Originally posted by Dan@OrangeGenie
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Reply to: Accounting Fees...Too much?
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Previously on "Accounting Fees...Too much?"
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Originally posted by tananq View PostBeing enjoying the advice you are sharing Fred I'm very new to contracting and interested to know whether you are operating as a sole trader or a limited company? Had a browse today and seems like for limited companies it does got up to 100 pounds/month including VAT...yesterday I got quoted 33 pounds/week +VAT which is up there in the clouds...
I'm sure there are enough seasoned pro's on here who will share this sentiment.
Also, watch out for hidden fees
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Originally posted by tananq View PostBeing enjoying the advice you are sharing Fred I'm very new to contracting and interested to know whether you are operating as a sole trader or a limited company? Had a browse today and seems like for limited companies it does got up to 100 pounds/month including VAT...yesterday I got quoted 33 pounds/week +VAT which is up there in the clouds...
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Originally posted by tananq View PostBeing enjoying the advice you are sharing Fred I'm very new to contracting and interested to know whether you are operating as a sole trader or a limited company? Had a browse today and seems like for limited companies it does got up to 100 pounds/month including VAT...yesterday I got quoted 33 pounds/week +VAT which is up there in the clouds...
services look at my recommendations. You could save yourself significant money over the years.
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Originally posted by tananq View PostBeing enjoying the advice you are sharing Fred I'm very new to contracting and interested to know whether you are operating as a sole trader or a limited company? Had a browse today and seems like for limited companies it does got up to 100 pounds/month including VAT...yesterday I got quoted 33 pounds/week +VAT which is up there in the clouds...
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Originally posted by Fred Bloggs View PostIf you continue contracting, I can recommend a FreeAgent accountant that I am happy with who charges GBP 49 per month +VAT and no hidden charges. Yes, you are being royally ripped off. Please name and shame.
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Originally posted by Maslins View PostIt's definitely on their "to do" list, don't think that's a secret...it's just a relatively complex task so not something a couple of developers can knock up in a few days.
There used to be a big divide between "bookkeeping software" and "accounting/tax software", with only accountancy firms traditionally having the latter, due to it being very complex and often expensive. These two are increasingly blurring, with VAT and payroll being an inbuilt part of many bookkeeping packages these days, some also doing self assessment, and within a few years I'm sure a few will offer statutory accounts and corporation tax too, at least for fairly straight forward small businesses.
However, I agree with Martin @Contratax. As with so many things in this world, just because you can DIY (which people have been perfectly able to for yonks) doesn't mean everybody will, or indeed should.
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Thanks for the reply's, for those that are curious its ClearSky (Parasol).
For the sake of a few months I think I'll just stay, it's the £750 closure fee that really winds me up though, at the end of it all I probably would have been better off just staying with the umbrella.
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Originally posted by DucknDog View PostHi, I have a question about accounting fees as the one I'm with seems to be charging an extortionate amount.
I'm an IT contractor and I switched from an umbrella company to going LTD in August after being talked into going with their LTD service, earn £100 week extra etc. I'm paying £145 per month for a full accounting service and as my contract comes to an end at the end of December I intend to close the company, they have told me that they will charge me £750 to do this. So I'm going to have paid a total of £1475 for 6 months of accounting work.
They will also charge me £260 just to leave them.
Is this too much or pretty standard?
P.S. I know now that setting up a LTD company for just 6 months was a stupid idea but went on the advice of the accountants.
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Originally posted by VectraMan View PostProbably. FreeAgent is not so free; £30pm for a book keeping service which might only have a few entries per month for the typical contractor seems a bit of a rip off too. If they took the logical step of doing annual accounts and CT I'd certainly sign up.
There used to be a big divide between "bookkeeping software" and "accounting/tax software", with only accountancy firms traditionally having the latter, due to it being very complex and often expensive. These two are increasingly blurring, with VAT and payroll being an inbuilt part of many bookkeeping packages these days, some also doing self assessment, and within a few years I'm sure a few will offer statutory accounts and corporation tax too, at least for fairly straight forward small businesses.
However, I agree with Martin @Contratax. As with so many things in this world, just because you can DIY (which people have been perfectly able to for yonks) doesn't mean everybody will, or indeed should.
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Originally posted by SimonMac View PostI am guessing it is SJD, i would be very careful with using the term "royally ripped off" as there are plenty of customers who are happy to pay this amount, I pay zero in accountancy fees so I think FreeAgent @ £60 a month is too much, but then again I know that my cover is limited in case things go tits up.
That notwithstanding they are only one bad service incident away from me leaving for that reason.
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Originally posted by VectraMan View PostProbably. FreeAgent is not so free; £30pm for a book keeping service which might only have a few entries per month for the typical contractor seems a bit of a rip off too. If they took the logical step of doing annual accounts and CT I'd certainly sign up.
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