FordOwner6 months ago

Banks remain the most common form of external finance for small businesses, the main UK retail banks having 3.1 million small business customers with under £1m, according to the British Bankers’ Association (BBA). Banks also remain a central source for financial information, beating even accountants.

Pete_W5 months ago

Hi there, I myself am not an accountant however I have just recently published a blog on when it's better to be Ltd and had to run through lot of figures with accountants. As, a marketeer I did find this a little long winded so I've put my short & simple conclusion below. The overwhelming conclusion is that it is better to become a Ltd (taking into account 2014s tax regulations) when you are making £25K profit per year. It is at this point that you'll save in tax AND this takes into consideration the additional accountancy fees (for the extra bit & bobs a LTD needs to do). Message me if you would like to see (really easily & simply) the calculations and savings involved. I hope this helps  

petHead4 months ago

Backlinkfy said: ↑ Most accountants I've worked with recommend BillQuick software. Its also integrates with other solutions to help you be more productive.Click to expand... Really. That's helpful. I've never heard of it. How many accountants do you work with?  

Fionas_Boy4 months ago

Toby Willows said: ↑ Hazel also mentions accountants and university lecturers, I'm going to presume these two groups are almost exclusively from a stable family home with good education and employment. So we can't blame criminal activity solely on upbringing or social disadvantage. I'm going to leave it there as I only wanted to make my first post, but Hazel came back making it personal so I felt the need to defend my views. Click to expand... I am very sorry you felt I made it personal, I definitely didn't think that was the case, but actually a general response to the email feeling that maybe you believed what was said in the media and hadn't been to prison yourself - as this is the view of many. Definitely not a personal response but as I have just said to @[email protected]/* */ things can often be read differently to how they were written. I was not saying accountants and university lecturers are exclusively from stable backgrounds but instead I was trying to get across that it could happen to anyone, I am sorry this was not clear. Now please can we move on and just focus on what the post was and why it was written? Pretty Please?  

FordOwner4 months ago

Hello, We are looking out for investors who can invest in our online contractor portal. We (ITContractorsUK.com) are an online portal committed to IT Contractors in the UK. We aim to be one stop marketplace for IT Contractors. We provide various services (most of them, at no cost) to IT Contractors: 1. Forum 2. Insurance 3. Mortgage 4. Jobs 5. Downloads 6. Accountants Directory 7. Recruitment Agency Directory 8. Useful Downloads 9. News & Guides Plus, much more.. We are planning to expand and grow our business, so that, we can reach our goal, i.e. to provide best and top quality service(s) to IT Contractors in the UK. Proposals are welcome for investment. First contact to be made only via email. Please send all your emails to [email protected]/* */ Regards, Smit Shah  

petHead4 months ago

Hi, I am hoping you can help. My question is how much should I be paying my accountant? We have a turnover of approx £500,000 a year and we use sage software and we do our payroll in house. All invoices, purchase receipts, bank statements, etc are given in folders to the account divided by month (invoices) and by company for purchases. I was hoping the accountants on UKBF or members who have a similar turnover to us could give me an indication of what I should be paying for my end of year filing. Thanks Shauna  

MDG Ltd4 months ago

Many small start-ups do not have the money to pay for expensive outsourcing apart from there accountants fees, they are forced to buy some sort of accounts package and learn to enter expenditure and income into this software to both reduce the accountants fees and also understand their financial situation at any moment Marketing, site management, adwords, seo are mainly very expensive items for new start-ups to spend a lot on, so forced to keep things in house as far as possible and learn by forums or text books the basics Often the best advice is your local enterprise unit which are sponsored by government and town halls and free to young companies and start-ups Outsourcing has it's place but the fact is many start-ups are under funded in real terms and even the ones who think they have enough are often caught out with cashflow  

petHead4 months ago

Of course there are, I was only talking as a general rule of thumb. And I should think it is lower threshold than that. Along with increased accounting costs, VAT returns, business management, company management. As tax has to be paid, it always seemed less complicated and cheaper to remain a sole trader. And the fact that accountants are great at saying 'dividends is best' as lower tax rate, but... I would rather pay slightly more tax, than have to pay for or complete myself a PAYE return every month or even once a year, and certainly don't want anything to do with VAT. Although if I had to register I would go for fixed rate and make a few quid of the difference.  

