Limited company Accounts

Discussion in 'education & employment' started by telbert, Feb 5, 2018.

  1. telbert

    telbert Do you like sponge?

    Im looking for some info on limited company yearly accounts. How much should I be paying an accountant, do I submit my accounts weekly /monthly to my accountant and any other info please. Especially any recomendations or links to online help.
    Thanks
     
  2. Pickman's model

    Pickman's model Every man and every woman is a star

  3. AnnaKarpik

    AnnaKarpik Queen of all she surveys

    It depends on what you agree with the accountant or bookkeeper - you might as well ask how long is a piece of string.
    Are you doing your own bookkeeping? Company secretarial? VAT? Do you need reports and forecasts that your software cannot manage?
    If your answers are yes, yes, yes and no, you would hand the accounts over once a year and pay a set fee which you have agreed in advance or an hourly rate for which you should get an estimate. This is the cheapest option but prices vary quite a lot, some accountants might only offer an all-or-nothing package, you have to ask.
    Or you sign up for the online system preferred by your accountant, input your own invoices and drawings, reconcile the bank account and let the accountant work their magic on the rest. This is a bit more expensive. Or you hand over a suitcase full of scraps of paper every year or so and pay through the nose and are easily persuaded that you need to sign up for the tax investigation cover.

    Basically, decide what you need and shop around - some ICB bookkeepers do ltd company accounts and might be a bit cheaper than ACCA. What you pay depends quite a lot on what you are prepared to do for yourself.
     
  4. Supine

    Supine Rough Like Badger

    telbert likes this.
  5. bimble

    bimble noisy but small

    Just don't do what I did: For years I paid a monthly fee to a big firm of accountants who I never met and who did a really shit job. If your ltd company is very small you don't need most of what they'll sell you, best thing is find someone local or at least someone who you can actually meet with in real life. I'm now just setting up to work with a new friendly accountant (recommended by a kindly urbanite) who just sends an invoice after he's actually done work, and is happy to answer questions on the phone anytime, which is brilliant.
     
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  6. telbert

    telbert Do you like sponge?

    This seems like the way for me i think. Made a few enquiries online yesterday and had a couple of companies ring me back and they all want about 200 quid a month.seems a lot to me.
     
    bimble likes this.
  7. mod

    mod A modernist

    I used www.primusaccountancy.co.uk. They changed me £1200 a year. Expensive but they are good. I kept my own books which I updated monthly in order to just keep on top of everything and work out my quarterly dividend payment. I would annually give all my books and receipts to Primus for them to do my end of year accounts.
     
  8. bimble

    bimble noisy but small

    That seems a stupid amount of money. I don't know your situation but my new accountant just told me that i don't need 'payroll services' at all, so I'd been pointlessly paying for that for years. :facepalm:
     
    telbert likes this.
  9. kabbes

    kabbes "A top 400 poster"

    This is what I’ve done. I keep my books and they then put together the accounts and file them for £500 in total.
     
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  10. Bahnhof Strasse

    Bahnhof Strasse Free the Sepsis Six!

    Our account sadly passed away last year, we used to do all the books, file VAT, PAYE etc. and he'd file them once a year for around £500. He was a chartered accountant, but was struck off about 20 years ago, so was a bit cheaper than one that's not been struck off. Frau Bahn has an ICB thing and she's confident enough to do it all now. I reckon we take 2015's accounts and jiggle a few numbers around and file that, who reads this shit anyway?
     
  11. telbert

    telbert Do you like sponge?

    Payroll? Is this as simple as just keeping a record of what i pay myself as a employee, whilst staying within my tax code bracket and making a weekly transfer from my business account to my current account? Or is there more to it?
     
  12. Leafster

    Leafster From the FRow

    You need to set up a PAYE scheme with HMRC and submit the figures to them each pay period via RTI. If you're doing it yourself and you're the only employee, HMRC have a basic package (which is free) to help you.

    Alternatively, if you're going to use a software package to manage your Accounts, many of them have a payroll module.

    Or, you could get an Accountant to do it all for you as part of the services they could provide.
     
    telbert and existentialist like this.
  13. MickiQ

    MickiQ Well-Known Member

    I keep track of my all my incomings and outgoings in a fancy spreadsheet my accountant sent me that balances it all up, once a quarter they email me and ask for it to file my VAT, once a year they ask for it to file my corporate accounts, they do everything for me all I do is pay the money to HMRC online when told to, they also do my personal tax return as part of the service and run payroll for me sending me a monthly payslip.
    Costs me £120+VAT a month but the VAT is claimable and the accountants fee count as a cost.
    I've been self-employed 2 years now since I last got made redundant, the first 2 or 3 months were unnerving and it took me 2 or 3 hrs a week to do the admin stuff, mostly because I kept checking and double checking but now ir's half an hour on a Friday night filling in the spreadsheet.
     
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  14. Nivag

    Nivag Well-Known Member

    The advantage of using a accountant is they should be trying to save you money by making sure you claim for everything you're entitled for.
     
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  15. existentialist

    existentialist Danced on by a twerking bee

    Haha, definitely don't ask me!
     
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  16. existentialist

    existentialist Danced on by a twerking bee

    And there are a few things to remember with this - even if you don't pay yourself in a given month, you still have to file a return for that month. If you don't, HMRC will make a ludicrous estimate of what they think you owe, double it, and send you a bill. You will then have the endless fun of persuading them that you don't actually owe anything.
     
