For the self employed guys

[gnselectricals]

How much are we payin to the accountant for filing tax return ?
I'm self employed one man band turn over around 50-60k so under VAT threshold. My accounts are pretty tidy ie all receipts in date order then on an excel spreadsheet which links back to my income/ sales/wages/ etc.
I'm coming to finish my 3rd year accounts now and don't want to have to pay the at least 550 that he charged last year.
He also hinted that he wants me to go limited as well this year for the extra coin. He's not a big company either I think 2 main accountants.

Cheers for looking and any advise
Graeme

 

[ImpededLoop]

I suppose the first question is: Does he save you £550 in tax to earn his fee?

Otherwise you may as well do it yourself and risk paying slightly more tax, but save the £550.

 

[uksparks]

I'm limited and I pay £350 to my accountant once a year, he's a one man band and not a rip off merchant

 

[pennychew]

I'm limited and I pay £350 to my accountant once a year, he's a one man band and not a rip off merchant

That sounds reasonable, does he do payroll for you as well?

 

[Octopus]

£550 sounds too much if you are organised. I paid £372.00 this year

 

[gnselectricals]

Well he had my accounts etc for a day last year so not ok bad for him ! I don't think he really saved me anything apart from the first year. So think I'll be on the lookout pretty sharpish for around 3-400. Too lazy and stupid to attempt it myself ha and also too scared if I cock it all up and get fined and / or imprisoned

 

[uksparks]

I use save for my own payroll and do it myself.

 

[stevethesparks]

I'm a LTD company, I send an Excel balance sheet at the end of every month. He also deals with my private tax, and anything else that I don't like to deal with (and thats everything). total cost this year was approx £800. He got me back approx £2,500, so in my opinion he pays for himself.
My previous "Chartered"accountant, nearly lost me a £2,500 rebate and almost incurred another £5000 bill, of when questioned he said "that seems about right" He cost £900 a year. My new accountant squashed the findings of my previous "Chartered" accountant and got me about £3000 back within a few months of taking over my accounts.

A long as he continues to recover more than he costs, he will continue to do my accounts.

 

[Octopus]

Well he had my accounts etc for a day last year so not ok bad for him ! I don't think he really saved me anything apart from the first year. So think I'll be on the lookout pretty sharpish for around 3-400. Too lazy and stupid to attempt it myself ha and also too scared if I cock it all up and get fined and / or imprisoned

I've only been using a account to placate the bank whilst we have been buying, renovating and selling 2 houses and they needed "formal" accounts to work from. Once it's all done and dusted and the final mortgage signed I'll probably stop using him and do it myself. I've got 4 years accounts to plagarise! Can't be too difficult changing a few numbers!

 

[sparksburnout]

The figures of around £300 are ridiculously cheap. I would question that any proper accountant that is so cheap might not be any good. I also pay around £800 for a limited one man band including payroll and personal tax. They should be reclaiming all sorts of things that you would have no idea about, and pay for themselves by doing so. I agree with Stevethesparks.

 

[stevey1983]

Mines £350 but im not ltd and i organise all my paperwork in order for him and he saves me way more than that each year

 

[Guest125]

I have been on both sides. I was SE for 7 years. Thought I knew best and done my own assessements. When I went limited (which you should only need to do to protect your personal assets) the tax man went into full investigation mode. All the previos 6 years were investigated. Cost me about £2500 to get an accountant to sort it out.

I pay £400 per month now and that is everything. Book keeping, payroll, VAT and end of year. I have always employed accountants that were recommended to me. This would be my advice. Do not look at the cost. Look at others within your area and ask them who they use.

 

[ayjay]

send everything/paperwork to the tax office its a free service

 

[Essexboy7]

I pay £400 per month now and that is everything. Book keeping, payroll, VAT and end of year..

you gotta be joking mate £4800 a year???????

How many blokes you got working for you and whats your annual turnover

 

[stevethesparks]

send everything/paperwork to the tax office its a free service

I tried that many years ago, my local tax office seemed very helpful, but they will not advise on all the things you can claim back on. When I packed up my then part time business, they sent me a bill, of which I had to use an accountant to squash, and he did. So much for trusting the tax man.

 

[Guest125]

you gotta be joking mate £4800 a year???????

How many blokes you got working for you and whats your annual turnover

there are 7 of us and touching £500k this year.

 

[Octopus]

there are 7 of us and touching £500k this year.

And there was me thinking this was a discussion about SE . Not small businesses

 

[Welchyboy1]

I turn over around £130k per year, sole trader, occasionally using subbies when bigger jobs come in, we do quarterly vat returns and monthly cis ourselves, my accountant is chartered and is my brother

he charges me around £350 per year for the yearly self assessment accounts, he has recommended going ltd
this would put his bill at around £900 for the year, but would save on income tax at 40% instead lwith money eft in the company, so everyone would have to crunch their own numbers to see the benefits

if your not really in the 40% tax bracket and not dealing with large jobs or contracts, going limited doesnt really seem worth the extra hassle and cost

i additionally pay my missus a bit weekly for invoicing and book keeping

 

[Guest125]

And there was me thinking this was a discussion about SE . Not small businesses

If you read my earlier post you will see where Inwas coming from. I was SE for 7 years and then went to a LC so I coukd see it from both sides.

 

[cossie400]

If you read my earlier post you will see where Inwas coming from. I was SE for 7 years and then went to a LC so I coukd see it from both sides.

Its surprising what you can actually find out about someone from a forum user name! Fair play to you UKESRail! Do you still use sub- contractors or is it all in house now?