Nasa umbrella or self employed help needed

I’ve got a new job through an agency who recommended NASA as an umbrella company to get wages paid through, which I’ve never done before.

I’ve spoken to a few of the other drivers that said stay well clear of umbrella companies, go self employed and get an accountant

I need some advice regarding this, how do i at up to go self employed?

Can anyone recommend an accountant in Bristol that I can speak to and is it easy enough to sort out?

Nasa is £12.50 a week, how much do accountants charge?

Thanks

Go to HMRC website,
It takes a mere 20mins to set yourself up as SE on it!!!

Best to get advice from an accountant too and they certainly won’t charge you 12.50/week!!! :unamused:

hi mate , i am self employed and i have a chartered accountant and she is fantastic , she sorts everything out for me and i put everything throught the company fuel mobile phone workware the lot , she set it up for me and all i pay is about £300-£400 a year and don’t have to worrie about a thing. :smiley:
don’t use the umbrella there all [zb]

Big Truck:
Go to HMRC website,
It takes a mere 20mins to set yourself up as SE on it!!!

Best to get advice from an accountant too and they certainly won’t charge you 12.50/week!!! :unamused:

That’s for sole trader. If you’re doing it Ltd Company its a completely different kettle of fish.

Thanks for the input. It seems setting up as a Ltd Company might be the way to go. I don’t know where to start with looking for an accountant to ask about this stuff though.

That’s £1250 per year. When I was SE I went into the accountants once a year and he did my tax return for £100. Best thing to do is check your local area for accountants that specialise in SE. Go and ask them how much it costs to use them.

Set the limited company up yourself on “companies house” website. 15 quid.
An accountant will charge for it, yet it’s simple to do yourself. (my 1st accountant wanted £120, done it maself and was limited in 24 hours)

Register for flat rate VAT, as u charge 20% n only pay 12%.

Pay an accountant do deal wi the rest, a lot cheaper than umbrella co.
Accountant will advise u free on 1st app n may even give u spreadsheets to keep your books, this cuts his bill.

I’d also recommend usin more than one agency and approachin firms direct to avoid “IR35”, accountant can advise on that to.

Get recommendations for accountants, as 1st one I used, I got shot of within a week as I seemed more clued up than him.

I’m going through this process at the moment.

And good luck!!!

If u try to register on companies house and unsure what to put on the form, ask me here or PM, whilst its fresh in ma heid lol

:unamused:

Setting up a company is easy, do it online takes 10/15 minutes, and all the paperwork is done for you, and they will email you the certificates etc, costs about £20:

companiesmadesimple.com/comp … wwodvz0AIw

Register for flat rate VAT on at HMRC site - but be warned they are clamping down on VAT registrations, so expect a letter from them asking for copies of contracts or evidence etc. You don’t have to be VAT registered, but it will make you more money and most places will expect you to be anyway.

Then get yourself a company bank account - Barclays used to guarantee you one via the above site, don’t know if they still do or not; if not speak to the branch where you hold your personal account.

Accountants - if you go Ltd, expect to pay a bit more for their services, but the tax they will save you will more than pay for it.

I can recommend my accountant if you pm me, I’ll send you the details.

Thanks for the info and the offer of help chaps. I think this will have to be done over the weekend. Herongate are you in the Bristol area too?

MikeDBristol:
I’ve got a new job through an agency who recommended NASA as an umbrella company to get wages paid through, which I’ve never done before.

I’ve spoken to a few of the other drivers that said stay well clear of umbrella companies, go self employed and get an accountant

I need some advice regarding this, how do i at up to go self employed?

Can anyone recommend an accountant in Bristol that I can speak to and is it easy enough to sort out?

Nasa is £12.50 a week, how much do accountants charge?

Thanks

How long do you intend to pursue this agency career?
If its only short term, then your probably wasting a lot of effort

The agency work looks like it could for a few years.

Having now setup the ltd company and found a trust worthy accountant, I’ve be reading into IR35. If I wanted to go down the more legitimate route to avoid getting stung by the hmrc for tax avoidance in the future (i can see the benefits of the dividend payments etc but at the end of the day it sounds like a huge headache if hmrc were to catch up with it all) my option is to go PAYE, right? In which case is it still beneficial to be a ltd company, paying a accountant etc.

Sorry I’m a noob to all this.

PAYE just means being an employee, with your ‘stamp’ and tax deducted as you earn, by your employer…so you don’t need an accountant. You may be able to reduce you tax bill by filling in a self-assesment form every year though.

You can be a ‘sole trader’…which is true self-employed. But, you need more than one client (an agency that pays you to work for more than one company is still just one client) and you need to be able to demonstrate that you are genuinely self-employed…ie not directly supervised etc.

You save in terms of national insurance, and probably tax.

But you don’t get the benefits of being an employee…paid holidays, sick pay etc. So the rate you charge needs to reflect this.Don’t get suckered into working for the hourly rate paid to full-time employees.

Yes, thanks Gas Gas, that makes sense. I think I’ll give the accountant a ring about it.

The job I’m doing isn’t somewhere I can use different agencies and do work for other places for periods of time. The ir35 is directed at exactly what I was going to do.