Accountants cost for adding a simple Ltd
Discussion
Ken Figenus said:
What would you reckon the cost of adding annual prep of anual returns for a simple additional company with about 50 (electronic/CSV) annual transactions and no VAT and no employees would be from an accountant who does all your existing accounts?
No idea, maybe a couple of hundred from a small freelance accountant but you can do it yourself in about an hour unless it requires an audit (£10m turnover or £50m assets). Or get an accountant to do year 1, subsequent years it’s a case of recalculating the equivalent numbers. That’s assuming there’s no capital allowances, depreciation, expenses, overseas transactions, carry forward loses, long term tax planning etc.. and it’s just income less expense, resulting in profit to get added to balance sheet and drawn down as dividends.Minimum £400 plus VAT. The term "annual return" is now redundant. The normal basic accounting service would be -
Completion of annual statutory accounts in full disclosure format (ensuring accounts are in accordance with up to date and current accounting standards (FRS105 for smaller companies)
Completion of annual statutory accounts in abridged disclosure format
Preparation of Corporation Tax computations and associated Corporation tax return
Submission of the Corporation Tax return and computations together with full format accounts to HMRC
Submission of abridged accounts to Companies House
The above services are pretty much essential.
The accountant may also be required to complete and submit the Companies House Confirmation Statement (what used to be called the "Annual Return").
Completion of annual statutory accounts in full disclosure format (ensuring accounts are in accordance with up to date and current accounting standards (FRS105 for smaller companies)
Completion of annual statutory accounts in abridged disclosure format
Preparation of Corporation Tax computations and associated Corporation tax return
Submission of the Corporation Tax return and computations together with full format accounts to HMRC
Submission of abridged accounts to Companies House
The above services are pretty much essential.
The accountant may also be required to complete and submit the Companies House Confirmation Statement (what used to be called the "Annual Return").
Eric Mc said:
Minimum £400 plus VAT. The term "annual return" is now redundant. The normal basic accounting service would be -
Completion of annual statutory accounts in full disclosure format (ensuring accounts are in accordance with up to date and current accounting standards (FRS105 for smaller companies)
Completion of annual statutory accounts in abridged disclosure format
Preparation of Corporation Tax computations and associated Corporation tax return
Submission of the Corporation Tax return and computations together with full format accounts to HMRC
Submission of abridged accounts to Companies House
The above services are pretty much essential.
The accountant may also be required to complete and submit the Companies House Confirmation Statement (what used to be called the "Annual Return").
Companies house is a single tick box from HMRC to offer to create the submission if you want it to be.Completion of annual statutory accounts in full disclosure format (ensuring accounts are in accordance with up to date and current accounting standards (FRS105 for smaller companies)
Completion of annual statutory accounts in abridged disclosure format
Preparation of Corporation Tax computations and associated Corporation tax return
Submission of the Corporation Tax return and computations together with full format accounts to HMRC
Submission of abridged accounts to Companies House
The above services are pretty much essential.
The accountant may also be required to complete and submit the Companies House Confirmation Statement (what used to be called the "Annual Return").
The HMRC one is now form filling for simple companies in much the same way as an online self assessment tax return is, albeit the numbers are slightly harder to work out.
The Corporation tax return is the end product of a calculation process following the preparation of limited company accounts that comply with accounting regulations (as set out by the Financial Reporting Standards) and the relevant Corporation Tax rules that apply to the company's circumstances.
Anybody can send in a form. Not that many can carry out the correct calculations, computations, elections, options, claims etc.
That's what accountants are for.
Anybody can send in a form. Not that many can carry out the correct calculations, computations, elections, options, claims etc.
That's what accountants are for.
Edited by Eric Mc on Tuesday 22 October 11:11
The sum you mentioned is exactly what I had in mind Eric as I was a bit put out by the implication that it should be 4 figures for a simple company, no VAT, no employees (other than director) under 50 transactions PA and of course they are doing everything else for me already so should be rather straightforward. Will have a chat Monday...
The sum you mentioned is exactly what I had in mind Eric as I was a bit put out by the implication that it should be 4 figures for a simple company, no VAT, no employees (other than director) under 50 transactions PA and of course they are doing everything else for me already so should be rather straightforward.
They key, as you suggest, is devising the most effective way to work in the profit with other income/ventures for the best result and thats where an accountant adds value and skill.
They key, as you suggest, is devising the most effective way to work in the profit with other income/ventures for the best result and thats where an accountant adds value and skill.
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