Pete_W4 months ago

One part of our business is small, niche conferences. Following a window of opportunity, I am considering producing a small event in the USA and thus trying to price up the costs and evaluate the risks of doing so. Does anyone have any advice (or links) to the tax implications of events in the USA for a British company. I have tried our accountants, but they are too UK-centric and do not know. Specialist advice will make the project non-feasible. Any steers appreciated, thanks.  

Red4 months ago

I don’t think any competent accountant would advise a client to just take money out of the company and call it a dividend. If declaring a dividend, management accounts need to be drawn up to ascertain the retained profits, and a proper dividend declared with the necessary paperwork. The tax breaks of forming a company depending on certain factors has been very generous in the years gone by. The job of an accountant is to try minimise the tax for their clients. If, after the additional compliance costs a client could save them several thousands in tax each year, advising them to incorporate at the time was the correct thing to do. If a company is in trouble and is on the verge of insolvency, the correct advice an accountant can give to their client is to see an IP. Most accountants cannot give insolvency advice and their insurers will not cover them to give such advice. I wouldn’t advise any professional to give advice that they are not competent, regulated or insured to give. It’s funny that you complain about accountant, because most of those asking about the Spongebob plan have all had useless accountant. They’ve also had useless staff, useless legal advice, a poor location, an unsupportive government, and have been extremely unlucky with every business decision they’ve ever made. They’re never to blame. My point, which you seem to have missed, is that proper planning can often prevent piss poor performance.  

Matchmaker14 months ago

Company: Institute of Financial Accountants Founded: 1916 Based: Burford House, Sevenoaks, Kent Clients: 10,000 members and students, both UK and International Website: www.ifa.org.uk

Mary4 months ago

Franchise synopsis: The UK’s largest network of accountants specialising in servicing the needs of small businesses and self-employed individuals.

FordOwner4 months ago

Hi all, Hope you all got to enjoy the Christmas break and got some time to relax! I just quickly wanted to introduce myself, I am a marketing executive for the Wow Company. We are a growing company based in Andover with a London office. As a growing company with big ambitions I really want to use these forums to learn and share our knowledge on some of the challenges faced in a growing business. It would be great to see how others have overcome some of the challenges and hopefully help others with our own experiences as well. We are a national firm of accountants offering a genuinely proactive service to small businesses across the UK, from start-up to £5m turnover. I don't really want to turn this introduction into a pitch so I will just say that if you are fed up with your accountants or financial planner then have a look at The Wow Company and you will see just by our website that we are quite different, we genuinely do more than just crunch the numbers! Looking forward to talking with you all, Naomi  

Gary19964 months ago

We have just joined our local CoC and we're liking it so far. We joined on the tuesday and the following day we were invited to a new members lunch where we met some very interesting people (accountants, technology geeks and a importer from the USA) all of which have been very useful to us. Our local CoC also has ties into the bigger CoC in the local city, so we get invites to there functions and meetings as well. We did think about our local BNI instead, as one of our friends who also runs there own business are members - but to be honest the £400'ish per year put us off and the Thursday morning meetings were a no go, and I don't think we could of come up with that many leads every week. Our local CoC also has a buddy system - whereby they buddy new members up with established members, who can offer advice, contacts and be a general sounding board for ideas big and small. We have yet to make any positive leads out of the CoC but lots of people are interested and we will be in the literature when it is reprinted (we joined a couple of days after it all went to print ) Call them and ask to speak to one of there Business Development Managers and go from there. all the best Craig  

