Startup, Bank etc

[Reece^B]

Myself and a colleague are starting up a new venture, what I need to know is how much will a bank account be per month (need 2 cards) and how much will a accountant charge for startup?

I see the £12.99 startups online so thought on this then just finding a accountant to look after books?

 

[Christine Hough]

It all depends!

Re bank costs
How many transactions, how much turn over; how is money coming in (cash; bacs; online portals; or cheques?)

If it is a small business then charges should not be too much. I pay about £5 per month but all my in and outs are through auto transfers.

Re Accountant costs?
Do you need an accountant at this stage? Arrange an interview with a few as they will give you an hour or so free and tell you what to record and how. I only pay mine once a year to do the accounts. It will vary upon whether or not you are a limited company and if you are asking the accountant to do other things such as VAT returns, employee returns and tax, and pensions.

If you will be paying yourselves a salary out of a limited company you will have to notify HMRC in real time of each payment,

If at the moment it is just you and your colleague, you will have to pay into a pension, but need not register for VAT until you reach the threshold if you are supplying in the UK ( digital sales abroad are more complicated)

 

[Freighteo]

Most banks offer a startup business bank account which has no monthly fees for the first 12 months or so. Some things will cost though (such as manual cash deposit in branch or similar).

Xero is good web/mobile accounting software (fairly cheap each month) which can link with your bank account and help keep on top of it all. However, it's of course suggested an accountant also advises where necessary.

 

[Scoped Solutions]

You'll usually be able to get free banking for 12-18 months, and often get some accounting software thrown in. Barclays Business Essentials is what we used - not sure if it's still running now.

As for accountants I can only relay my own experience. I do all the book keeping myself, pass the info to the accountant once a quarter and he does all the tax returns, company returns, management accounts etc. Costs us about £200 a month but that includes doing the PAYE for our staff. Prior to him doing the PAYE it was about £120. Well worth it, came with plenty of free advice!

 

[TODonnell]

I found a Santander basic business account good, years ago. No significant charges and no bells and whistles either e.g. no counter service.

 

[tony84]

I was a sole trader initially, I changed to a ltd company earlier this month. My accountant just charged me what companies house charge to set up a ltd company - I think it was about £15 from memory.

Most business bank accounts will give you 12-24 months free banking. I am with rbs/natwest and I was given 2 years free business banking. Its not £5 a month and providing I do not withdraw cash in branch (I can use cash machines) it will never be anymore than that.

 

[MyAccountantOnline]

Myself and a colleague are starting up a new venture, what I need to know is how much will a bank account be per month (need 2 cards) and how much will a accountant charge for startup?

I see the £12.99 startups online so thought on this then just finding a accountant to look after books?

Often banks will give you an initial free banking period but its worth checking what the charges are after this.

Accountants fees vary considerably depending on the firm and what you want an accountant to do for you. You can certainly minimise the fees you pay if you keep accurate and well kept accounting records. You will also often find online accountants such as myself can be more competitive with fees are we dont have the same overheads as a more traditional high street firm but it depends whether you want to see an accountant face to face or are happy working online.

One bit of really important advice at this stage do make sure you take proper professional advice from a good accountant on how best to structure your business before you go any further - getting it wrong can mean you pay a lot of avoidable tax, or miss out on tax relief. I sadly see it far too often when people contact me a year after they have started needing help with accounts and tax returns.

Best of luck with the new venture