Re: [guadec-list] Guadec Planning Meeting Notes - 3rd March 2007
- From: Paul Cooper <pgc openadvantage org>
- To: Thomas Wood <thos gnome org>
- Cc: guadec-list gnome org
- Subject: Re: [guadec-list] Guadec Planning Meeting Notes - 3rd March 2007
- Date: Thu, 8 Mar 2007 17:31:20 +0000 (GMT)
My apologies to Thomas for not spotting the typo below earlier,
----- Thomas Wood <thos gnome org> wrote:
> * Paul has spoken to an accountant in Birmingham and he has
> 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
> * The disadvantages were than we would need to charge and pay
> if the turnover was more than 61k, which is likely.
> * Paul pointed out that it was unlikely the accountant would
> suggested any other option, but it is still a good option since
> 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
> them until the end of the year.
> * We will have to charge VAT to sponsors and attendies, because
> are providing a service to both within the UK. This is
> of what form of organisation we are. It was agreed that VAT
> be included in the current sponsorship prices.
> * There is the possibility of gaining vat exemption, but it is
> a certainty.
> * Two people are required to set up the limited company, and
> and Bastien volunteered. They will meet in Birmingham in the
> two weeks to organise signatures and a bank account.
> * We were advised to invoice only in Stirling, so as to simplify
> records for tax reasons in the case of fluctuations in
> * We need to ask the accountant about payment systems, and find
> what various banks charge as fees for swift transfers etc.
> * We looked at the final draft of last year's budget and used it
> 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
Paul Cooper | Tel: 0121 634 1620
Assistant Director | Fax: 0121 634 1630
OpenAdvantage | http://www.openadvantage.org
] [Thread Prev