Watergirl4 months ago

Well good afternoon to you all Finanlly the sun has come out so life is good but it would be better if i could get some clients! lol ok, basically i am a self employed bookkeeper / accountant from manchester. I currently do subcontract work for various accountants which i enjoy but it would be nice to do the work for clients of my own! This is where i'm hoping you guys will help me....leads, advice?? I do bookkeeping, VAT Returns, payroll, P35 end of year returns, CIS, Self Assesment Tax Returns, Management Accounts, Cashflows, Ltd Companies and Sole Traders, System set up and training, one off and ongoing work. Hope i can be of assistance to some of you and good luck in your businesses! Charlie  

MechExp4 months ago

Hi all I am new to this site and was new to owning my own business. At the moment I have reluctantly left my business in limbo and started a job as it failed. To cut a long story short I went it alone after 10 years of working in procurement and in April realised that I couldn't carry on Trying to make a go of something my wife and kids and all the bills were reliant on. In fact to pay bills I had not paid vat or set anything aside for ct. So I now owe around 4.5k in vat and ct combined which I have no clear idea about how I can repay plus I have personally debt. What compounded things was that I had some mental health issues in Oct last year where I thankfully was stopped doing something stupid and put under my local authority mental health trust for a period. After that it all started crumbling and I couldn't even look at my emails let alone do myself a favour and submit expenses to offset anything. Good news is that I am feeling much better in myself and now have security to bolster that. Bad news is dealing with the legacy which I can't face, afford or understand. I owe my accountants too and they recommend striking the company off but to do that want money and tax paid which of course I can't afford. Sorry for what I promise is the short version but really would welcome some constructive advice. Thanks  

Bri19874 months ago

Sage One do not currently offer the ability to submit Research and Development Tax Credit claims, despite high demand since the government encourage the scheme, many small businesses use Sage One Start, Payroll, Accounts – now known as Sage Accounting. So where does that leave you? If you have an accounting period ending 31st December 2015, you should be able to use the old HMRC PDF software for your claim. According to HMRCs online help pages. Ofcourse, if you use Sage One for book keeping, as many small business owners do. This does not necessarily mean that your accountant is set up to submit R & D Claims. This could result in additional costs. I have asked a number of software providers listed on the HMRC website, some have not replied – possibly because many are large software companies with little interest in a business of my size. Formed solely for an R and D project. I am told by technical support that the feature is in development, when the Sage advisor kindly checked their product development roadmap. In short, as great as the Sage One Accounting Software looks for both accountants, clients and for small businesses competent enough to file their own CT600 with fairly simple accounts. I would currently avoid it as it does not at present support R & D. I am told it is to be added this year, with no specific date given. Despite what Sage sales staff might tell you. I will try to update this post should other software providers get back to me. To help us all find the most cost efficient, ease of use software for ‘micro’ businesses whilst remaining compliant. I don't claim to know it all as yet but hope other users will stumble across this post before deciding on Sage One.  

MechExp4 months ago

A common question that we've seen here in the Startup Clinic and across the site has been from people starting their own business who aren't sure whether to go down the path of working as a sole trader or setting up as a limited company. While it's important to remember that every situation is unique and that you should always consult a professional when figuring out the best approach, we've put together an easy to digest rundown of the initial facts and considerations. If you're in a position where you're trying to decide now or you have advice based on your experiences (accountants - we'd love to hear your expert opinions too!), let us know what you found to be the most important deciding factors and what helped you get started. ​  

Matchmaker14 months ago

This forum has been set up to help the 1.4 million people who have received a letter form HMRC telling them that they owe tax. Please feel free to post if you are one of those people. I will post more on how we plan to help in the next day or so. I will also introduce the team of helpers – all qualified accountants. So more soon … watch this pace.  

