accountancy fees

[just add water sparks]

This is my first full year of being self-employed since ten years ago.Now im aware accountancy is not an exact science,i have just received my invoice from my accountant and was quite shocked.All receipts and invoices were i neat date order in plastic wallets,totals for net income,car expenses,car milage, telephone bills e.t.c were in date order and totalled on a chart.All income was taxed at source and i was unemployed for 4.5 months of that tax year.The charge was £352.50 which i thought was expensive.Some of the guys at my last job reckoned they were charged between £160.00 & £250 Taking into account that there were no wind ups??? The average tax rebate was about £1000.Now like i said its all relative i know but just wanted to know what the average accountancy charge is and tax rebate .My gross income was £13,880 less cost of sale(not sure what that means) at of course minus expenses.and take into equation unemployed for 4.5 months(less paper work)

 

[Risteard]

Accountants charge by six-minute intervals.

 

[acat]

Accountants if they are any good should have saved you more in tax then the fee they charge. Most of them use sage accounts so perhaps its worth asking if its any cheaper submitting your returns using that program.


Chris

 

[Graeme Harrold]

Im a Ltd company and it costs me £100 for SA tax return, £55 for annual return and £450 for my annual accounts.

The way I look at it is if I had to do it, which I am capable of doing it would take me twice as long as the accountant, and Id earn that amount in 2 days easily, so money well spent.

Remember its a tax deductable expense

 

[just add water sparks]

I did not mention i am not a ltd company so i assume i must be a sole trader which is supposed to be less work & not v.a.t registered.Looking quickly on Internet stumbled across this site have not fully digested all information Accountants, Bookkeeping and for a sole trader non-v.a.t registered costs £16.00 month for a sole trader for a monthly book keeping service and includes one self assessment return may be £25.00 set up fee.So for 8 months work £128.00 + £25 = £153.00 + v.a.t SEEMS A LOT OF DIFFERENCE TO THE £352 I WAS CHARGED please check these figures fair enough not such a personal service but a vast difference or am i missing something???

 

[eddielarge]

your missing the fact that if you get a good accountant they will save you the money .

but if it is just cheap you want ,, why dont you just take your paperwork to the inland revenue offices and they will help you for free.

 

[Risteard]

The trick is to marry/live in sin with a Chartered Accountant.

 

[just add water sparks]

RE: Eddielarge Thank you was not really looking for sarcasm,just stating facts the company i mentioned was in fact i feel doing the same thing,i dont know if you logged onto the link.I was generally asking for positive feedback 1.e average charge for a sole trader,AND YES I REALISE ALL ACCOUNTS ARE NOT THE SAME (same amount of work e.t.c )JUST A BALL PARK FIGURE.Yes of course accountants save you money.In the same token is it not unreasonable to check im not being overcharged as i said speaking to other sparks there charges seemed a lot lower.Please forgive me and have me flogged and stoned on the forum walls.

 

[Graeme Harrold]

It is a matter of shopping around. Personally I would stick with a company that is in my locality as I can visit on a regular basis. I’m not just paying for having the accounts done, I also have my business analysed on a regular basis to make sure I’m hitting the right figures e.g. PROFIT after all that’s what pays my wages.
My first accountant robbed me blind, advised to set up as a ltd company given the amount of machinery I had. First year was extremely part time and I turned over about £2500 and his bill came to almost half. Needless to say I went elsewhere and now receive a far better service for a fraction of the cost. My wife is set as a sole trader and her fees are about £350+VAT, but as our personal finances are analysed too, we end up saving more than it costs to use the accountant through savings, tax loopholes and well timed capital purchases.
In a nutshell, if you want it done cheap, then internet is the way to go. If you need an accountant to look after your whole financial package (business and personal) and help you grow your business, then you need to go face-to-face. Find your local business network and use their recommendations.

 

[ghost]

My accountant charges pretty much the same as Graeme's. Mines set up as a partnership, so 2 SA and annual returns to do.

 

[just add water sparks]

Thank you Graeme it was the sensible answer i was looking for and makes eddielarges reply seem a little bit rude and nonsense

 

[just add water sparks]

Thanks Graeme & Ghost just the sensible answer i was looking for and just emphazises that eddielarges reply had not been given much thought and a tad rude

 

[SirKit Breaker]

I pay £335 all in. Great value and she saves me an arm and a few legs. worth every penny, and its tax deductable.

 

[Mark2009]

This is my first full year of being self-employed since ten years ago.Now im aware accountancy is not an exact science,i have just received my invoice from my accountant and was quite shocked.All receipts and invoices were i neat date order in plastic wallets,totals for net income,car expenses,car milage, telephone bills e.t.c were in date order and totalled on a chart.All income was taxed at source and i was unemployed for 4.5 months of that tax year.The charge was £352.50 which i thought was expensive.Some of the guys at my last job reckoned they were charged between £160.00 & £250 Taking into account that there were no wind ups??? The average tax rebate was about £1000.Now like i said its all relative i know but just wanted to know what the average accountancy charge is and tax rebate .My gross income was £13,880 less cost of sale(not sure what that means) at of course minus expenses.and take into equation unemployed for 4.5 months(less paper work)

Hi
I used this accountant for 6 years G Lewin Stanford hill


G Lewin & Co - Google Maps

They take a percentage of what they get.

 

[eddielarge]

your missing the fact that if you get a good accountant they will save you the money .

but if it is just cheap you want ,, why dont you just take your paperwork to the inland revenue offices and they will help you for free.

just add water .. put your dummie back in and lighten up..

 

[stevey1983]

im self-employed (not ltd or VAT) and i pay £350 per year and most of other sparks i know pay about the same