I have been operating the business side of my work (I am also employed part-time) as a sole trader.
I've now been told by an intermediary (Capita) that I must incorporate or go under an umbrella company otherwise they can't work with me as the ultimate client is the NHS. I can't estimate the value of any contracts - I've only just got onto a framework agreement and have had no orders yet on that particular project. In any case it will be one day at a time if ever. But it is important and valuable in terms of experience and profile if I do get some under my belt.
Q1. Am I right in thinking if I incorporate I will have to do a payroll, whatever happens?
Q2. Is this straightforward? Or something to buy in?
My current accountant charges (in London) me around £500 for annual report and tax return. I do all the adding up. He takes a few bob off, adds a few allowances and files it. He says he can do payroll "but it costs". This is a historical relationship. I went to him because he used to do my partner's accounts when she was in a very specialised industry. But she has changed career now and does her own. So I'm also thinking of talking to some more 'grass roots' accountants who are more accessible to me where I live (and I'm pretty sure would be cheaper).
I know from previous forums that there are a number of contractors on here. It's a different set up, but I thought you might have an insight into payroll and accountancy (eg a monthly fee to an umbrella company when for all I know I may do no work at all doesn't suit me).
Thanks guys.
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