Company registration services
Discussion
Chaps
I have been working on a business plan for the last few months & have been reading up on forming a limited company. I have now got to the stage where I want to do this. I understand I need to register a company first and a simple google brings up loads of companies offering registration services from as little as £19.99. Are there any of these service-providers that anyone would recommend, and any of the extra services that these companies offer that are worthwhile considering?
Lastly is it better to buy a company that has already been set up and then transfer a name across, or set up one from scratch & are costs & lead time the only differences between the two approaches.
Cheers
I have been working on a business plan for the last few months & have been reading up on forming a limited company. I have now got to the stage where I want to do this. I understand I need to register a company first and a simple google brings up loads of companies offering registration services from as little as £19.99. Are there any of these service-providers that anyone would recommend, and any of the extra services that these companies offer that are worthwhile considering?
Lastly is it better to buy a company that has already been set up and then transfer a name across, or set up one from scratch & are costs & lead time the only differences between the two approaches.
Cheers
I have considered the alternatives, and indeed have searched this forum as far back as 2003 to see what has been said in the past, and sought advice from business link.
I would expect quite a high first year turnover with fairly high individual sales and a requirement to be VAT registered from the start. I accept the extra cost involved with submitting accounts and am happy to manage the paperwork side. I also want to limit my personal exposure should things go wrong.
I am however open to advice, and if there is a better way of starting out I will gladly listen.
Cheers
I would expect quite a high first year turnover with fairly high individual sales and a requirement to be VAT registered from the start. I accept the extra cost involved with submitting accounts and am happy to manage the paperwork side. I also want to limit my personal exposure should things go wrong.
I am however open to advice, and if there is a better way of starting out I will gladly listen.
Cheers
Just checking 
Many people set up limited companies without taking into account of or being aware of all the additional bureaurocratic requirements that limited companies automatically generate. If you are fully aware of all these issues, then you are least moving forward from a position of full knowledge of all these additional responsibilities.
Although I am biased, once you set up a limited company, I feel that it is imperative that you have the close and regular involvement of a qualified accountant even BEFORE you have started to trade.
Many people set up limited companies without taking into account of or being aware of all the additional bureaurocratic requirements that limited companies automatically generate. If you are fully aware of all these issues, then you are least moving forward from a position of full knowledge of all these additional responsibilities.
Although I am biased, once you set up a limited company, I feel that it is imperative that you have the close and regular involvement of a qualified accountant even BEFORE you have started to trade.
Next question then, I always prefer to go on referral rather than picking a name and number form a hat. I have friends that are accountants but would be looking for someone more local to me (Worcestershire/ Birmingham).
Can anyone recommend a chartered accountant in this area? I’m happy to work with a small firm to keep my costs down and would be looking for someone who will add value rather than simply managing the accounts once a year.
Happy to receive PM’s on this one
Cheers
Can anyone recommend a chartered accountant in this area? I’m happy to work with a small firm to keep my costs down and would be looking for someone who will add value rather than simply managing the accounts once a year.
Happy to receive PM’s on this one
Cheers
I've used www.biz-in-a-box.co.uk for both my companies, and they're great. Good support, and quick turnaround. possibly not the cheapest though.
Eric Mc said:
Although I am biased, once you set up a limited company, I feel that it is imperative that you have the close and regular involvement of a qualified accountant even BEFORE you have started to trade.
Eric,
when you say a qualified accountant do you mean a Charter accountant, as my wife is now going through the AAT training, and is looking to setup as a self employed accounting technician after a few years experience.
Would a person who has completed the AAT be suffient for this as the corperate stuff is covered under the qualification. But i am aware that there is no qualification that can replace experiene.
Sorry for the O/T but Accounting technicians are a lot cheaper to employ than a Proper Accountant and it maybe worth while for d5hef to lok into this to reduce his admin burden
Edited by stevieb on Wednesday 8th November 12:31
When registering its important the company supply you with ALL the relevant documents and especially the a stock transfer form that confirm they have assigned the 'subscriber share' in to your name.
Not all registration companies do this and technically it means they keep a stake in your company!
Not all registration companies do this and technically it means they keep a stake in your company!
There are quite a few accountancy qualifications out there and the situation can become very confusing. The most well known fully "professional" accounting bodies are -
The Institute of Chartered Accountants of England and Wales (ICAEW)
The Institute of Chartered Accountants of Scotland (ICAS)
The Institute of Chartered Accountants of Ireland (ICAI)
The Chartered Association of Certified Accountants (ACCA)
The Chartered Institute of Management Accountants (CIMA)
The Chartered Institute of Public Finance Accountants (CIPFA)
Most qualified "practising" accountnats (i.e. ones running their own accountancy firms) are members of the first four bodies. CIMA tend to speciialise in accountants who want to work in the corporate sector and CIPFA is for those who work in the public sector - government, local government and NGOs.
In truth, many individuals who qualify with any of the above can be found working in all areas of financial life.
Regarding AAT, this qualification was set up about 20 years ago to provide a level of qualification at a lower level than the full "professional" mode. It was originally jointly sponsored by the ACCA and all the UK Chartered Accountancy bodies. In the end ACCA withdrew their support.
Individuals who qualify with the AAT are usually pretty good but it must be remembered that the level of qualification of AAT is always going to be some way below that of a full blown professional institute.
One thing that people should be aware of is that there are no legal requirements for accounts and tax returns (for either individuals or limited companies) to use accountants to prepare and submit these items. Obviously, it is usually a safe assumption that using an accountant is a better option than not using one but it is not compulsory.
Also, there are many people out there calling themselves accountants who are either completely unqualified or are members of more obscure bodies. Some of these can be very good - but you may have no avenue of complaint if you are not satisfied with the work they have done for you.
Finally, only ICAEW, ICAS, ICAI and ACCA members are authorised to conduct the audits of limited company accounts in the UK.
The Institute of Chartered Accountants of England and Wales (ICAEW)
The Institute of Chartered Accountants of Scotland (ICAS)
The Institute of Chartered Accountants of Ireland (ICAI)
The Chartered Association of Certified Accountants (ACCA)
The Chartered Institute of Management Accountants (CIMA)
The Chartered Institute of Public Finance Accountants (CIPFA)
Most qualified "practising" accountnats (i.e. ones running their own accountancy firms) are members of the first four bodies. CIMA tend to speciialise in accountants who want to work in the corporate sector and CIPFA is for those who work in the public sector - government, local government and NGOs.
In truth, many individuals who qualify with any of the above can be found working in all areas of financial life.
Regarding AAT, this qualification was set up about 20 years ago to provide a level of qualification at a lower level than the full "professional" mode. It was originally jointly sponsored by the ACCA and all the UK Chartered Accountancy bodies. In the end ACCA withdrew their support.
Individuals who qualify with the AAT are usually pretty good but it must be remembered that the level of qualification of AAT is always going to be some way below that of a full blown professional institute.
One thing that people should be aware of is that there are no legal requirements for accounts and tax returns (for either individuals or limited companies) to use accountants to prepare and submit these items. Obviously, it is usually a safe assumption that using an accountant is a better option than not using one but it is not compulsory.
Also, there are many people out there calling themselves accountants who are either completely unqualified or are members of more obscure bodies. Some of these can be very good - but you may have no avenue of complaint if you are not satisfied with the work they have done for you.
Finally, only ICAEW, ICAS, ICAI and ACCA members are authorised to conduct the audits of limited company accounts in the UK.
Edited by Eric Mc on Wednesday 8th November 14:21
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