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Thread: Anyone self employed and uses an Accountant

  
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    Anyone self employed and uses an Accountant

    To check the books and submit the Tax Return.
    I'm feeling ripped off after last years Accountants bill.
    I provide all the input on spreadsheets, he checks and corrects any errors and submits to IR
    Last year I paid £700 inc. vat.
    Anyone got any comments?

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    Yeah i do, but hard to comment as it would depend on how big the job is for the accountant really.

    Couple of Questions:

    Do you buy a lot of materials?
    Is it just skilled labour you supply and no materials?
    Do you get stopped tax by contractors?
    Does he do your tax?
    Any sub contrators or PAYE?
    Does he protect your books IE will deal with VAT and TAX inspections on your behalf?
    Are you VAT registered?


    I pay £1500 a year for mine and he does all of the above. I do the same as you in respect to orrganising my books, but I get good solid advice, they are a very well known company that the TAX and Vat respect, I also buy a hell of a lot of materials so my accounts are quite large per quarter.
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    That's quite an involved answer Mat.
    I do buy materials, fuel etc. and provide labour.
    No contractors involved.
    Accountant works everything out tax wise.
    No protection involved (would have to pay an insurance premium for that)
    As for vat. I keep below the threshold
    Begginning to think I may not be overcharged, seeing your figure.

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    I supply pretty simple spreadsheets of my ins and outs to my account and it costs me about £850 per year.

    I don't have many costs and dont buy materials so it is a straight forward job for them.

    They are the most reputable chartered accountants in the area though and I have benefited a lot in the past having their stamp on my books etc.

    they have corrected errors in my numbers before which would have really got me in the poop with the revenue if ignored so I'm not complaining about the costs!

    Your £700 seems about average. You could get it done cheaper with some independant guy, and of course it costs you nothing to do it yourself, but I would suggest a good accountant is well worth the extra spend.

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    Quote Originally Posted by Phil B View Post
    They are the most reputable chartered accountants in the area though and I have benefited a lot in the past having their stamp on my books etc.

    You could get it done cheaper with some independent guy, and of course it costs you nothing to do it yourself, but I would suggest a good accountant is well worth the extra spend.
    I totally agree with above, and is to a point what you are paying for. My spreadsheets do pretty much all the calculations to the point of I dont need the accountant. However I use them purely for the advice and their name on my books.

    I would say its about average as long as its a decent company and not just a one man band.
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    How much time are they spending doing your books?

    I'm a trainee accountant and my charge out rate is £50 an hour. So £700 would be just under a day and a half of work for me.

    You have to remember that you are also paying for their name to be on the books - therefore if it is wrong they get the blame in essence.
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    I work for the revenue myself and if i got hold of the correct spreadsheets to work out some bits, i wouldn't charge nowhere near 700 for 1 persons return.

    It does go by what you have with it such as UK property, Capital gains etc which are quite difficult to work out without expert assistance. But the simple ones with just Self employed income i could do easily.
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    Is it an accounting firm you are using or just a one man operation?

    the price to me is average for a good job. but it all depends how much correcting and sorting he has to do with your spreadsheets etc so its hard to tell.
    your acountant is the person you should be trusting 100% in business, so if your feeling hard done go out and see what else is out there. talk with larger firms, and a few indivduals and see what they got to offer and check out their credentials.

    I can put you in contact with my accountant who deals with both of my fast food outlets. PM me if needed.
    "Don't waste your time on jealousy. Sometimes you're ahead, sometimes you're behind. The race is long, and in the end it's only with yourself"

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    Thanks to everyone for their input.
    This firm is a Father & son company probably est. about 25 years.
    From your comments and considering these people are in the village probably best for me to stay with them.
    Thanks Pete

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