My accountant.!
+ Reply to Thread
Page 1 of 3 1 2 3 LastLast
Posts 1 to 10 of 30

Thread: My accountant.!

  1. #1

    Fingers like lightning

    Darren_Test's Avatar
    Join Date
    Jun 2007
    Posts
    689
    Thanks (Given)
    8
    Thanks (Received)
    4
    Likes (Given)
    11
    Likes (Received)
    8

    Default My accountant.!

    I am with one of the top contractor account paying 100+ every month for the last 2+ years. Things were great in the beginning after many changes in handlers (I suppose my case handed over to more inexperienced resources) now I am finding too many mistakes from them. Every number I query come back with an apology and correction!

    So looks like time for a change..

    I am on bench and not keen to pay 100 per month. So planning to take over that job myself. I am sure duplicating monthly payslips and profit loss calculations in similar lines will not be that difficult, especially since I am in bench now.

    I am told about HMRC real time (RTI) for monthly done by the tax consultant now. How could I get access to this..?

    I know i might have to take help from tax consultant for yearly submission next year (accounts upt o Jan 2017 already submitted).

    Key task as I understood are..

    1. Monthly PAYE submission
    2. Monthly profit/loss calculation
    3. Quarterly VAT
    4. Annual returns

    Am I missing any..? Should I be able to perform this in simiar way to my current calculations until there is some changes in tax rate etc..? Thanks very much.

  2. #2

    My post count is Majestic

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    33,780
    Thanks (Given)
    141
    Thanks (Received)
    1466
    Likes (Given)
    1780
    Likes (Received)
    6028

    Default

    Quote Originally Posted by Darren_Test View Post

    Am I missing any..? Should I be able to perform this in simiar way to my current calculations until there is some changes in tax rate etc..? Thanks very much.
    That sentence alone tells me you shouldn't be doing it by yourself. Learning how to do your own accounting on a free internet forum. What could go wrong?

    Find yourself an accountant that is willing to suspend rates for bench time, or at least reduce them. Plenty do.
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  3. #3

    Contractor Among Contractors

    Lance's Avatar
    Join Date
    Sep 2013
    Location
    home
    Posts
    1,569
    Thanks (Given)
    15
    Thanks (Received)
    89
    Likes (Given)
    156
    Likes (Received)
    329

    Default

    being blunt. If you don't know everything that is needed it's not wise to do it on your own.

    I changed accountant, almost certainly from the same company, to a FreeAgent accountant. I did this whilst on the bench as that's a good time to change.
    I shopped around, and chose Gorilla (not the cheapest but the most suitable package I felt).

    You also get some free months from them.

    As you'll still end up paying for an accountant (I reckon anyway), and you find out that it'll cost you the same to get them to do the ad-hoc work, then the monthly fee doesn't seem so bad.

  4. #4

    Should post faster


    Join Date
    May 2015
    Location
    Manchester
    Posts
    159
    Thanks (Given)
    0
    Thanks (Received)
    14
    Likes (Given)
    54
    Likes (Received)
    42

    Default

    We along with other accountants on here will offer a dormancy service for times you are benched.

    Our fee for instance goes down to 30+VAT, this covers all NIL returns etc and your FreeAgent subs.

  5. #5

    Still gathering requirements...


    Join Date
    Mar 2017
    Location
    Reading
    Posts
    81
    Thanks (Given)
    2
    Thanks (Received)
    9
    Likes (Given)
    13
    Likes (Received)
    15

    Default

    Dormant company accountancy fee is normally in the region of 10+vat a month and there is no need for the FreeAgent subscription as a dormant company has no transactions.

  6. #6

    Still gathering requirements...


    Join Date
    Mar 2017
    Location
    Reading
    Posts
    81
    Thanks (Given)
    2
    Thanks (Received)
    9
    Likes (Given)
    13
    Likes (Received)
    15

    Default

    In terms of accountancy fee in periods when out of contract, the OP could ask their accountant to negotiate a reduced monthly fee. Most accountants are prepared to do this or enquire with other accountants. We also include FreeAgent in our packages and offer reduced monthly fee for periods out of contract.

  7. #7

    Should post faster


    Join Date
    May 2015
    Location
    Manchester
    Posts
    159
    Thanks (Given)
    0
    Thanks (Received)
    14
    Likes (Given)
    54
    Likes (Received)
    42

    Default

    Quote Originally Posted by Chart Accountancy View Post
    Dormant company accountancy fee is normally in the region of 10+vat a month and there is no need for the FreeAgent subscription as a dormant company has no transactions.
    By Dormancy service I am referring to period's when a contractor is benched, not a full year's dormancy in which case is rare.

    Are you suggesting you'd turn your clients subscription to FA off when they are benched?

  8. #8

    Still gathering requirements...


    Join Date
    Mar 2017
    Location
    Reading
    Posts
    81
    Thanks (Given)
    2
    Thanks (Received)
    9
    Likes (Given)
    13
    Likes (Received)
    15

    Default

    Quote Originally Posted by Michael at BI Accountancy View Post
    By Dormancy service I am referring to period's when a contractor is benched, not a full year's dormancy in which case is rare.

    Are you suggesting you'd turn your clients subscription to FA off when they are benched?
    You could turn the subscription off with the clients agreement to this. The account will still be there under your practice dashboard but the client will not have to pay for the license in months when out of contract provided that no transactions are pending to be entered. The account can be made active when the client needs it again. If it is a dormant company, I will transfer a read only access to the client but this will remove the account from your Practice dashboard.

  9. #9

    Fingers like lightning

    simondolan's Avatar
    Join Date
    Sep 2005
    Posts
    590
    Thanks (Given)
    1
    Thanks (Received)
    15
    Likes (Given)
    8
    Likes (Received)
    52

    Default

    Quote Originally Posted by Chart Accountancy View Post
    You could turn the subscription off with the clients agreement to this. The account will still be there under your practice dashboard but the client will not have to pay for the license in months when out of contract provided that no transactions are pending to be entered. The account can be made active when the client needs it again. If it is a dormant company, I will transfer a read only access to the client but this will remove the account from your Practice dashboard.
    Wy do you charge them for FreeAgent at all? It makes your life easier doesn't it?
    Last edited by simondolan; 25th July 2017 at 09:50. Reason: typo

  10. #10

    Faqqed Off

    TheFaQQer's Avatar
    Join Date
    Oct 2006
    Posts
    36,115
    Thanks (Given)
    380
    Thanks (Received)
    1283
    Likes (Given)
    3689
    Likes (Received)
    3200

    Default

    Quote Originally Posted by simondolan View Post
    Wy do you charge them for FreeAgent at all? It makes your life easier doesn't it?
    You never have to charge for a spreadsheet
    Work in the public sector? You can read my FAQ here
    Click here to get 15% off your first year's IPSE membership
    Monday 27th November 1230-1330: IPSE Update on the Autumn Budget for contractors. Register here.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.