Role of Accountant in opening a company

[vikasgupta]

I am new to contracting but it is clear to me that I do not want to continue with umbrella companies for a long time and want to start my own limited company. But I have one question:

What is the role of an Accountant in company setup?

[northernladuk]

I am new to contracting but it is clear to me that I do not want to continue with umbrella companies for a long time and want to start my own limited company. But I have one question:

What is the role of an Accountant in company setup?

Have you read the stickies in this forum and also the link to the right hand side? Have a look at some of the accountants sites and see what the services they offer are. Go look at Companies House website and read up what they do. After that it should all be just that bit clearer.

[Wanderer]

want to start my own limited company. But I have one question. What is the role of an Accountant in company setup?

It sounds to me like you're gonna have more than one question.

After you have read the links that northernladuk points out , go to the PCG and sign up with a package that covers PCG membership, company formation, bank account setup, VAT registration (plus FRS), accountantcy, insurance and stuff. It will get you kick started into running your own company, there is still a lot to learn so do some research.

[SackmanandCo]

An accountant can deal with the whole process for you ie company formation,vat registrations, set up of PAYE scheme etc.

[lje]

You do not need to include an accountant in setting up your company. This can be done through many routes and there are loads of companies on the internet who will do this for you. There is no legal requirement to have an accountant involved.

However, in order to get your custom some accountants will set up a company for you for free. Others will do it for a fee.

[THEPUMA]

I think it is worthwhile getting your accountant involved so that you can get advice on how to optimise the shareholding structure etc from a tax perspective. As someone said earlier, I'm sure most of us do it for free as a goodwill geture to try and win your business anyway.

Puma

[Steven@Parasol]

I am new to contracting but it is clear to me that I do not want to continue with umbrella companies for a long time and want to start my own limited company. But I have one question:

What is the role of an Accountant in company setup?

You don't necessarily need an accountant to set up a limited company but it is advisable to have one to manage your accounts.

Its best to seek out a specialist contractor accountant, or a high street accountant that has experience working with contractors and as others have said, there are lots of stickies and online guides around to help you do that. These will help make sure you are comparing like for like and identify any hidden charges etc such as exit fees.

Most of the specialist contractor accountants will help you set up your limited company as part of their monthly fee.

[SallyPlanIT]

I think it is worthwhile getting your accountant involved so that you can get advice on how to optimise the shareholding structure etc from a tax perspective.

Puma

Here here.
The share structure is important to get right as it could make the difference from paying tax at the lower rate if you have income above the higher rate threshold.

It is also advisable to take advice on your IR35 status.
There's a myriad of legislation within the contracting industry. A good accountant should be able to give you all this advice included within their fee structure.

Good luck with your business

[Stag Cozier]

I am new to contracting but it is clear to me that I do not want to continue with umbrella companies for a long time and want to start my own limited company. But I have one question:

What is the role of an Accountant in company setup?

Depends what your expectations and requirements are and what they are offering I'd have thought. I guess anything from just setting up your limited company to VAT, bank, PAYE, share structure advice, offer of registered office address and advice on whether you're actually suited for a company.

[SallyPlanIT]

Depends what your expectations and requirements are and what they are offering I'd have thought. I guess anything from just setting up your limited company to VAT, bank, PAYE, share structure advice, offer of registered office address and advice on whether you're actually suited for a company.

That's a very good point. I get quite a number of new clients that have already formed their limited company and we subsequently find out that they would have been better suited to a different trading structure.