What if you're accountant is crap?

[Mustang]

At the risk of stealing Malvolio's thunder, I actually have changed my opinions of my accountant.

The amount they do for me is immense, including the things I cant see. For example, I had a reminder from HMRC regarding corporation tax. I know the return was filed and I can prove HMRC have cashed the cheque. A quick call to my accountant and he is on the case and following up with HMRC and getting them to verify that payment has been made and the return filed. One less thing for me to do.

When I declare a dividend my accountant advises on levels, and once I confirm the amount he will provide the TAx Vouchers and the minutes of meeting in accordance. All I have to do is sign and pay my cheque.

In general, he prompts me for all tax issues to be addressed - usually by just submitting forms and/or letters for me to sign. He accurately compiles returns and he is a genuinely nice guy. Sure it costs me but what price should I put on any errors or failing to do something according to HMRC standards?

[DanTheMan]

When I started my Ltd I found a local accountant who said he had loads of clients like me. He told me how to register a company but failed to tell me anything about trustees which has now really annoyed me cos I have to pay £15 just to get a bloody stock transfer form! He hasn't advised me on PayE either and basically told me to just pay myself by dividend every month without explaining how this was achieved and neglecting to inform me that it would ping me on certain radars. I'm just looking into getting another business interest savings account now because he also said I could put my corporation tax aside in any other personal account I had lying around. All in all a bit of a twat and I got better (and free) advice after a few posts here.

Alan has helped a lot and because of that I'm going to go with NW in the hope that they can sort this tulipty mess out for me. Well, that's when I learn how to fill a form in properly and find my cheque book...

[Nixon Williams]

Alan has helped a lot and because of that I'm going to go with NW in the hope that they can sort this tulipty mess out for me. Well, that's when I learn how to fill a form in properly and find my cheque book...

I'm sure it is not as bad as it seems, but we will sort you out and get the company affairs corrected.

Alan

[John Galt]

Since I am in the process of changing accountants, it would be useful to know which accountant you are currently with. Are they mentioned/discussed here? I'm moving from SJD after only a couple of months.

Thanks, Alan

What a coincidence - you've got the same name as the bloke at Nixon Williams

[BoredBloke]

The problem I have found with my accountant is that he seems to do what is best for him. His receptionist told me that the reason why he would not recommend the flat rate VAT scheme was because he makes money out of doing my VAT.

A while ago when my turnover was £50k per year. He told me that between my wife and I that we should draw £1k per month (total net) and £5k per quarter as a dividend. When my turnover went up he still maintained that I should stick to these figures. I suspect that he didn't know how to change the figures in his spreadsheet or didn't want the hassle. My point is that I want more cash in my bank account rather than the business. As a result I allways seemed to be overdrawn while the business had thousands sat there.

Using my basic maths, £1k per month = £12k per year.
£5k*5(to include the 19% corpy tax) = £25k per year
So what happened to the other £13k

Last year my turnover was £75k and my drawings were £50k, giving me a return of 66%. Is that good? I have heard of composite companies who can get to 80%, a difference of 10k

he is disorganised - when you go to his offices it's a mess. He never seems to understand my business or know what I do and even suggested having the IR look over my contracts for an IR35 test. I had to tell him about IR35 in the first place and section 660.

The problem is, I too am disorganised. That is why I need a good accountant. I would like one who simply tells me each month what I can take out and who I can send my stuff to. I'm quite happy to generate excel spreadsheets showing what I have spent/earned and a breakdown of expenses incurred along with all my reciepts. I currently pay £90 per month for his 'service' but would happily pay more to have somebody sort things out.

Things with my business are in a bit of a mess at the moment and I expect a huge tax bill at the end of the year - Most of which came from a big unexpected tax bill at the end of last year.

[Apollo]

A lot of Alan's

Well! I hadn't noticed that I have the same christian name till you pointed it out! We don't share the same surname though!

[gravesendboy]

Cost of Accountants

It seems that we are all paying different prices from different accountants
Here is what I pay 75 a month for

Vat, payroll, self assesment ,all year end returns , monthly reports on personal and corporate tax liabilities,no payment deducted for on line filing of P35, available at all times to answer any queries I may have

I'm not sure if there is anything else that he can cover for what I pay them!