Formation Company & Costs - The Book-keepers Forum (UK)

JohnBoy · Veteran Member

Formation Company & Costs

Jen81 · Veteran Member

Morning John

It's not something I do many of but when I have I've used UK-PLC. For the basic service I think it costs around £30. If you want printed docs I think it was more like £50. I'm sure you can probably find it cheaper if you shop around.

I normally charge between £75-£100 for forming a company. This covers my cost and it only takes about 1 hour of my time all in.

Jen

Stuartbham · Senior Member

Hi John

I use Companies Made Simple and the cost is less than £20. Very quick and efficient service.

I tend to charge around £150 for doing this.

Stuart

Dustin57 · Senior Member

Just to stick up for Jordans. They may be more expensive but I have used them for a number of years and they've never let me down.

When I'm offering this service I want to make sure I'm using a company that knows what they're doing. Not saying cheaper ones don't, I just wouldn't risk it for my clients.

JohnBoy · Veteran Member

Thank you for all of your replys. Very useful stuff!!

Thanks.

John

HendyPhilhendy · Guru

I use Wisteria Formations who charge £24.99.

Don't get sucked in to buying the expensive extra's with any of the agents; in particular, the printed incorporation certificate. It is the same as you can print on your home printer on some decent paper!

Buy a ring binder and google for templates for dividers etc.

I also offer this service free to my clients as really it is only a half hour job and comes as part of getting the client set up. Quite often I will do it in front of the client!

I would clarify that my clients tend to be 1 or 2 director shareholder businesses so are not particularly complex.

bookkeepertim · Member

Hi Phil,

I am interested in the idea of simply printing the incorporation certificate onto nice paper and saving £10.

Do the banks care? I always reluctantly pay the £10 on the understanding that the banks will require sight of the original as part of the account opening process...

I agree on the set up - I use @UKplc and it only takes about 15 minutes. Good PR at the start of a relationship!

Peasie · Expert

Here's what I don't get.

Sole trader comes along to you and asks you to form a limited company.
You go to one of these sites on the internet and form they form the company.
But what do you actually do in the process?

Or put another way - is there something you are doing as well as the company formation website? Why don't they go to the company formation websites themselves?

I've not set my bookkeeping business properly yet - I'm only at level II manual with ICB - but I was recently asked by someone I know if I could form a company for them. I explained the situation I was in - I couldn't do the bookkeeping for a limited company yet and they'd be better off seeing an accountant. I'm just wondering if this is something I could have done.

Shamus · Forum Moderator & Expert

Hi Peasie,

giving advice on company form comes under the giving advice rather than bookkeeping so in the event that the recipient of the advice finds that their financial position is the worse because of it you would probably find that your PII doesn't cover you.

Personally I set my company up myself but people generally go to accountants rather than direct to these sites as if you think about it the accountant is the one who advises them on their business form and setting up the company is simplified by letting the accountant do it for them.

Your average new business owner doesn't realise how simple setting up a company actually is and even if they did when your in the process of empire building the last thing that you want to be doing is spending all of your time sorting out the paperwork.

Talk later,

Shaun.

Peasie · Expert

It wouldn't have been giving advice - they had already decided they wanted to form a company.
I may even have talked them out of it. They had said they wanted a company formed quickly so they could get registered for VAT (for a new business venture they were starting up). I told them any type of business could register, they didn't have to be a Limited Company.

EDIT : I should say it was more a quick phone call than anything else.

-- Edited by Peasie on Sunday 19th of December 2010 03:35:09 PM

HendyPhilhendy · Guru

bookkeepertim wrote:

Hi Phil,

I am interested in the idea of simply printing the incorporation certificate onto nice paper and saving £10.

Do the banks care? I always reluctantly pay the £10 on the understanding that the banks will require sight of the original as part of the account opening process...

I agree on the set up - I use @UKplc and it only takes about 15 minutes. Good PR at the start of a relationship!

What do you think the incorporation agent does - a bit of conqueror paper is they use!

Mind you, I have had a few run-ins with the banks who fail to understand this - I explaining to them if they want they can always download it from Companies House website.

Incidentally, Barclays are the worst culprit!

HendyPhilhendy · Guru

Peasie wrote:

It wouldn't have been giving advice - they had already decided they wanted to form a company.
I may even have talked them out of it. They had said they wanted a company formed quickly so they could get registered for VAT (for a new business venture they were starting up). I told them any type of business could register, they didn't have to be a Limited Company.

EDIT : I should say it was more a quick phone call than anything else.

-- Edited by Peasie on Sunday 19th of December 2010 03:35:09 PM

Peasie, you gave the right advice by saying that they don't need to be Limited to register for VAT. This does however show that they need to see an accountant as this is a basic example.

Co-incidentally, I was in the pub last night (it was Saturday!) and got chatting to someone who is setting up their own business. They have previously said that their wife has some accounts knowledge and was going to do their accounts (this was not me touting by the way!). Anyway, we started chatting about his business and I asked whether he had decided to go Limited or be a Sole Trader, his response was that he didn't want to go Limited as he wanted to avoid VAT registration! Needless to say we are now having a consultation in the New Year.

Donna CBK · Senior Member

Apologies a bit late in day for this however I have a company formations area on my website - starts from £ 24.99 and set up within hours.

www.completebookkeeping.co.uk

Dunner1977 · Newbie

Hi Everyone my name is Paul Dunn I am the new Business Development Manager of First Corporate Law Services Ltd. I use to be one of the business Development Managers at Jordans for 10 years and First Corporate can offer you the same quality of service and advice as Jordans but are cheaper!

Established in 1994 First Corporate Law Services has quickly established a reputation for providing quality services across a broad range of company law disciplines. From standard private company formations to complex public companies, special share structures and complete company restructuring, First Corporate offer a total Company Law Service to the professions and industry.

First Corporate are one of the main sponsors of the book-keepers forum myself or any of my colleagues would be more than happy to discuss services with anyone who is looking to incorporate companies or any advice when it comes to corporate law work.

Please email me if you would like to discuss further or you would like any info on the services First Corporate could provide you with.

Thanks

Paul biggrin

HendyPhilhendy · Guru

Dunner1977 wrote:

Hi Everyone my name is Paul Dunn I am the new Business Development Manager of First Corporate Law Services Ltd. I use to be one of the business Development Managers at Jordans for 10 years and First Corporate can offer you the same quality of service and advice as Jordans but are cheaper!

Established in 1994 First Corporate Law Services has quickly established a reputation for providing quality services across a broad range of company law disciplines. From standard private company formations to complex public companies, special share structures and complete company restructuring, First Corporate offer a total Company Law Service to the professions and industry.

First Corporate are one of the main sponsors of the book-keepers forum myself or any of my colleagues would be more than happy to discuss services with anyone who is looking to incorporate companies or any advice when it comes to corporate law work.

Please email me if you would like to discuss further or you would like any info on the services First Corporate could provide you with.

Thanks

Paul

Or you could answer some of the questions in the thread which are asking why you need certain things from an agency - that would be more helpful rather than advertising your service.

Dunner1977 · Newbie

Hi Phil,

Thanks for your comments, First Corporate only became a member yesterday so was just letting the members in the forum know who I was and what First Corporate provided. I will be looking at the forum on a daily basis as from today and will be answering any questions that come up. Subsequently if you have any questions please don't hesitate to contact me.

Regards

Paul