Hi, My apologies to Thomas for not spotting the typo below earlier,
----- Thomas Wood <[EMAIL PROTECTED]> wrote: [snip] > Finances > -------- > * Paul has spoken to an accountant in Birmingham and he has > advised > we set up a limited company to deal with the funds. > * The main reasons for the limited company were: > o Limited liability for those people involved > o Clearer tax rules > o No income tax to deal with > o Offers a more transparent way of doing things with well > known rules and procedures > o Public records, and many accountants offer an audit > service. > * The disadvantages were than we would need to charge and pay > VAT > if the turnover was more than 61k, which is likely. > * Paul pointed out that it was unlikely the accountant would > have > suggested any other option, but it is still a good option since > it > provides a well known framework. > * Setting up the limited company will cost about £200 > * The accounting will likely cost 12-14k The accountant estimated around 1200-1400 in general costs upto and including end of year filing. > * An audit would cost around £370-400 > * The accountant would also be able to deal with vat returns. > * The reporting period is February to February. > * We were advised to submit accounts every month, rather than > hold > them until the end of the year. > * We will have to charge VAT to sponsors and attendies, because > we > are providing a service to both within the UK. This is > regardless > of what form of organisation we are. It was agreed that VAT > would > be included in the current sponsorship prices. > * There is the possibility of gaining vat exemption, but it is > not > a certainty. > * Two people are required to set up the limited company, and > Paul > and Bastien volunteered. They will meet in Birmingham in the > next > two weeks to organise signatures and a bank account. > * We were advised to invoice only in Stirling, so as to simplify > the > records for tax reasons in the case of fluctuations in > exchange > rates. > * We need to ask the accountant about payment systems, and find > out > what various banks charge as fees for swift transfers etc. > > Budget > > * We looked at the final draft of last year's budget and used it > as > the basis for this years budget > * We decided not to budget for accommodation or catering, except > for lunches (core days only). > * Preliminary suggestion for registration prices was £80 for > corporate registrations, £40 for normal registration, and £20 > for > concessions. > -- Paul Cooper | Tel: 0121 634 1620 Assistant Director | Fax: 0121 634 1630 OpenAdvantage | http://www.openadvantage.org _______________________________________________ guadec-list mailing list [email protected] http://mail.gnome.org/mailman/listinfo/guadec-list