    Leafster likes this.
  17. bimble

    bimble noisy but small

    I hope you find a friendly local accountant to talk to telbert . I’m no expert at all obvs but I think some of the posts above are unnecessarily alarming, as I said my new accountant told me no payroll stuff is needed at all in my case, so I wouldn’t panic, it’s probably not as complicated as it seems.
     
    telbert likes this.
  18. Leafster

    Leafster From the FRow

    I think the difference is that you don't operate through a limited company whereas telbert does. My post wasn't intended (hopefully) to panic anyone. Just setting out the facts.
     
  19. bimble

    bimble noisy but small

    No I do (have a ltd company). Still I’m probably the last person anyone should listen to about this and am just sorting myself out after years of paying for services that weren’t needed.
     
  20. Leafster

    Leafster From the FRow

    Ah, OK. I jumped to the wrong conclusion when you said you didn't run a payroll. I guess you don't draw a salary above the NI limit from the business then.
     
    bimble likes this.
  21. telbert

    telbert Do you like sponge?

    Spoke to 6 different accountancy companies today. Prices quoted range from £500 for simply sending in my year end accounts after I have listed everything and sent it to them to £3000 a year and included payroll, invoicing, 2 types of insurance for myself, the formation of the company and getting a business account ( which they said was a quite complicated process), insurance against getting investigated by HMRC and loads of other shit that I had already said I didn't need.
    The most honest sounding one I spoke to listened to everything I said I need and can provide year end accounts, corporation tax returns and payments and Quick books subscription to keep my own records for £780 plus VAT.
    Also spoke to a colleague that Pays £650 plus VAT a year for the same and is going to forward their details to me.
    I'm sure that whoever I choose, i'll be needing some extra advice in the first couple of months from them ( and you all again :D) ,whether I have to pay extra for it or not.
    Thanks to all for the help and ill keep you informed.:thumbs:
     
    bimble likes this.
  22. Nivag

    Nivag Well-Known Member

    Mines about 750ex VAT. The initial setup was a bit more the first year.
    Setting up the limited bank was easy from what I remember but apparently there is a bit paperwork to deal with these days.
     
  23. Supine

    Supine Rough Like Badger

    Regarding setting up a business bank account - using Cashplus it literally only takes a few seconds!

    If I was settled by up with a new accountant I'd look for one who gives you a Freeagent software license. My accountant uses a bespoke Web package that is clunky in comparison.
     
    telbert likes this.
  24. MickiQ

    MickiQ Well-Known Member

    You need Professional Indemity which basically covers your arse if you get sued for not delivering on your end of a contract or not doing a proper job and Public Liability which covers you against any accidents or losses to bystanders and members of the public, everything else is frosting on the cake.
    How much it will cost depends on what your company is doing, If you're a painter and decorator, it's going to cost a lot less than if you're a surgeon.
    Getting a business account is straightforward in itself, but you need to provide lots of proof you're on the level. My accountant helped me do this (and set up the company), If you need to provide copies of your identity documents, take your passport and such to the Post Office and (for a small fee) they will validate them giving you a official form that you can send in with photocopies of the documents that says they've seen you face to face and can vouch you're you.
     
  25. telbert

    telbert Do you like sponge?

    Ok so I'm 99% certain who i'm going to use, so here's the next plea for help.I will be forming my ltd company in the next 48 hours or so and I need any advice on this subject now. Anything at all that may spring to mind that I might have either forgot or not even thought of it at all. Registered address , any problems with company names, shortcuts in the procedure etc.In fact anything at all please.
    Thanks in advance.
     
  26. telbert

    telbert Do you like sponge?

    Oh yeah, is it easy enough to do myself and just pay the registration fee ( £12 I think) or should I use a company and pay anything up to £199?I know what i'd rather do to be honest.;)
     
  27. bimble

    bimble noisy but small

    Congrats telbert. I think this bit is pretty straightforward, you can just DIY it on the companies house website(?) but don't take my word for it .. can you ask this question to the people you're intending to be your new accountants?
    One suggestion: If you want a website (now or in future) maybe check that you can get a domain name that matches up well with whatever you choose as the name of your new company.
     
    telbert likes this.
  28. telbert

    telbert Do you like sponge?


    I did bring this up with my intended accountant and their opinion was really do whatever you think you can and leave the rest to professionals. She said they can do absolutely everything for me but why pay someone for something that i can do myself (especially when its easy enough to do) . Just really want to make sure I get all the info I can on this subject.
     
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  29. Leafster

    Leafster From the FRow

    To be honest, I've never tried forming a company myself so I can't comment on doing it direct with Companies House. I always use a local formation agent to form companies as it seems less hassle. They can form a company for less than £50 and do all the paperwork for me. The company I use is: Company Formation Agents and Limited Company Registration Agents, Douglas Company Services Ltd are based in Surrey, UK
     
    telbert likes this.
  30. MickiQ

    MickiQ Well-Known Member

    My accountant did it for me, they offered an all-in-service for £150 just to form the company but since I then signed them up as my accountants they refunded me so they effectively did for free for me.
    I did look at the forms on Companies House and it didn't look too complicated if you want to try yourself, wasn't really worth if for me.
    Make a note of everything you spend to set up your company since once it's up and running and you hopefully have some dosh coming in, you can claim all your set up costs back from your company tax free, same for any money you have put into your company account to open it and pay things like accountants and insurance.
    When I set up mine it was about 6 weeks before my first invoice was paid and I had to put £500 in to meet my bills till then but once a couple had been paid, I paid myself that £500 back as what's called a Directors Loan.
    A totally unexpected benefit is that I can tell people I'm a Company Director even though my company only has 1 Director, 1 Employee and 2 Shareholders with three of those being me wearing a different hat.
     
    telbert likes this.

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