MDG Ltd4 months ago

All in the last month or so: Major hack at Brazzers, the porn site. The names of almost 800,000 registered users of porn site Brazzers have been exposed in a data breach....The data was stolen in 2013 but has only now come to light.Click to expand... 200 Million Yahoo accounts breached. the data was "most likely" from 2012Click to expand... TODAY'S News 68 million DropBox user passwords leaked online Popular cloud storage firm Dropbox has been hacked, with over 68m users’ email addresses and passwords leaking on to the internet.Click to expand... Again, it happened in 2012. It only took four years for them to disclose the full extent of the damage. Funny how we never hear about these things till months / years later when it has less news value and the potential PR damage is massively reduced. My rule still is - don't post it online if you don't want people to find it. That goes for you accountants and your cloud solutions (wait for the roar of protests!), you lawyers and your data rooms, you porn addicts and your online collections. Everyone! Whatever confidential storage or other service you're using online could already be compromised. Look out for news about it in the year 2020. "Delayed Discovery" = PR Con Game?  

MDG Ltd4 months ago

Welcome also to Karen Nobes who has joined the group of volunteer accountants.  

R2_Amazeballs4 months ago

We're looking to joint venture with any company that doesn't sell physical products, but rather offers a service. This can range from web designers, architects, accountants, tradesmen etc. We have the ability to generate between 50-300 phone leads per month and would like to enter into a joint venture with someone who's interested in growing their business. Please PM me or send an email to [email protected]/* */  

Pete_W4 months ago

>Andy White, tax partner at accountants CBW, explains how entrepreneurs can take advantage of the wide gap between capital gains tax and income tax rates to lower their payments to HMRC.

petHead4 months ago

Karimbo said: ↑ OP has invested thousands into solicitors and accountants already, it is a sunk cost! Do you advise OP to ditch this project and look for another pet shop to buy and fork out the accountant/solicitors fees all over again?Click to expand... The cost of that advice is not entirely down the drain. It means that the OP gets experience in buying a business. They will know some of the pitfalls for their next attempt at purchase, not because they have read somewhere of those pitfalls, but because of hard nosed business experience. I hope that the purchase does not fall through, but if it does I would advice the OP not to think of the cost of a solicitor and an accountant as wasted. It is just part of doing business. I am neither a lawyer or accountant BTW.  

Watergirl4 months ago

For example accountants, royal mail, couriers, drop-shipping etc  

R2_Amazeballs4 months ago

I've posted on here a few times about a pet shop we are thinking of taking on and the problems encountered so far. We have finally got to the position of us forming a company, all accounts checked and basically just got to iron out the nitty gritty bits. Found out yesterday that the vendor has now marketed the shop with a broker (for sale now on various websites) and is now asking for the completion date to be April as opposed to Feb/March. I contacted the vendor and they said they had told their solicitor to tell our solicitor this was happening and that it was purely insurance on their part should we pull out (our solicitor has not been notified). We have been going through this procedure since August so they have had plenty of time to take out 'insurance' and they have in the past accused me of stalling but now they want to put back the completion date. Yet again, I am getting highly cheesed off with all this moving of goalposts and as I am paying for accountants/solicitors only for them to now put me in the position of being gazumped (something the vendor has said she wouldn't allow to happen!) I am seriously thinking of cutting my losses and running for the hills. Am I overreacting or do you think this is normal behaviour?  

Porker4 months ago

Accountants

Many people complete their own tax returns every year and are happy to do so. If your business affairs are straightforward and you have the knowledge and experience of preparing accounts and tax returns, then there is no reason why you shouldn't do your own tax return. If your business is more complex then you would be well advised to use an accountant. A good accountant can save you more money than the fees they charge. Unfortunately there are as many less good accountants as there are good ones. Do some research, chat to a few, get recommendations from people in your area. Find one you get on well with, who speaks in a way you understand and has experience in your type of business. Before you choose an accountant, you could also get useful advice from a local business group such as the Federation of Small Businesses, Business Gateway or similar. And you will likely find a few new customers too. Win win. Good luck  

