Re: [guadec-list] Guadec Planning Meeting Notes - 3rd March 2007


My apologies to Thomas for not spotting the typo below earlier,

----- Thomas Wood <thos gnome org> wrote:
> 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
>        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                  |

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