Accountancy Fees for New Limited Company


R

Robin Grayson

Hi All,

I know this question is a little like "How long is a piece of string"
based on the little information I have, but I am going to be setting
up a UK Limited company in the next couple of months and was wondering
what kind of accountant's fees I could expect to have to pay?

We will use something like Sage to do our invoicing and books
internally.

We will mainly be selling software and consultancy, so invoices should
be fairly minimal, at most one per customer per month.

I don't think we would become VAT registered initially, unless forced
to by the inland revenue, or our accountant advises us to do so.

I'd appreciate any guestimates (or if you could recommend a firm? we
will be based in wakefield, west yorkshire)

Many Thanks,

Robin.
 
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M

Matthew Church

Robin Grayson said:
Hi All,

I know this question is a little like "How long is a piece of string"
based on the little information I have, but I am going to be setting
up a UK Limited company in the next couple of months and was wondering
what kind of accountant's fees I could expect to have to pay?

We will use something like Sage to do our invoicing and books
internally.

We will mainly be selling software and consultancy, so invoices should
be fairly minimal, at most one per customer per month.
Without knowing whether you expect 10 customers or 1000 customers any
estimate is going to be difficult.
I don't think we would become VAT registered initially, unless forced
to by the inland revenue, or our accountant advises us to do so.
Why leave it to your acountant to advise you? Whether you should or
shouldn't register for VAT is usually quite simple to figure out and will
depend on your product and customer base.
I'd appreciate any guestimates (or if you could recommend a firm? we
will be based in wakefield, west yorkshire)

Many Thanks,

Robin.
£450+VAT for the very simplest company. Sorry don't know Yorkshire.
 
C

constantinesavva

Hi

if I were you I wouldn't be too concerned about the accountant's fees
(after all, that should be no more than a professional person's
reasonable reward for his service) but my main concern would be to
ensure that:

1. I have a perfect business plan in place which would answer a few
critical questions that can make all difference between success and
failure, eg: Is my business idea feasible and profitable and does the
plan provide navigation and direction into the future before committing
myself financially and timewise, and

2. Has Tax planning been carried out to ensure I am not (unnecessarily)
allowing the taxman take more money from my pocket into his. Eg are you
sure that your business format is the most efficient taxwise (ie ltd co
Vs sole trader etc)? Have you determined how to take the profits out of
the business in the most efficient tax manner? Unbfortunately, tax
errors due to lack of tax planning cost money and cannot easily be
reversed. And there is no catch-all tax solution applicable to all as
everyone's circumstances (personal and business ) are different.

So, if your acountant provides value in terms of assistance towards
growing your business and tax savings, do you mind if he is charging a
reasonable professional rate? The cheapest accountant is the most
expensive in my eyes and from experience and I am sorry that I dont
mince my words. It pays to be cautious in business.

Good luck.

Chartered Certified Accountant
http://www.taxadviceuk.com
FREE Weekly tax Tips in understadable language for the small business
owner.
Unique ,innovative and tested TAX SAVINGS ANALYSIS that takes all taxes
into consideration and suggests tax saving ways on the basis of the
individual taxpayer's circumstances - FREE for a short period.
 
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R

Robin Grayson

Thank you both for your replies,

We are happy that our business plan makes good business sense.

I also agree with the comment that the cheapest would probably end up
being the most expensive ... I often think this of many profession,

We have had a firm recommended in our area, and personally would
rather go with a recommendation than picking a name from a yellow
pages!

Thank you both for taking the time to reply to this post.

Many Thanks,

Robin
 

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