Gary19964 months ago

ethical PR said: ↑ @Toby Willows Most of us know someone who has been attacked, sexually assaulted or robbed or have been so ourselves. All the research shows the best form of rehabilitation is actually to enable a former prisoner to get their life back on track on the outside by having a stable home, family life and a job or education or training. http://open.justice.gov.uk/reoffending/prisons/Click to expand... Didn't say my believe was right, but we'll never know. All I do know is prisons are filling up faster than they can cope with, which suggests they aren't a deterrent to many. So you have to ask why this is. Hazel also mentions accountants and university lecturers, I'm going to presume these two groups are almost exclusively from a stable family home with good education and employment. So we can't blame criminal activity solely on upbringing or social disadvantage. I'm going to leave it there as I only wanted to make my first post, but Hazel came back making it personal so I felt the need to defend my views. Thanks for the links, I will read them when on a PC, to difficult on a phone!  

Corrie19994 months ago

I am looking to buy a small business and have been considering using equity in my property (through selling it!) to fund it. Means I wont have a bank loan and can crack on earning some money without giving it to another firm! Is this normal or am I being utterly ridiculous? Secondly, although I have a limited company now, I have great accountants that do all the work! So my next stupid question is, does annual turnover of a business I am looking to buy include the costs for employing staff? Don't worry I'll take a course on running a business shortly! thanks Paul  

Watergirl4 months ago

Thousands upon thousands of people work from home,builders, plumbers, accountants, financial advisors, man and vans, taxis etc etc etc. as mentioned above, it's the vans turning up at all hours, customers parked cars everywhere, noise, smells etc that people object too, not someone selling small items on ebay. You've only got to look on facebook to see its happening and I doubt not many read their mortgage / rental agreements. There are restrictions to most things, it's how you approach and handle those restrictions that count.  

Pete_W4 months ago

Have just found my way on to here...we're a small family run accountancy and book-keeping practice in Sturminster Newton (about 6 miles from Blandford). Hopefully will find some local small businesses who are looking for a reliable and friendly accountants with 30 years experience behind them. Also any one interested in some informal networking then get in touch...any excuse for a trip to a local pub!  

Fionas_Boy4 months ago

As an award-winning investment service, backed by a group with a reputation for leading the way in financial services, we’ve created an innovative auto enrolment solution. Designed for employees, employers and accountants, our auto enrolment service is simple to use, effective for all and unique in the marketplace.

Fionas_Boy4 months ago

Hi, Looking for some advice. And i'm meeting with accountants this week to discuss options also, just want to get a balanced view of available options. As per the title, have an 18 month old Ltd Company, have been using it to bill for consultancy services since Jan 2015. 1st accounts are due to be filed end of November..... but I'm not going to have money for any tax due..... have had baby in last year, wife on maternity has drained any savings, and to top that i've lost the consultancy gig from end of Nov. If I meet with accountants and the amount is less than I think it might be & can see a way to pay, I will of course do that and try to trade out of it. But if I went the Spongebob route, could I just not file the accounts, and hope companies house strike the company off ? - Would it be better to file the accounts and then to the Spongbob plan Or - Just not file and let it take it's action. Nobody else is owed money, and I think I don't really have the funds for an accountant to produce the accounts. Not the best situation, but just trying to resolve it best way I can. Any help / suggestions appreciated. Thanks  

Porker4 months ago

I'm interested in knowing what are the implications if I invest into property in EU as a Pvt Ltd company. The obvious reason is of course I would like to claim this as a business expense, instead of paying the dividends tax if I first move it to private account. It would be a vacation house used for vacations, and also rentals to tourists. Are there any businesses specialized in advising on this topic? My accountants were clueless and just sent me some 40 page PDF.  

