Frequently Asked Questions
How does your Accounting Service work?
Once your company is formed, we'll send you your BSQ Accounting letter of engagement and invite you to an onboarding call. On the call, you'll choose the accounting plan that suits your business best - from £49 +VAT per month - and we'll introduce you to Xero, your cloud accounting software.
Within 48 hours of your onboarding call, everything is set up and you're ready to go. You'll have access to your dashboard and Xero, so you can monitor your filings, create invoices, and log payments from day one.
From there, the BSQ Accounting team will keep your company compliant all year round - your annual accounts, your Corporation Tax return, and your dealings with HMRC. You'll also have access to our team for advice on everything from tax efficiency and claiming expenses to getting the most out of Xero.
What information do I need to provide to get started with the Accounting Service?
Very little. You'll just need to sign your letter of engagement, which is sent to you once your company has been formed. Any compliance requirements are collected during the company formation process. That's one of the benefits of forming your company with accounting included: no separate set-up.
How long does it take to set up your Accounting Service?
As soon as your company is formed, we'll email you your BSQ Accounting letter of engagement, then book an onboarding call to get everything set up, including your Xero account. After that, your service will be set up within 48 hours.
How do I change my accounting plan, and can I change more than once?
You can change your plan whenever you like. Just let your accounting team know and they'll move you to the plan that suits you. We want you to be on the plan that works best for you, so you can move up to Scale as your company grows, or change to Simple if things change.
What is the difference between your accounting plans?
The plans are designed to support you throughout your business journey. Whether you're getting ready to trade, starting a side hustle, taking the next step with employees and VAT, or running a growing team, there's a plan built for each stage.
How do I know which accounting plan is right for me?
Your accounting team will check you're starting out on the right plan during your onboarding call by going through a short list of questions so they can start to understand your business. Once you're on a particular plan, if they think it's not the best fit for you as they work with you during your plan term, they'll suggest one that will be a better fit.
Can I add the Accounting Service to a company I've already formed?
No. The service is only available as part of our company formation service, either through the All Inclusive with Accounting Package or by adding it at the checkout of one of our other company formation packages.
Do I need an accountant for a limited company?
There's no legal requirement to hire one, but running a limited company comes with real responsibilities. You need to file annual accounts and a Corporation Tax return, along with other requirements depending on your situation. Each has strict deadlines and penalties for mistakes. An accountant takes that pressure off, keeps you compliant, and frees you to focus on your business.
What exactly does my accountant do for me?
Your accountant helps you keeps your company compliant all year round. That covers preparing and filing your annual accounts, your Corporation Tax return, providing you with assistance, and dealing with HMRC on your behalf. Your accounts will be managed by BSQ Accounting and ACCA-qualified accountants, so you know you're in good hands.
Do I need an accountant from day 1?
When you're new to running a company, you don't know what you don't know. Mistakes and missed deadlines can be expensive to put right. Starting with an accountant means everything is set up correctly from the outset, with nothing to untangle later as your company grows.
What if I don't plan on trading immediately?
That's fine - the Simple Plan is designed exactly for this. At just £49/month, it covers the statutory filings required for every limited company: your year-end accounts and Corporation Tax return.
Think of it as banking towards your year-end bill in advance. Over 11 payments that's £539 for the year - compared to £1,800+ that a typical accountant might charge. When you're ready to trade, everything's already in place.
Will I need a new accountant as my company grows?
No. The BSQ Accounting team will support you at every stage, and their plans are designed specifically to support new limited companies as they grow. You'll stay with the same expert team throughout.
Do I need any accounting experience or software knowledge to use Xero?
No. The service is built for first-time founders as much as experienced directors. BSQ Accounting will take care of the technical work, and they'll get you set up on Xero and show you the basics. You don't need any accounting background to get started.
What is Xero, and how do I use it?
Xero is the UK's leading cloud accounting software, included with your service. It keeps your invoices, expenses, and financial records in one place, stored securely in the cloud, with a mobile app so you can manage things on the move, wherever you're doing business.
You don't need to be an expert. We set it up for you, and your accountant works in the same system, so your numbers stay accurate and up to date. We'll also deliver free training sessions if you want to learn more about it.
Will I get training on Xero?
Yes. BSQ Accounting want every client to feel confident using Xero, so they run weekly training sessions via their own Xero Academy. Their whole team is Xero certified, including a dedicated Xero Trainer.
Will you remind me of upcoming deadlines?
Yes. Your accountant tracks your key dates with Companies House and HMRC and reminds you well ahead of time. You also have access to your Accounting Dashboard, so you can keep track of your filings yourself. This means nothing is missed and you avoid late-filing penalties.
How do I get set up with my accountant?
Once your company is formed, we'll email you your BSQ Accounting letter of engagement, then book an onboarding call to get everything set up, including your Xero account. After that, you'll be connected with your accounting team and ready to go. Your service will be set up within 48 hours of your onboarding call.
How do I speak to an accountant?
All of the accounting plans include live chat support, so you can speak to your accountant whenever you need to. The Scale plan also includes telephone and video meetings.
What if I have a tax question?
Just ask the team. Tax support is part of the service, so whether it's a quick query or something more involved, you have a qualified expert on hand to give you clear, reliable answers.
How do I get paid as a director and owner of my company?
Most directors pay themselves through a mix of salary and dividends, which is often more tax-efficient than salary alone. A salary is a regular payment through payroll, while dividends are paid from your company's profits. Your accountant works out the most efficient split for your circumstances, sets it up correctly, and makes sure it's all recorded properly.
Do I need to register for VAT?
Only once your business needs to. VAT registration becomes mandatory when your taxable turnover passes the current threshold of £90,000 in a rolling 12-month period, though some companies choose to register voluntarily before then. Your accountant advises you on the right time, handles the registration, and takes care of your returns.
Do I need to register for PAYE?
You'll need to register for PAYE if you want to pay yourself or any employees a salary. It's how HMRC collects Income Tax and National Insurance contributions. Your accountant sorts the registration for you and makes sure everything is reported correctly.
How do I purchase an add-on?
You can add extra services to your plan at any time by speaking to our team. Your accounting team will set it up for you and add it to your billing.
Who provides the Accounting Service?
The Accounting Service is provided by BSQ Accounting, our sister company within the BSQ Group. You buy it through 1st Formations, and BSQ Accounting's ACCA-qualified team looks after your accounts. Same group, same standards, one point of contact.
Who is BSQ Accounting?
BSQ Accounting is the company behind our Accounting Service. They are part of the BSQ Group, the same group that owns 1st Formations, so your company formation and your accounting sit under one roof. Their accountants are ACCA-qualified with decades of combined experience in accountancy, tax and compliance.
It means you get a team who already knows your company, because we helped set it up. One team looking after everything from your annual accounts to your tax returns.
Are there any hidden fees or extra charges?
No. Your monthly price covers everything included in your plan - no surprises. Plans start at £49.99 per month for Simple, with Standard at £89.99 and Scale at £129.99.
As your company grows, you may need services beyond your plan - for example, adding extra directors or employees to payroll. These are all listed with prices on our plan comparison grid, so you can see exactly what they cost before you need them. And if you ever need something that isn't covered, we'll agree the fee with you before any work begins.