View Full Version : Accountant required
domka
5th July 2010, 17:54
hello,
I incorporated a private limited company month and a half ago. i need an accountant to set it up properly. required advise on tax, bookkeeping and accounts, company expenses and claims , various form fillings to HMRC or Companies House , directors loan, shares allotment and etc.
how much would accountant cost to me to set my company up on the right way. i try to avoid high street services as it cost to much for me. :)
company will be trading stocks, futures, options and forex through the 3rd party broker dealer. nothing complex in this business as no other people money will be involved only own funds managed.
thanks
elainec100@cheapaccounting
5th July 2010, 18:06
Can I ask why you have set up a limited company as an investment company rather than trade through your personal finances with a £10k p.a. exemption to capital gain tax?
Strontium Dog
6th July 2010, 15:41
Can I ask why you have set up a limited company as an investment company rather than trade through your personal finances with a £10k p.a. exemption to capital gain tax?
These are all high risk instruments to get involved with where the potential liability may be many times the original "investment". It could be the OP is trying to protect himself from any adverse movements. If so I am surprised the broker doesn't ask for personal guarantees.
Can I ask why you have set up a limited company as an investment company rather than trade through your personal finances with a £10k p.a. exemption to capital gain tax?
If he is trading then it won't be anything to do with capital gains...
domka
6th July 2010, 22:00
hello,
elainec100, i was traiding in this business 4-5 years through my personal finances inc a couple years in UK. wanna do it as ltd because i`ve got some reasons and future plans after 3-4(est) years. the taxes is important here , but play not the main role.
strontium dog, i don`t know what liabilities you are talking about , but i can`t protect myself in both ways. if i do it through my personal finances i lose my money, if i do it as ltd i lose my money again because i`m only owner and creditor of the company and i don`t manage other people funds. i can`t understand why broker should ask you for personal guarantees? they dont borrow any money to you, the only thing they can do is to leverage your account. if you get a margin call you have to fund your account or you are out. Money Management is very important thing among traders.
thanks
elainec100@cheapaccounting
6th July 2010, 22:15
If he is trading then it won't be anything to do with capital gains...
What?? Why not if done through personal finances rather than the company?
If not a limited company it is not a trade but this is a capital gain :rolleyes::rolleyes::rolleyes:
You can make gains of £10,100 before you pay CGT - hence my question :rolleyes::rolleyes::rolleyes:
Have things changed without me knowing :p
elainec100@cheapaccounting
6th July 2010, 22:17
hello,
elainec100, i was traiding in this business 4-5 years through my personal finances inc a couple years in UK. wanna do it as ltd because i`ve got some reasons and future plans after 3-4(est) years. the taxes is important here , but play not the main role.
Ok as long as you have your reasons but may not be the best operation for tax :p
What?? Why not if done through personal finances rather than the company?
If not a limited company it is not a trade but this is a capital gain :rolleyes::rolleyes::rolleyes:
You can make gains of £10,100 before you pay CGT - hence my question :rolleyes::rolleyes::rolleyes:
Have things changed without me knowing :p
IMO, if traded via personal finance likely it will be IT not CGT. Unless trades in Shares.
elainec100@cheapaccounting
6th July 2010, 22:49
IMO, if traded via personal finance likely it will be IT not CGT. Unless trades in Shares.
Maybe I read the post wrong (and confused it with an enquiry received:p) but thought he was buying shares :) through limited company
What?? Why not if done through personal finances rather than the company?
If not a limited company it is not a trade but this is a capital gain :rolleyes::rolleyes::rolleyes:
You can make gains of £10,100 before you pay CGT - hence my question :rolleyes::rolleyes::rolleyes:
Have things changed without me knowing :p
If there are many short term trades then it will surely be deemed a 'trade' rather than sevaral short-term investments... it is not the nature of the asset but how it is traded-
Eg you can't buy & sell cars for profit all the time and then claim the chattels exemption - it would be deemed a trade...
However I would agree with your logic if there are only a handful of trades....
elainec100@cheapaccounting
6th July 2010, 23:00
Maybe I read the post wrong (and confused it with an enquiry received:p) but thought he was buying shares :) through limited company
If there are many short term trades then it will surely be deemed a 'trade' rather than sevaral short-term investments... it is not the nature of the asset but how it is traded-
Eg you can't buy & sell cars for profit all the time and then claim the chattels exemption - it would be deemed a trade...
However I would agree with your logic if there are only a handful of trades....
Please see my post re: my reading of the OP post