Any accountants able to offer some general advice

sophies hero

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Hi i'm hoping someone can point me in the right direction here as im a bit confused about what my options are.

I'm a self employed plasterer mainly sub contracting site work. I work with a friend and have done for several years. Everything is 50/50 split so an unofficial partnership.

In the coming weeks we are starting a new job for a company we have a long standing relationship with. They want us to supply a small amount of extra labour 3-4 men for 2-3 months. With this we'll be getting payment for all of ours/their work and in turn paying the other men obviously.

Having spoken briefly to an accountant he says we would need to go LTD but the profit we will be making on people isn't massive and will be swallowed up by paying tax on the gross and then paying tax on our subbies not to mention his fees. He says we won't get gross payment status until we have 1 years books? Is this true and if so is there a way we can legally and efficiently grt round the double tax issue?

Also can anyone recommend any accountancy services in the west midlands? Does anyone use online accountants or are they a false economy?

Thanks, steve
 
Yes i've seen the HMRC site, was just wondering if anone had been in or dealt with a similar situation but appreciate the link. Yeah if you could pm me that would be good. Have you used them yourself?
 
Yes i've seen the HMRC site, was just wondering if anone had been in or dealt with a similar situation but appreciate the link. Yeah if you could pm me that would be good. Have you used them yourself?

I'll pm u his info. I can't say a bad word about him tbh.
 
I have seen people caught out by this. Make sure your payment terms are short with the Company. I have seen Companies paying out for Labour then not getting paid but the work complete. Sorry but it happens.
 
I have seen people caught out by this. Make sure your payment terms are short with the Company. I have seen Companies paying out for Labour then not getting paid but the work complete. Sorry but it happens.

Were lucky to have a very good relationship with the company. Payment terms are weekly and for invoice amount. Been like that years so don't expect any issues from them. Was more concerned about the tax issue
 

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