New business head first...

funkyorange

I have gone head first in setting up a new business - awesume!

Well chuffed when I got my new company paperwork through the post.

Now I dont know what the hell im doing with paper, filing etc?!

Any advice? Perhaps a online accountant? Bank accounts?

Its a small business secondary to my job so not much coming in to justify high costs, so any advice on the most cost effective way of doing this would be great!

To honest I have no clue so any help, pointers would be greatly appreciated! Pardon my complete ignorance in this!

paddyrg

Get an accountant first and foremost. You'll need them for the year-end filings and their above is what you need right now. Expect to pay a grand a year in accountancy fees. Being a director is a responsible position, little worrying that you jumped in unseen, which is why you need an accountant right now to talk it all through with.

Business bank account, take your paperwork in with you, probably good to start with whoever your personal bank is.

Robin9

Does your local college run any evening classes to help start-up businesses?

funkyorange

Thanks for the advice. Yes but I had to start somewhere! Course sounds like an idea.

Might have been better to be a sole trader - to start. But think the Ltd company suits me in the long run.

I have seen online solutions that cost 60 a year some a lot more or less. Does anyone have experience with these?

Filing accounts seems more accessible since it can all be administered online? Again I dont know anything so thoughts appreciated...

paddyrg

There are no accountants who'll do your company annual returns for £60, as I said, expect to pay closer to a grand. There are some cheaper online accountants like Crunch, but that's £60-something a month for the most basic package.

Unlike personal tax accounts, company accounts are not simplified, and woe betide you make a mistake. They run to several pages, and then you also need the annual report for companies house. It's not DIY stuff for the uninitiated, that's for sure!

There's a cost and a responsibility to trading through a limited company. I've had a few over the years, and really strongly suggest you talk to a real accountant about it now before you get yourself in any knots. Sorenson's £100 at this stage could save you significantly more over time.

funkyorange

Yes sorry that was 60 a month. I might try Crunch then if they can handle everything a bit cheaper?

paddyrg

All I'd say is don't base all your decisions solely on price. Or do, it's your company, and nobody is going to tell you what's the right or wrong choice!

AbbieCadabra

are you sure ltd co. will be the best option for you, bearing in mind the dividend tax changes coming in next April? we use an online accountant & they offer different packages for your set up, been with them about 3 years & very happy with the service provided.

funkyorange

Awesome might give them a try. I just need to get up and running and not do anything wrong!

Yes I looked at the differences and ltd company seemed to be the best option.

Thanks all for your help.

Futuristic

Crunch would seem ok for you, a lot of reviews for them and a sizeable company.

https://www.crunch.co.uk/reviews/ / http://www.reviews.co.uk/company-reviews/store/crunch-accounting

https://companycheck.co.uk/company/06014477/E-CRUNCH-LTD/summary
Running for over 9 years.