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You guys need to learn some accounting. Don't be afraid of book-keeping and be keen on any rule that helps you save on taxes. Overall, a limited company can sa
by tkyjonathan 11y ago
You guys need to learn some accounting. Don't be afraid of book-keeping and be keen on any rule that helps you save on taxes.
Overall, a limited company can save you around 20% on taxes over a salaried worker. That alone makes it difficult to go back to full-time employment.
- pkaler 11y agoI agree with you in principle, but not in practice. Outsource your bookkeeping to Xero or Bench or wherever. As a consultant, accounting is a cost centre. You should be focusing on sales, marketing, or service delivery. As a consultant, you are now a business. Ring the freaking bell or deliver service. That's your new job.
- roel_v 11y ago"As a consultant, accounting is a cost centre." While I can't claim to know every jurisdiction, this is a very naive way of looking at things. Situations in which I was first-hand witness to people making (lots of) money from knowing the books well (i.e., much better than if someone else would do it): - subsidies (like for 'innovation') - in case of a tax audit - some junior accountant who gets tasked with the small clients at a firm isn't going to be able to defend some stuff as well as someone with skin in the game - on bankruptcy or when talking to a bank And I'm sure there are more.