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Accountant Recommendation

Discussion in 'General Board' started by adk, Feb 18, 2020.

  1. adk United Kingdom

    adk New Member

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    Hi All,

    I recently set up Ltd, looking to transfer my portfolio of domains under the corporation.

    Before progressing any further, I'd like to consult with an accountant (fair enough, maybe should have done that before incorporating), but I'm having troubles filtering for advisers who would have knowledge of the domain names industry.

    Does anyone have any recommendations? I'm London based, but I'm happy with virtual contact as well.

    Thanks!

    Al
     
  2. Domain Forum

    Acorn Domains Elite Member

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    articles.co.uk
     
  3. Ben Thomas

    Ben Thomas Well-Known Member

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    What is it exactly that you want an accountant for?
     
  4. adk United Kingdom

    adk New Member

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    Need to figure out what is the right way to transfer ownership from personal to the corporation, how to handle reimbursement for the cost, broker commission fees, how to depreciate some domains that are actively in use etc.
     
  5. Ben Thomas

    Ben Thomas Well-Known Member

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    That's interesting. If you originally bought them as personal assets, you need to determine their fair market value and then you can basically create a paper trail (if you really must) by invoice, you'd have to send yourself some money (the amount the invoice is for) from your company to "buy" the assets. For intangible assets such as domains, the process is pretty much the same as fixed assets in terms of depreciating value it's just called something else http://www.taxamortisation.com/tax-amortisation-benefit/uk.html
     
  6. Ben Thomas

    Ben Thomas Well-Known Member

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    Save yourself a bunch of money and Google the stuff you want to know. Accountants in London are not cheap and most things when you're starting out as a Ltd. are fairly straight forward so long as you keep on top of stuff. Get a QuickBooks account or something. I'd say under 1 mil turnover you don't need an accountant. If stuff is really messy and you value your time more, you might wanna rethink that.
     
  7. adk United Kingdom

    adk New Member

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    So, that's exactly where it gets interesting.

    As a director one can "log" expenses and reimbursement for up to 7 years prior to incorporation, so technically there should be a way to just transfer ownership without the business paying me straight away, and write it as expense that then need to be reimbursed at some point.

    I have all the invoices for every purchase, renewal, commission that I paid for, so I'm fairly confident that the general month-to-month accounting I can handle myself as you say, but I just want to make sure that the "start" and first year books are all in order.

    Then there's also the "questionable" topics such as if I can be selling some domains as sole trader, and some domains under corporation (i.e if I haven't fully utilised the lower personal income tax bracket), and how would any domain sales be treated now, as they are not yet under the corporation (i.e I'm doing research, haven't moved the domain under corp yet, but make a sale)

    These are some nuances that I'm just not sure how to answer.

    Thanks for providing the link!!