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.