Accounts for small business set-up??

MalcolmCooper

It was you making a blanket statement about an accountant being essential for all businesses which has got some backs up, as it can be a total waste of money - not good advice on a money saving forum!

Point taken. I wasn't thinking in terms of hobby/part time/ very small business.

I've learnt from here about the Abbey business account deal and it does look very, very interesting. My local HSBC manager has been a great help to my business, always at the end of a phone and has got me out of a few scrapes. I think this is down to the individual and she's moving on. If her replacement isn't as good I'll be talking to Abbey.

Fraserca

Perhaps you need the advice of an accountant - but not the services.

You can get free advice when setting up in business from an accountant and paid for advice as required thereafter eg. when changing things.

The rest of the time an accountancy technician ( many of whom are self employed ) will sort out the month to month stuff and charge half the accountants fees.

This is the case if you are a small business doing straghtforward trade or services.

Start doing complicated stuff then the leeches will have you ....

inmypocketnottheirs

jackdoor wrote:

You're just jabbering (probably in the trade). Small biz accountants at your level never save you thousands! Unless one's a complete idiot (most aren't when it comes to money from their pocket) accountants at this level generally cost you money.

I think you are the one that is just jabbering....

I am not in the 'trade' (i.e. an accountant) but I do run my own business. I do pay my accountant £650 p.a. He does save me money, and I find it particularly useful that one of his assistants is ex IR staff, which is very useful to when it comes to P11D issues, etc.

In fairness, because I do run a limited company, I do *have* to have an accountant,but your sweeping generalisations and bold assumptions do not illustrate to me an attention to detail which would make me wonder how accurate your tax returns are. Even if an accountant did not save you money by his fee, he could of course ensure that you pay the right amount of tax that would save you money in the long term.

Even if I was self employed without the Ltd company, I would rather retain the services of a trusted accountant that run the gambit of the revenue.

It's all about personal choice, and a choice that can only be made when in the possession of full facts.

beany63

Well..this post has grown a bit eh?
Thanks for all the opinions and advice..here's a little update as my situation changes and grows each day..
Yes this is a small business grown from a hobby (dressmaking and alterations, FYI). I'm making small money to begin with £30-60 a day, but it's a baby of a company. I opened an account, a Halifax normal current account, as opposed to a business account. Mainly because 1.I have my current account with them already, 2. My credit rating's not brilliant therefore..3.I'd have a better chance if getting an account. Fortunately, Ive got a chequebook, visa card, overdraft and for the first time ever, a credit card, so I'm happy to start with that.
ALSO both my parents are self-employed, and their accountant is also a friend, so I shall get advice from him to begin with, while I get more confidence and business within my first year.
It'll all be different next year, but it's a start!
Thanks so much you guys! ps my website https://www.rubyreddesigns.co.uk will be updated in October!!!

MalcolmCooper

Nice site (but then I would say that wouldn't I).

inmypocketnottheirs

beany63 wrote:

Well..this post has grown a bit eh?
Thanks for all the opinions and advice..here's a little update as my situation changes and grows each day..
Yes this is a small business grown from a hobby (dressmaking and alterations, FYI). I'm making small money to begin with £30-60 a day, but it's a baby of a company. I opened an account, a Halifax normal current account, as opposed to a business account. Mainly because 1.I have my current account with them already, 2. My credit rating's not brilliant therefore..3.I'd have a better chance if getting an account. Fortunately, Ive got a chequebook, visa card, overdraft and for the first time ever, a credit card, so I'm happy to start with that.
ALSO both my parents are self-employed, and their accountant is also a friend, so I shall get advice from him to begin with, while I get more confidence and business within my first year.
It'll all be different next year, but it's a start!
Thanks so much you guys! ps my website

https://www.rubyreddesigns.co.uk will be updated in October!!!

Well done and good luck!!

inmypocketnottheirs

jackdoor wrote:

That's quite a way off from the OP's situation - not exactly helpful is it?

Originally Posted by jackdoor


You're just jabbering (probably in the trade). Small biz accountants at your level never save you thousands! Unless one's a complete idiot (most aren't when it comes to money from their pocket) accountants at this level generally cost you money.

Hmmm helpful??

tracyk

Just wanted to say thanks to all posters for this useful thread - saved me doing a load of groundwork - will now be (fingers crossed) opening a business account with the Abbey

inmypocketnottheirs

jackdoor wrote:

inmypocketnottheirs

Try and look at the bigger. Opening up a debate and illiciting response gives a far greater insight than idle banter that offers nothing of any substance. I don't live in a black & white world (not even a rose-tinted one!).

That's ironic since that is exactly what I was doing, yet you throw in the snide remarks and cheap gibes.