Accountant question

L

liger

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Hi,

My other half is looking to open her own business. I am not as clued in as i once was. What sort of money is she going to be looking at for a decent accountant and what sort of help should we be able to get from one.

Any info would be a help. Thanks
 
We opened a business account with Bank of Ireland, who we had already been with privately for some years, and availed of their [broken link removed].

We got free banking for the first year, which helps when you're trying to get a new business off the ground, and a free consultation with an accountant participating in the scheme.

I have to say the advice given by the accountant before the start-up was invaluable and saved us a lot of time and money. Definitely a must before you start.

There's also some advice here from Citizen's Advice.

There are other [broken link removed] who offer an initial free consultation for start-ups.

What services you decide to take from the Accountant after that is up to you. It's easy to register your business name and to register for tax and VAT (if necessary) yourself.
 
Hi
It is best to talk to some colleagues in business and look for recommendations for an accountant. You need to be clear on what you want from your accountant. You should probably keep your own records and do your own Vat returns if possible as this will save you money. Just get the accountant to advise on the set-up; you will be able to get an inexpensive accounts package such as Sage Instant which should help.Get an estimate from the accountant for his years services in writing. Best of luck with it.
 
Accountants are not that expensive and can take all the worry and hassle out of a business. I pay about 750 a month, but turnover is quite substantial and have 40 employees. Accountant deals with everything - I just give him an envelope every week with invoices and receipts and staff hours.

For a small start-up, 250 - 400 a month would probably cover everything. I'd go the opposite of what union says and get the accountant to do all bookeeping, vat, paye etc. What takes you a full day, they will do in an hour.

Check with people you know and try and get a referral.
 
thanks for the advice folks, We are in a situation that we dont really know people who run their own business. thanks again for the advice.
 
liger said:
thanks for the advice folks, We are in a situation that we dont really know people who run their own business. thanks again for the advice.
Click to expand...

Ask the bank manager - he will be able to reccommend a good accountant suitable for your style and size of business.
 
mcaul said:
Ask the bank manager - he will be able to reccommend a good accountant suitable for your style and size of business.
Click to expand...

Whatever you do, don't take much heed of recommendations from a bank manager.

If things go awry or you hit a rough patch at some stage (as all businesses do), you will need an accountant who will represent your interests, not those of the bank.
 
Justa quick reply, I have been getting quotes for about 900-1300p.a for working on sole trader returns.
 
Its far too early at this stage to be getting quotes for end-of-year returns. Your partner's business hasn't even commenced yet so neither you, they nor any prospective service provider have a clue about their turnover, volume of transactions, unforeseen complexities/slip-ups, Revenue interactions, state of records at year-end etc.

Better to concern yourself now with getting good quality, independent advice and starting the business on a sound footing.
 
Hi there
Notwithstanding the fact that the business hasn't commenced yet I don't think it is too early to be getting quotes for end of year tax returns. One can give a quote based on basic assumptions about the size of the business, complexity, number of transactions etc. If the assumptions are way off then it may change things.
There is a wide range in the prices quoted out there but you should be clear that you are comparing like with like.
Best of luck
Numbercruncher
 
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