| Archive for Downsizer For an ethical approach to consumption |
| Leonie |
Liability InsuranceDoes anyone know what liability insurance I should have for designing websites, or do I need liability insurance at all? I generally don't do e-commerce websites but if I do, will I need liability insurance to protect myself? |
| hedgewitch |
The Professional Contractors Group might have something of use - they have a lot of free stuff up there that you don't need to be a member to see.
http://www.pcg.org.uk/cms/index.php You should look into it - I do have it and am covered for writing instructional stuff like online tutorials. I decided to get it just to be safe, incase I was given duff information that led to me writing something that ended up crashing their system or something  Although I insist on working with a system, not writing from specs, I can never be 100% that stuff hasn't changed before it reaches the actual customer when I am a sub-contractor. It's not happened so far, but I thought I'd take it out for 12 months and then see what I thought. Better safe then sorry was my original feeling.  
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| Leonie |
thanks hedgewitch, I'll have a read
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| RichardW |
When working as a IT contarctor we took out liability ins (was avaliable from the umbrela company that handled payments) just incase they had a problem with our work & decieded to sue (was working for one company via umbrella that contracted to IBM that was responsible to Boots) so I was concerned that they all would pass the buck.
Justme |
| MarkS |
caunce o'hara do a reasonable package. I used to need £5m liability insurance and they were the only ones that would do it sensibly.
All the companies that sent me 30 page proposal documents were ignored. You might also consider becoming a ltd company (if you are not already). Limited liability isnt everything that some people think it is, but has its uses. |
| Leonie |
thanks, no I'm not a ltd company, just a sole trader but my turnover is such that it's not worthwhile forming a company just yet. this is what I worry about too, if something goes wrong e.g. credit card fraud or privacy policy breached, everyone passes the buck and I have no cover therefore can't afford legal help to fight my corner etc. |
| MarkS |
Im not sure about that. If you do your own accounts then the extra cost of being limited is just the companies house fee every year (£15?)
Although the tax regime for sole trader and ltd employee/director are different. Not sure what the story is on that. I have only ever been ltd. there are those new limited liability partnerships which are a sort of half way house, but again I dont know the ins and outs. |
| Leonie |
so as a ltd company you don't have to get an accountant to do your books? our accountant led us to believe that the books have to be submitted to companies house and prepared by a chartered accountant. |
| MarkS |
small companies get all sorts of exemptions. Abbreviated Accounts have to be sent in but there is no audit requirement. Well assuming you do less than a few £million a year worth of business? Comp house just need a balance sheet, although I used to send balance sheet and P&L.
http://www.companieshouse.gov.uk/about/gbhtml/gba3.shtml#three I closed mine down last year but I always did my own accounts (use sage or tas or something). Companies house are just concerned with the layout, inland revenue need a form filing in but they are quite helpful (in my experience). Accountingweb and the accounting forum at contractoruk (and possibly pcg - I lapsed my membership when the fiasco over costs first came up) are good sources of advice. Your accountant said you have to submit audited accounts ? hmmm..... |
| Leonie |
yep, that's what they said, and they get £1000 for the privelage of doing them. Thanks, I'm going to look into that... |
| RichardW |
If they cant save you the fee then why bother using them. Even if you do it badly (I dont mean "bad" but say dont claim what you can or use any schemes that are avaliable) then that £1k is a lot of mistakes you can make & still be better off. If you anual tax bill is low do it your self.
Justme |