Hi I am currently employed on a part time basis. I am in negotiation with another company about working for them part time, I am also setting up another project on a self employed basis one day a week. Would I be better off setting up my own company and being self employed for all three. At what point is it worth employing an accountant and book keeper to help out with the tax etc?? I guess being employed is more secure although I dont get any sick pay or other perks really with the job. I am giving myself a head ache trying to sort it all out! If I employ an accountant and then nothing really takes off then I will be left with a huge accountant fee and not enough income to cover it. Help someone please give me a few words of advice please.
My account is £250 for preparing my accounts, based on me doing the paperwork, but at least I know she'll ensure my return etc is right. It sounds complicated, I'd seriously consider getting somebody on yourside.
I have run my business as a both a freelancer and limited company over the last 8 years depending on my situation and their tax position at the time. I would strongly suggest you see a local reputable accountant ASAP and get some advice. Mine has more than paid for himself over the years. Limited company may be easier in your position tax wise, but accountancy fees higher for company so depends on your level of earnings.
Most accountants should offer a bit of up front advice and be able to confirm their fees. If in doubt who to go to, ask your favourite local independent company who they use - good accountant means well run business!