Software Contractor - Setting up Company

the-island-man

Hi,
I've been contracting for the last year and would like to switch from using an umbrella company to creating my own company and using an Accountant.
I'm wondering what things I have to do?
I have some idea but would like to clarify them.

I have in mind so far:
- Fill out A1 form and send to Company Registration Office (CRO)
- Open Company Bank Account
- Register with the Revenue for VAT
- Consider indemnity insurance
- Employ an Accountant for book keeping (Tax returns & Invoicing seems straight forward)

Is there anything i'm missing or that i'm way off with listed above?
Also can anyone recommend a good Accountant preferably in the Galway area? A big reason i'm deciding to switch is that I was not happy with advice on Tax breaks/Expenses to claim from the Umbrella company.

Any advice much appreciated.

Sherlof3

Have you tried Contracting365?

Nody

//MOD

This thread has been moved to Biz -> Business -> Entrepreneurial & Business Management which means a new charter is in effect.

OP, I think you'll find this forum more suitable for your questions regarding setting up your own company.

To the new Mods, if it is not a good fit please feel free to send it back to Biz -> Personal -> Work & Jobs.

//MOD

the-island-man

Sherlof3 wrote: »

Have you tried Contracting365?

It says it's a Contracting Plus company. This is a branch of the company I was with. I didn't find them very proactive with advice. Thanks though

HBrody

You should think about contacting a company that can do all of this for you. When I got started I used a company that was able to start everything up for me and came with basic accounting services so all I would need to do is give them my figures and they would file with revenue etc. Very easy and reasonably cost effective

JMR

Find yourself a good accountant, preferably from recommendations but not one that you have a personal connection to (Not a friend of your wife etc)

The accountant will advise on all the above and can get a company formation agent to get you set up, well worth the money in my opinion as it takes the hassle out of your hands

viztopia

i think you should ask some of the other contractors that you work with to recommend an accountant and get them to look after setting up the company for you and registering for tax. may be slightly more expensive than doing it yourself but you will be less likely to make a mistake which may cost you down the line.
one word of advice - don't think that you will be able to set up a limited company and claim loads of expenses as there will not be many you can claim and Revenue are closely monitoring travel expenses for contracting companys.

sysprogrammer

Hi,

I started out programming with an agency over 10 years ago and originally went with an umbrella contracting company , because it seemed easier at the time....

as soon as I had done some research I discovered that setting up your own limited company is the best option.

Have a chat with a decent accountant because they will have done this a 1,000 times and can reel off all the benefits of being self employed. (expenses being the best one!).

I would recommend IrishAccounts.ie (who I found in this forum).

A good accountant is worth their weight in gold and they will pay for themselves in savings and advice.

Best of luck,
Sysprog