Accountant costs

emsywoo123

Hi
I'm in the middle of setting up a new business at the minute, est first year turnover of £70K
I am confident with the structure, banking and administration, and a very basic grasp of the finances (ok day to day invoicing etc) but I am trying to consider if I need an accountant and at which point it would be most economically sound?
Any advice much appreciated
Emsywoo

trevor_john

Get an accountant,a GOOD accoun tant will save you more than their fees and save you tax as well.

ukbill69

Good luck with the 70k, you need an accountant.

emsywoo123

ukbill69 wrote: »

Good luck with the 70k, you need an accountant.

Thanks I thought as much.
I know that these things are variable, but I need to look at costs. What would be a sensible initial estimate cost for accountancy services?
Many thanks.

ukbill69

ltd company, if its a chartered accountant then I pay £1800 per year. Usually works out at £80 per hour.

emsywoo123

ukbill69 wrote: »

ltd company, if its a chartered accountant then I pay £1800 per year. Usually works out at £80 per hour.

Sorry forgot to mention, sole trader.

ukbill69

Maybe a little less than a ltd company, best to go to local ones for a free meeting and ask them for a quote.

orangeslimes

Maybe estimate £1000 a year -

it depends a lot on the accountant
how much work they need to do
how organised your paperwork is
whether there is anything unusually complicated about your company
will you have a payroll etc/ need VAT returns completed
how much your potential accountant thinks you might be willing to pay

The cheapest you are likely to find from someone who is likely to do a decent job is probably around £500 - and that would be if your accounts are reasonably straightforward.

Rolo_Tomasi

For a business this size I would expect accounts preparation fees to be about 1% of turnover but a lot depends on how well the books and records are kept. Charges for help with VAT Returns, payroll, Tax Returns, investigation insurance would all be on top of this.

pastmybest

I have never paid more than £600 on my (now sold) business. It turned over just over £100,000. It was a partnership with my wife.

emsywoo123

Thank you all for your advice.
The requirements are very straightforward, and I am hoping to do as much as I can myself, I just need to make sure I am fully legal. I think it will save money in the long run to get things right first time, rather than pay them to correct my errors!
I will mkae an appointment as soon as poss with 2/3 locally.