Upton Accountants - more info

[ratewhore]

Now that you have stated your opinion say no more unless it is of value to the thread.

If that's the criteria then most of us should can it then...

[backagain]

Tina is indeed his wife.

Trouble with switching to a new accountant is that its going to cost 500 to 1000 quid for someone else to do your accounts. So the quandry is shall I switch or see if they do my accounts? I guess you could play the wait and see game; providing you don't wait too long that your accounts are late?

[Bugbait]

Trouble with switching to a new accountant is that its going to cost 500 to 1000 quid for someone else to do your accounts. So the quandry is shall I switch or see if they do my accounts? I guess you could play the wait and see game; providing you don't wait too long that your accounts are late?

Three different accountants quoted me a fixed rate of £500+VAT (well, one was an “estimate”) to do my backdated 2010 accounts. Of course they expected a reasonable summary of figures for this, not doing the grunt work of trawling through receipts which is fair in my opinion.

Wait and see? If your accounts are late that’s £100 from HRMC and £150 from Companies House. Then HMRC will start adding daily interest. None of this is tax deductible unlike accountancy fees. If you’re over 3 months late HMRC can hit you for another £200 fine and it keeps going until about £1000 I believe. These are additional fines, not compounded. If the accounts are done incorrectly then the Director who signs off is responsible. Are you willing to risk the above just to “save” several hundred in the short term?

[backagain]

Three different accountants quoted me a fixed rate of £500+VAT (well, one was an “estimate”) to do my backdated 2010 accounts. Of course they expected a reasonable summary of figures for this, not doing the grunt work of trawling through receipts which is fair in my opinion.

Wait and see? If your accounts are late that’s £100 from HRMC and £150 from Companies House. Then HMRC will start adding daily interest. None of this is tax deductible unlike accountancy fees. If you’re over 3 months late HMRC can hit you for another £200 fine and it keeps going until about £1000 I believe. These are additional fines, not compounded. If the accounts are done incorrectly then the Director who signs off is responsible. Are you willing to risk the above just to “save” several hundred in the short term?

Most accountants can prepare your accounts within a couple of months, especially if you are paying an agreed fee for the service. So if your year end is 31 March, then you have till 31 Dec to file accounts. Obviously you would not wait till the last minute, but there is still plenty of time since its mid July. If they arn't done by September then its time to do something? Correct me if I am wrong, but there is still plenty of time?

[Bugbait]

Obviously you would not wait till the last minute, but there is still plenty of time since its mid July. If they arn't done by September then its time to do something? Correct me if I am wrong, but there is still plenty of time?

True, if you have until the end of the year then no rush just yet. I barely had 3 months from when I decided to leave Upton to get it all in order. Wasted atleast one of those arguing with HMRC.

[SueEllen]

Wait and see? If your accounts are late that’s £100 from HRMC and £150 from Companies House. Then HMRC will start adding daily interest. None of this is tax deductible unlike accountancy fees. If you’re over 3 months late HMRC can hit you for another £200 fine and it keeps going until about £1000 I believe. These are additional fines, not compounded. If the accounts are done incorrectly then the Director who signs off is responsible. Are you willing to risk the above just to “save” several hundred in the short term?

If you kept your accounts in some order then you can probably estimate and overpay your Corporation Tax to HMRC. The overpayment you will get back after you put your accounts in to Companies House.

This leaves only the Companies House fine..........

[SueEllen]

Most accountants can prepare your accounts within a couple of months, especially if you are paying an agreed fee for the service.

Lots of accountants have terms of service where they will have your accounts ready 3 months after your accounting year end.

So if your year end is 31 March, then you have till 31 Dec to file accounts. Obviously you would not wait till the last minute, but there is still plenty of time since its mid July. If they arn't done by September then its time to do something? Correct me if I am wrong, but there is still plenty of time?

So if Upton's have all the ordered paperwork soon after your year end, and you hassle them (in writing) continually from then on there should be no reason why they should not have your accounts ready long before the deadline.

Being realistic no-one is around to work through the Christmas period.

[Bagpuss]

I think the OP should be safe as long as he allows enough time for the accounts to be redone if things go Pete Tong. It's important also that he checks what has been done thoroughly as so far there are only technicians doing the accounts and nobody senior qualified in place to do the final checking/signing off.

[philip@wellwoodhoyle]

I think the OP should be safe as long as he allows enough time for the accounts to be redone if things go Pete Tong. It's important also that he checks what has been done thoroughly as so far there are only technicians doing the accounts and nobody senior qualified in place to do the final checking/signing off.

Which will be unfortunate for anyone who wants a mortgage/loan/tenancy where an accountant's reference or proof of earnings is required as most will want it to be signed by an accountant with a recognised qualification.

Wait and see? If your accounts are late that’s £100 from HRMC and £150 from Companies House. Then HMRC will start adding daily interest. None of this is tax deductible unlike accountancy fees. If you’re over 3 months late HMRC can hit you for another £200 fine and it keeps going until about £1000 I believe. These are additional fines, not compounded. If the accounts are done incorrectly then the Director who signs off is responsible. Are you willing to risk the above just to “save” several hundred in the short term?

Companies House fines rise rapidly from £100 for up to a month later, to £375 for 1-3 months late, £750 for 3-6 months late, to a whopping £1,500 if over six months late. Companies Act - Late Filing Penalties

[oversteer]

Are co House fines really not tax deductible?