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Best pension for freelancer working via Ltd company?

(11 Posts)
misscph1973 Fri 22-Mar-13 10:56:16

I have been working as a freelance translator for the past 4 years via a Ltd company that I run with husband (he runs a online shop, we run the company together to save on accounting costs and our businesses are not related).

Previously I was a teacher (in Denmark) and when I stopped to become a translator, I also stopped paying into my pension scheme (arranged by employer and obligatory). This pension is still in Denmark as it is too much hassle to move it at the moment so I am waiting till it hopefully gets easier to move it.

I had set a goal of starting another pension the year I turn 40, which is this year. I can't really afford it yet, but I am thinking that I have to do it anyway as it was my goal and if I wait, it will never happen. So I am just going to pay in a small amount every month which I will increase each year.

But I have absolutely no idea what pension to choose! Before I ask my accountant for advice, I would like to at least look into it and have an idea of what my options are. I am looking for a safe and boring option, not stock market, possibly ethical investment. Can anyone help?

lemmingcurd Sat 23-Mar-13 18:55:51

haven't a clue I'm afraid but am in v similar boat as also 40 this year same profession and will be setting up ltd co shortly. hopefully the knowledgeable financial types will be along soon

Talkinpeace Sun 24-Mar-13 23:01:36

I WILL NOT put money into a pension.
I fill up mine and DH's ISAs
when I have spare cash I'll do the kids as well
no tax relief indeed, but less chance of losing it all in fees either.

2 x full ISAs and 2 x kids ISAs is quite a lot saved up in a tax free envelope each year ...

misscph1973 Mon 25-Mar-13 13:20:31

lemmingcurd, why are you setting up a ltd company? I am only asking as the yearly accountant fees will be more than £1000 so unless you really need to, you could be better of just being (staying?) self-employed (sole trader). I only set up the ltd company as I run it with my DH (and I am rubbish at figures, so really need an accountant).

Talkinpeace, I had thought of the same, actually. What company do you use and how much can you put in the kids ISA?

Talkinpeace Mon 25-Mar-13 16:44:32

I am only asking as the yearly accountant fees will be more than £1000
Any accountant who has the gall to charge that much on a simple Ltd Co deserves to be fired. If the records are good, £400 is nearer the mark.

at the moment we are just filling our cash limits so I move the accounts every year
Kids ISAs are £3600 per year per child
when the mortgage is paid and I start doing share ISAs I'll probably self manage ...

misscph1973 Mon 25-Mar-13 20:24:47

Talkinpeace, I haven't been able to find a chartered accountant who charges less, but it cover everything - year end accounts, VAT, personal tax and any questions I might have. What do you mean, "if the records are good"?

Thanks for info on ISAs.

I might add that I am totally clueless with figures ...

Talkinpeace Mon 25-Mar-13 20:27:46

ask here ....

flatmum Mon 25-Mar-13 20:32:20

400? really? i am an It contractor and everyone i know (scores of people) pays their accountant around £100 a month. This includes PAYE.

Where are these 400 a year accountants?! do you mean 400 for year end accounts only?

flatmum Mon 25-Mar-13 20:34:46

re kids isas, are you not affected by the childcare voucher fiasco talkin?

i was about to open some and have been told that i cant because my children age 2-8 were forcibly given a poxy £243 voucher i didnt want. i am pissed off about this.

Talkinpeace Mon 25-Mar-13 20:48:00

my kids are too old for all that guff. I got nothing when they were born - just 8 weeks maternity leave

and accountants - your IT friends need to shop around!
going rate is £10 for a payslip and for a basic VAT return from decent records - go have a natter with the bods on UKBF

misscph1973 Tue 26-Mar-13 19:58:51

Thanks for the link to the business forum, Talkingpeace, it looks really useful. I use Kashflow myself, and I see they have a Kashflow forum, really handy.

flatmum, your accountant fees sounds more like mine. I don't think my records are "decent", they are pretty simple, but there are loads of small invoices in different currencies with different payment terms, to begin with. And then of course my DHs invoices are daily and even smaller as he runs a web shop.

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