Accountancy Confusion

[Wonga]

I am setting up a new small business. Currently have been running for a couple of months as a sole trader however due to the fact the trade will be B2B I intend on setting up a company and registering for VAT. As I have several businesses planned for the next 12 months I think that one company would work out more tax efficient as well as limited liability being handy in this field compared to remaining a sole trader.

Anyway, my question is - What do I do regarding accountancy? I'm good at keeping stuff in order - keeping invoices filed away meticulously, however I don't really like the idea of doing bookkeeping via software like Sage myself as I don't know the program and feel my time could be better spent elsewhere in the business however I could be wrong...

Realistically, what sort of accountancy price am I looking at for a very small limited company if I just pass over all of my sales and expenses each year for accounts and also quarterly VAT returns? If it was just a few hundred pounds a year and was hassle free I think I would prefer this.

Alternatively do you think it would be worth my time learning Sage or similar so that VAT returns are simple and free and I have full control. However presumably doing this I will still need to submit everything to an accountant at the end of each year?

Also an accountant would be useful to speak to regarding what I can claim etc. I quite like the idea of sitting down with someone and going through with everything.

I'm in Southampton so if anyone can recommend a good account, please let me know.

Any advice would be much appreciated. Hope I haven't gone on too much, just trying to give some background info.

 

[MyAccountantOnline]

This is just the sort of thing most accountants will do for you.

We do exactly what you mention but we are online only so may not be what you want?

I can highly recommend a fellow accountant in Poole if you want a face to face relationship with an accountant if thats not too far away.

 

[Billmccallum]

In some cases it can be cost effective to use a book-keeper for the day-to-day stuff and the accountant for year end and reporting stuff, members on the forum can advise on costs.

 

[elaine@cheapaccounting]

A couple of things to look at ...
Confused by Accounts - Simple but Essential Guide!
http://www.cheapaccounting.co.uk/blog/?p=1599
Limited company director - Do you know what your take home pay could be!
http://www.cheapaccounting.co.uk/blog/?p=1507
Are you ready to be a director?
http://www.cheapaccounting.co.uk/blog/?p=1160

Our fees are all here:
http://www.cheapaccounting.co.uk/indexservicesltdsup.php

Good luck with this business.

 

[MyAccountantOnline]

Realistically, what sort of accountancy price am I looking at for a very small limited company if I just pass over all of my sales and expenses each year for accounts and also quarterly VAT returns? If it was just a few hundred pounds a year and was hassle free I think I would prefer this.

For most accountants it would depend on the number of transactions they'd be entering into your records for you.

 

[accounting-help]

Hi,

It really depends on you. If you are computer savvy and have good grasp of figures it might well work out best for you to do your day to day book-keeping and just employ an accountant to do your end of year accounts. Often accounting software isn't as complicated as you might think!

We've got our prices on our website as a rough idea of what an accountant might cost. Like all thing the cost of accounting services varies but it is worth understanding what level of support is offered.

If you want business advice then it is definitely a good idea to sit down with your accountant and go through any business plans and figures which you might have so that you can both understand what you want out of the relationship.

All the best,

 

[DeanCo]

If you are just starting and have limited paperwork maybe the old fashioned way of bookkeeping will suit you by using simple sales and purchase ledger books. Most of my clients do start business this way and is usually very quick and easy to learn. You could always switch to software accounting later as your transactions increase and business expands.

 

[Wonga]

Thank you for all the replies. I will post a proper reply later this evening when I have time to do each post justice.

Much appreciated

 

[redtreeland]

Sorry to hijaack your thread Wonga - I'm in exactly the same boat but I'm based in the South West. If there are any recommendations please let me know. Thanks in advance.

 

[Wonga]

This is just the sort of thing most accountants will do for you.

We do exactly what you mention but we are online only so may not be what you want?

I can highly recommend a fellow accountant in Poole if you want a face to face relationship with an accountant if thats not too far away.

How much do you charge please? Thanks.

In some cases it can be cost effective to use a book-keeper for the day-to-day stuff and the accountant for year end and reporting stuff, members on the forum can advise on costs.

Thank you.

A couple of things to look at ...
Confused by Accounts – Simple but Essential Guide!

Limited company director - Do you know what your take home pay could be!

Are you ready to be a director?


Our fees are all here:


Good luck with this business.

Thanks for the info I will take a look

For most accountants it would depend on the number of transactions they'd be entering into your records for you.

Would be very little at the moment. Just a dozen a month at present as transactions will be few but value per order quite high.

Hi,

It really depends on you. If you are computer savvy and have good grasp of figures it might well work out best for you to do your day to day book-keeping and just employ an accountant to do your end of year accounts. Often accounting software isn’t as complicated as you might think!

We’ve got our prices on our website as a rough idea of what an accountant might cost. Like all thing the cost of accounting services varies but it is worth understanding what level of support is offered.

If you want business advice then it is definitely a good idea to sit down with your accountant and go through any business plans and figures which you might have so that you can both understand what you want out of the relationship.

All the best,

Thanks, sounds like sitting down with an accountant would be best as I will have both my personal tax return and the company accounts that need doing.

If you are just starting and have limited paperwork maybe the old fashioned way of bookkeeping will suit you by using simple sales and purchase ledger books. Most of my clients do start business this way and is usually very quick and easy to learn. You could always switch to software accounting later as your transactions increase and business expands.

Thanks, that sounds more appealing to me. Just don't think there will be enough transactions to warrant any more.

 

[MyAccountantOnline]

How much do you charge please? Thanks.

Hi Wonga

Our fees are shown on our website here

If you have any questions please feel free to PM or email me.

 

[Wonga]

Hi Wonga

Our fees are shown on our website

If you have any questions please feel free to PM or email me.

Thank you. A bit much for what I was looking for (not going to have many invoices) but I'm sure you offer a good service and would be well worth considering if I had more stuff going through the books.

 

[MyAccountantOnline]

Thank you. A bit much for what I was looking for (not going to have many invoices) but I'm sure you offer a good service and would be well worth considering if I had more stuff going through the books.

Thank you very much