Price menu of accounting & advisory services for start up businesses in association with StartUp 2.0

Sep 12, 2011 | Publisher: vickyszulist | Category: Business & Jobs |  

Price menu of accounting & advisory services for start up businesses in association with Northern Start Ups 2.0 The service proposition A comprehensive business advisory package for start ups and growing businesses at discounted rates. Service Level Bronze Silver Gold Platinum Category of business Note Turnover up to: £50,000 £100,000 £500,000 £2,000,000 Assumed no. of employees (for illustrative purposes only) 3 3 4 8 15 Anticipated business requirements & management information Financial monitoring 1 Y Quarterly management accounts 2 Y Y Y Assistance with quarterly VAT returns 2 Y Y Y Payroll (inc payslips, annual return P35) 3 Y Y Y Y Annual statutory compliance services Preparation & filing of statutory financial statements 4 Y Y Y Y Annual corporation tax computations and CT600 return 5 Y Y Y Y Statutory requirements (inc Annual Return, Form 42) 6 Y Y Y Y Advisory Up to 2 meetings per year 7 Y Y Y Y Monthly discounted rate (excluding VAT) 8 125 195 250 375 OPTIONAL "ONE OFF" SERVICES Set up costs for a new company 9 Company set up - incorporation 115 115 115 115 HMRC registration 30 30 30 30 VAT registration 50 50 50 50 Total (excluding VAT) 195 195 195 195 Advisory services 7 Additional meetings as required (excluding VAT) 200 200 225 250 Forecasts & financing (escalating scale) 10 Preparation of monthly forecasts for the business 700 750 1,100 1,500 Preparation of full business plan 350 400 450 500 Attending and discussing proposal with banks/funders 600 600 900 1,000 Total (excluding VAT) 1,650 1,750 2,450 3,000 Personal tax service for the entrepreneur (indicative) 11 150 400 750 995 Price guide - Notes 1 FINANCIAL MONITORING Whatever the size of business we anticipate that the owner will benefit from some form of financial monitoring. It may be advice on what records to maintain, instruction, assistance with accounting records or cash flow review or preparation of periodic summary accounts. This input is deliberately flexible to fit in with your requirements. 2 QUARTERLY ACCOUNTS We will assist with the preparation of quarterly management accounts to enable you to understand the latest financial position of the business. Maintaining accurate monthly records should also help you improve cashflow management and ease the burden of preparing year end accounts as all relevant financial records should already be in good shape. Our service will be tailored to the specific circumstances and requirements, for example this may be extended to monthly reporting by agreement (although this would be potentially subject to additional cost). VAT RETURNS All businesses anticipating that they will exceed the VAT threshold, annual turnover exceeding £67,000, must register with HMRC and prepare quarterly VAT returns. We will assist you in the preparation of information to report on the return, which fits in with the quarterly accounting process. The approach would be to make this a straight forward process for you to take over. We cannot take any responsibility for the completeness and accuracy of returns or for their signature and submission. 3 PAYROLL Salaries and wages of employees are subject to income tax and national insurance deductions in accordance with PAYE regulations. Our payroll service will cover the processing of monthly employee payslips including PAYE deductions plus year end annual return forms (P35). The cost of these sevices depends upo the number of employees, which we have assumed above. There may be slight variations depending upon the type of business and stage of development. As a general rule an additional costof £4 per month should be assumed for each additional monthly employee. 4 FINANCIAL STATEMENTS All UK companies require annual financial statements for approval by the directors and for filing with Companies House by law. We will assist the directors in fullfilling these legal obligations and produce annual accounts using Caseware software which is both efficient and ensures that up to date disclosure requirements are met. We shall also advise on disclosure exemptions and abbreviated accounts. 5 CORPORATION TAX All UK companies must file a CT600 tax return with HM Revenue & Customs within 12 months of the company's accounting period end. We will prepare the CT600 return along with a supporting corporation tax computation ready for your signature. We will also advise on corporation tax payments and due dates, where relevant. 6 STATUTORY RETURNS All UK companies must file an annual statutory return with Companies House which sets out the latest shareholder and director details. We will provide assistance with completion of this form, upon request. Some companies also receive Form 42 from HM Revenue & Customs regarding details of shareholders in the company. We can provide assistance in completing this form, upon request. 7 ADVISORY MEETINGS - 2 PER YEAR All young and growing businesses require guidance and mentoring. Our service proposal is unique in that we offer the time of the most experienced partners and managers, those who can make a real difference to your business, free of charge. Additional meetings are also offered at nominal rates stated above. 8 MONTHLY COST Our services must be paid for by monthly standing order. This reduces the administration cost to us and helps us deliver lower fee packages. We issue a letter of engagement and the arrangements will commence when this is agreed by you countersigning. All prices quoted exclude VAT which will be charged at 15% up to 31 December 2009, and 17.5% thereafter. 9 SET UP COSTS A new business may require assistance with establishing itself, including incorporation, VAT registration & cash accounting, registration with HMRC, PAYE etc. The full menu is presented above. 10 FORECASTING & FINANCING This menu of options is a sliding scale depending upon the extend of input required. We can prepare basic forecasts for the business covering a 3 year period. If required this can be supplemented by advice on making introductions and attendance at meetings. These fees are not contingent upon success in obtaining finance and we cannot guarantee or arrange finance for you. It is a supporting role. 11 TAX SERVICES FOR THE ENTREPRENEUR In addition to the company, if the owner of a business draws remuneration in the form of dividends or salary, this is subject to income tax and national insurance. Benefits in kind - cars, telephone costs, use of other assets - are also potentially assessed. Other income needs to be taken into account also in reviewing the tax position of the individual. As an additional service HCW can prepare the business leaders personal tax return and look after all administrative matters. The prices quoted above offer an indicative range. In reality this would need to be assessed on a case by case basis - starting from an uncomplicated return £150. Please let us know if you would like us to provide additional services and we will provide a revised quote accordlingly. Conditions Engagement terms In order to offer our services at a discounted rate, we must ensure that administrative costs are minimised. Our services will be subject to the standard terms contained in our engagement letter. Payment A precondition of our service is an undertaking to pay fees by standing order. Annual evaluation We will endevour to provide an efficient and pro active service that will add value to your business. However, we consider that an annual review should be built in, as an opportunity for either party to terminate the arrangement. This will also serve as a point at which to re-consider the service levels required.

NS 2.0 to GD 17.04.09.pdf

About vickyszulist

I am a partner at Crowe Clark Whitehill LLP, Chartered Accountants, based in Manchester. We offer audit tax and advisory services.

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