Discussion
Hi guys,
Was wondering if anyone could give me some assistance. I'm will be setting up a Limited company and need to appoint an accountant. Has anyone had experience of this , as I'm looking to find out what is an appropriate cost for their services. What I would need them to do is basically as much as they can, so filling end of year accounts, all tax issues and some PAYE for the comapny directors.
I've had a quote for about £1000 for all the work which gets paid after the first year. Is this the sort of ball park for an accountant dealing with a limited company. I know i could probably find cheaper but they seemed very good.
Cheers for any help.
John
Was wondering if anyone could give me some assistance. I'm will be setting up a Limited company and need to appoint an accountant. Has anyone had experience of this , as I'm looking to find out what is an appropriate cost for their services. What I would need them to do is basically as much as they can, so filling end of year accounts, all tax issues and some PAYE for the comapny directors.
I've had a quote for about £1000 for all the work which gets paid after the first year. Is this the sort of ball park for an accountant dealing with a limited company. I know i could probably find cheaper but they seemed very good.
Cheers for any help.
John
I would suggest that this might be at the top end of the fee range - although it does depend very much on the overall level of activity of your company and how much in house book-keeping you intend to do yourself.
I would suggest that anything between £500 to £800 per annum is about right for a single director/two shareholders with director's only PAYE and dividends. That would normally include processing the director's personal Self Assessment tax return although that too could be result in a higher overall fee if the director had complicated tax affairs outside of the company.
Get a few qoutes and get a good feel for the rapport you might expect from the accountnat. I think having a good personal/business relationship with the accountnat is as much the secret of getting good advice.
I should also add that you should ensure that your accountant is properly qualified. There are quite a few "non-qualifieds" out there.
>> Edited by Eric Mc on Sunday 5th March 15:59
I would suggest that anything between £500 to £800 per annum is about right for a single director/two shareholders with director's only PAYE and dividends. That would normally include processing the director's personal Self Assessment tax return although that too could be result in a higher overall fee if the director had complicated tax affairs outside of the company.
Get a few qoutes and get a good feel for the rapport you might expect from the accountnat. I think having a good personal/business relationship with the accountnat is as much the secret of getting good advice.
I should also add that you should ensure that your accountant is properly qualified. There are quite a few "non-qualifieds" out there.
>> Edited by Eric Mc on Sunday 5th March 15:59
That operation seems to have a very unusual set up. The "top man" is an FCMA (i.e. a Management Accountant). That means his experience will be coming from "industry" rather than an accountancy practice (which might not be a bad thing - in certain circumstances). Secondly, they do not seem to have any employees. The people they use to do the work for you are "freelancers". This could lead to awkward situations if you had to resolve any issues with such an organisation i.e. as to who was responsible for what work etc.
I don't want to cast any doubts about that organisation (they may be fantastic) but anybody dealing with them should be aware that they are not dealing with a traditional accounancy practice or even a traditional practising accountant.
I don't want to cast any doubts about that organisation (they may be fantastic) but anybody dealing with them should be aware that they are not dealing with a traditional accounancy practice or even a traditional practising accountant.
Eric Mc said:
That operation seems to have a very unusual set up. The "top man" is an FCMA (i.e. a Management Accountant). That means his experience will be coming from "industry" rather than an accountancy practice (which might not be a bad thing - in certain circumstances). Secondly, they do not seem to have any employees. The people they use to do the work for you are "freelancers". This could lead to awkward situations if you had to resolve any issues with such an organisation i.e. as to who was responsible for what work etc.
I don't want to cast any doubts about that organisation (they may be fantastic) but anybody dealing with them should be aware that they are not dealing with a traditional accounancy practice or even a traditional practising accountant.
You're right!! We are not a traditional accountancy practice. We are a small company (3 employees at the moment, but looking to be 5 by the end of this year). Yes, the Top Guy is a from industry, but that's the market we're generally aiming at - people who are running small companies, but have need for a more commercial focused accountant, but can't afford (or have enough work) to employ someone full time.
We're here to help small business's develop with sound financial advice, and we offer a full range of accountancy services from book-keeping, payroll, management accounts, budgeting/forecasting, right up to audit.
Mrs Trackside said:
Hi John,
I've only just seen this thread.
Give this company a ring www.activefd.co.uk/Approach.htm
Sneaky!
2 sMoKiN bArReLs said:
Hi John,
I've only just seen this thread.
Give this company a ring www.activefd.co.uk/Approach.htm
Sneaky!
mrs trackside said:
Hi John,
I've only just seen this thread.
Give this company a ring www.activefd.co.uk/Approach.htm
Sneaky!
Is she rubbing her hands in an Eboneezer Scrooge type of way?
..y'know, like an accountant
You dont have to have an accountant for a limited company, I believe it depends on the turnover...
Your business banking manager is always a good source of local accountants and can usually push you in the direction of an accountant that will suit your personal needs so they'll have a list of box tickers and the more creative sorts.
Your business banking manager is always a good source of local accountants and can usually push you in the direction of an accountant that will suit your personal needs so they'll have a list of box tickers and the more creative sorts.
You don't have to have an AUDITOR if your turnover is below £5.6 million.
However, even unaudited limited company accounts do need to comply with the Schedule 8 disclosure requirements of the 1985 Companies Act plus the various accounting requirements as set out by the accountancy bodies as laid out in the Financial Reporting Standards for Smaller Entities (the FRSSE).
I would hazard a guess that the only people who are geared up to ensure that limited company accounts really do meet these rather arcane requirements are accountants in practice. I would even suggest that qualified accountants who don't work in practice are too out of touch with these rules to effectively produce fully compliant limited company accounts. Some may even be barred from doing so as qualified accountants usually need a separate "Practising Certificate" to be able to offer their services to clients.
>> Edited by Eric Mc on Wednesday 15th March 18:11
>> Edited by Eric Mc on Wednesday 15th March 18:11
However, even unaudited limited company accounts do need to comply with the Schedule 8 disclosure requirements of the 1985 Companies Act plus the various accounting requirements as set out by the accountancy bodies as laid out in the Financial Reporting Standards for Smaller Entities (the FRSSE).
I would hazard a guess that the only people who are geared up to ensure that limited company accounts really do meet these rather arcane requirements are accountants in practice. I would even suggest that qualified accountants who don't work in practice are too out of touch with these rules to effectively produce fully compliant limited company accounts. Some may even be barred from doing so as qualified accountants usually need a separate "Practising Certificate" to be able to offer their services to clients.
>> Edited by Eric Mc on Wednesday 15th March 18:11
>> Edited by Eric Mc on Wednesday 15th March 18:11
Presumably though you dont need an accountant specifically to comply with Section 8?
As long as the guidelines are followed it is possible to do your own, surely?
I started my meeting with my accountant saying I was here because I thought that it was an absolute requirement of Ltd company administration that an accountant be employed and he said it wasnt at all and if my needs were simple I could do it myself...
>> Edited by Plotloss on Wednesday 15th March 18:09
As long as the guidelines are followed it is possible to do your own, surely?
I started my meeting with my accountant saying I was here because I thought that it was an absolute requirement of Ltd company administration that an accountant be employed and he said it wasnt at all and if my needs were simple I could do it myself...
>> Edited by Plotloss on Wednesday 15th March 18:09
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