accountant

[Sinister]

In general, your accountants will charge you a considerably higher fee if you choose the limited option, and there will be a set fee to set you up in the first place. Please don't take this the wrong way, but based on a £42K turnover, I would personally choose to operate as a sole trader, as I think your overheads as a ltd company could be a bit too high to merit the change.
Fleeg.

My current accountant is charging me £230/year +vat for sole trader and will be charging £450/year+vat when I'm Ltd. It's probably a reasonable charge as pharma-accounts quoted me £900+vat...
Well, 42k was only last year as I didn't work full time due to other business commitments, but I'm back to pharmacy on full time basis and expecting to go over £50k this year.

[Sinister]

After being charged an extortionate fee by the banks, I transferred to a business act run by Nationwide. They pay you interest and no charges unless you exceed six cheques a month. In the old days needed initial deposit of £2,000, now £5,000. But you can draw it out after a day or so as long as leave a pound.

I have had no problems at all. They will try to tell you that a business act is for you to deposit funds and go along with that, but then use as a current act.

johnep

Thanks very much John! I'll go straight there once I get my Ltd company set up. Lloyds TSB charges are ridiculous.. it's free for first 18months though..