Porker4 months ago

Irrespective of your fottball alliances, how can £80m for one player be justified? Real Madrid have not had an overly successful few years, so haven't been drawing in as much money as say Barcelona or Man Utd. Surely spending £120m for 2 players is a crazy risk. Maybe an all or nothing strategy. Where is the common sense? A bet the Real Madrid accountants are pulling out their hair! Martin  

MechExp4 months ago

NEST Connect is our online hub for professionals who are offering auto enrolment services to employers. It’s an ideal solution for financial advisers, accountants and payroll providers. And it’s completely free for you to use.

Fireboy4 months ago

Scalloway said: ↑ Most posts on here are from someone with a specific query that is discussed and hopefully sorted. It seem sensible for somebody who comes along later with a roughly similar query to start a new thread as it is really a new topic.Click to expand... @Scalloway. I can’t disagree with your point at all. But the forum is usually capable of moderating these posts for itself – if something is roughly similar, but different, someone will observe that a new post isn’t the same, and suggest a new thread be started. “Most” isn’t all though, and it’s not unknown that someone has the same issue, at a later date. Why couldn’t it be helpful or relevant to continue a previous thread, ensure the details therein are still relevant? I don’t see a lot of disagreement among the accountants, but I expect is has to happen on occasion –disputes with HMRC go to tribunals or the like. Among the employment lawyers, I think threads like http://www.ukbusinessforums.co.uk/threads/being-an-employer-sucks.189323/ were justifiably updated after the event, even when three months elapsed, There was a difference of opinion in legal circles, and surely it helps for anyone to know how things concluded, how the tribunals adjudicated on the difference of opinion (although this will never happen within three months). If the forum’s threads are to be deemed to contain any useful advice, surely they should be able to be updated with developments, should there be any. But if 99.5% of members don’t think that’s a necessary addition (a guess - not mine), how should this policy best be applied? Perhaps it could apply to members that haven't been active for three months too?! Karl Limpert  

Red4 months ago

naomi.beamish said: ↑ Hi Nicola. Thanks for this. I have been though the calculations many times and of course know there is more to it then basing a decision solely on profit. However, I also know that this issue often gets muddied by many accountants trying to show off there superior knowledge on the issue (no offence). Instead, I would prefer just the headlines if I was looking on here. I would not want to look on here and then be told to talk to someone else. Of course after getting the information then chat to an accountant about it if you decide to go ahead. The thing is most people will want to know a bit about it beforehand and get different points of view before chatting to an accountant. Plus - good accountants should be PROTECTIVELY looking at what is best for your business anyway.Click to expand... No offence taken Naomi. The trouble with your headline is that it is quite simply wrong. I personally dont see how that helps anyone. The simple fact is savings can be made, taking into accountancy fees, when someone makes profits that are less than £25k. ......and as an accountant, and having been an accountant for 25 years plus working with small businesses it is actually a calculation I've done just a few times  

Matchmaker14 months ago

Growing up above his parents’ fish & chip and pub businesses whetted Butler’s entrepreneurial appetite. Headhunted and made partner by accountants J Rothschild’s by the age of 21, Butler spotted a gap in the market for young house-hunters unable to afford deposits and had set up Homestarter Group PLC in Leeds by the time he was 22. Taken over by Jump Group Limited in January 2003, Butler remains MD and a 77.5% shareholder. With 30 branches in Yorkshire and Lincolnshire already, Butler intends to make Inner City 100 winner Jump a nationwide brand with the help of £8m in development capital funding. Turnover to April 2004 was £147.5m, up from a previous rolling turnover of £78m.

FordOwner4 months ago

Company Formation MadeSimple was set up as part of the MadeSimple Group in 2003. Since then we have have made setting up a business simple for budding entrepreneurs across the UK and world, providing registration services to thousands of people, from accountants where registering a business is a daily occurrence, to beginners who’ve never started a business before.

Watergirl3 months ago
This topic has been discussed elsewhere
- see here