Part 1
So I've decided to start contracting, as it's more lucrative.
The best package I've found for accounting is a cloud based one called
Freeagent. If you use this referral code (
44lzibg1
link:
http://fre.ag/44lzibg1 and it'll give you 10% off your monthly bill! )
Getting a discount code of 10% for Freeagent will add up, as the more you refer, the more you get discounted.
Initially to set this up, I went to Barclays and setup a business account and started with a business current account and a savings account. I was planning to use the savings account to store all the VAT I made from sales. They also have data feeds, which allows Freeagent to grab the data from your accounts and present it in there software, so you don't have to manually enter every entry in your accounts. Super easy.
It takes about a week to get your accounts setup, and you'll get a bunch of letters and cards through the post, though it took around 1-2 weeks to get an appointment, so book it ASAP
Next step is to setup VAT stuff on the HMRC website... I'll cover that in part 2
