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Accountant for limited company

(14 Posts)
Nickynackynoodle Sat 22-Apr-17 17:59:54

I'm hoping to set up a limited company and despite being comfortable with my own tax returns, I think it would be a good idea to get an expert to do the company accounts.

I've been quoted £2,500 to do the accounts for a year. Regardless of turnover which I anticipate to be about £15000 with not much profit. Maybe £2000.

How do I know what's reasonable to pay? What is reasonable to pay?

Finally, could I do them myself if I put my mind to it?

Hoppinggreen Sat 22-Apr-17 18:17:50

I work for an Accountant and based on those figures your fees would be around £1000 -1500 with us and that would include a lot more than just the Annual return. We are in The North though which might make a difference.
We actually have a quite a few clients in The South as it's all done remotely anyway and we are cheaper
PM me if you wouid like more info

Chasingsquirrels Sat 22-Apr-17 18:20:32

On those sort of figures I'd question whether a limited company is the most suitable vehicle for you at this point. Do you need the limited aspect?

Nickynackynoodle Sat 22-Apr-17 18:31:24

It's a tax issue! Expenses through a limited company vs personal tax. Thank you for responses. PM to follow!

Chasingsquirrels Sat 22-Apr-17 18:34:58

I appreciate it's a tax issue, I'm a chartered accountant. BUT if you only expect your profit to be £2k it's not going to be much of a tax issue (I'm assuming you have other income which is utilising your personal allowance, otherwise it isn't am issue all) - and you'll probably pay more in accountancy fees than you'll save in tax.
If you anticipate it growing that a different matter ...

Nickynackynoodle Sat 22-Apr-17 18:49:39

I'd like it to grow. Can I PM you? I'm just in the pub out but can send some detail if you'd be able to advise I'd be hugely grateful.

Moanyoldcow Sat 22-Apr-17 20:50:52

I'm not a CA but work as an FM and prepare our accounts.

At your level a simple accounts package like Sage one, Xero or Quickbooks is all you need. If you are able enough to do your personal tax you can do basic Ltd accounts yourself.

I would NOT pay an accountant at that level - do it yourself and have £4.5K profit!

TalkinPeece Sat 22-Apr-17 21:41:53

I'm a qualified accountant.
For that price they do not want the work.
You do need an accountant for a Ltd - understanding iXBRL is not for amateurs
but you need to ask around for a better deal

try some of the good folks here
www.ukbusinessforums.co.uk/forums/accounts-finance.55/

NB Book keeping software and filing software are NOT the same thing.
VT cashbook comes closest

Chasingsquirrels Sat 22-Apr-17 21:53:58

Just with reference to your PM Nickynackynoodle, that's not a "setting up a tiny business" situation that your OP implied and which formed the basis of my initial reply.
You need advice on how to proceed at this stage, and tbh I think thus is something you need to be prepared to pay for.

There are more requirements for a limited company and as Talkin mentions the IXBRL tagging in itself costs.

I'd see a couple of accountants for an initial visit, gets some quotes and choose one you feel comfortable with to give you the advice you need to make the decision.

Kewcumber Sat 22-Apr-17 21:58:49

What Talk said...

And agree for that quote they don;t want your business!

We charge less than £1000 if you do all the book-keeping adequately!

Nickynackynoodle Sat 22-Apr-17 22:08:10

I didn't say I wasn't prepared to pay, I just wanted to know what was reasonable.

Thanks moany and Talkin. And chasing, do you know what the p in pm stands for? Just asking.

I answer qs on here under another name and in a professional capacity and I wouldn't open up a pm in that way. High five.

Chasingsquirrels Sat 22-Apr-17 22:16:40

I've made no reference to the detailed content of your PM at all, just made the point that it doesn't entirely tally with your initial post and suggested you seek advice. I didn't reply to your request on here to PM me and I didn't elicit the information you chose to share with me, and which I have not shared further with anyone else.
I didn't imply that you weren't prepared to pay, I'm suggesting that paying for advice specific to your situation would be your best course of action at this stage.
Others had already said that the quote in your OP seems high and I didn't think this needed reiterating.

Nickynackynoodle Sat 22-Apr-17 22:18:57

Like I said, high five. I'll keep an eye out. Thanks

Moanyoldcow Sat 22-Apr-17 23:00:57

Sorry if I misunderstood - I prepare the financial statements from the software and hand to accountant for formatting and filing - that's the scenario I had envisaged. Much cheaper than handing them records and getting them to do the lot which is what I thought the question was.

Please listen to the CAs above.

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