Originally posted by wilky27
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: MTD Accountant Costs
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "MTD Accountant Costs"
Collapse
-
-
Originally posted by wilky27 View PostHi,
Just been informed by my accountant that my monthly fee will be going up by �20+VAT per month due to their software costs they've incurred to be MTD compliant. Does this seem excessive?
Thanks.
Leave a comment:
-
Originally posted by craigy1874 View PostThat is not the short answer at all!
I agree if you use cloud accounting then there should be less additional work involved. However, some people still use spreadsheets are happy to continue doing so. You then need to look at bridging software and having this setup. To be honest I would see it more of a one-off setup fee than an ongoing charge, but that depends I suppose on who files the VAT Returns, the accountant or the client.
Seriously though £110 a month for an accountant is not a lot, its just that so many people think they can do it all themselves and the FreeAgent does everything for them. Trust me, it really doesn't!
Leave a comment:
-
Originally posted by Mordac View PostI'm intrigued to know what software they're using that costs an extra £20 per month per client.
It sounds like they need an excuse to put their fees up, and hope nobody will notice or care.
The short answer is that either they're being ripped off, or you're about to be.
I agree if you use cloud accounting then there should be less additional work involved. However, some people still use spreadsheets are happy to continue doing so. You then need to look at bridging software and having this setup. To be honest I would see it more of a one-off setup fee than an ongoing charge, but that depends I suppose on who files the VAT Returns, the accountant or the client.
Seriously though £110 a month for an accountant is not a lot, its just that so many people think they can do it all themselves and the FreeAgent does everything for them. Trust me, it really doesn't!
Leave a comment:
-
Originally posted by Mordac View PostI'm intrigued to know what software they're using that costs an extra £20 per month per client.
It sounds like they need an excuse to put their fees up, and hope nobody will notice or care.
The short answer is that either they're being ripped off, or you're about to be.
Some changes are easy to accommodate cost wise as its a small extension of what already happens - eg online filing of Self Assessment / CTSA / iXbrl.
Others are more of a significant change, eg online payoll filing, online annual returns (now Confirmation Statement) - both of those were cheaper and easier from the accountants perspective off-line in my experience.
Leave a comment:
-
Originally posted by wilky27 View PostHi,
Just been informed by my accountant that my monthly fee will be going up by £20+VAT per month due to their software costs they've incurred to be MTD compliant. Does this seem excessive?
Thanks.
It sounds like they need an excuse to put their fees up, and hope nobody will notice or care.
The short answer is that either they're being ripped off, or you're about to be.
Leave a comment:
-
MTD
Originally posted by wilky27 View Post£90+VAT pm, and has been that for the last 7 years, so you're probably correct. He's been a good accountant so will probably just pay it. Would rather he just say he's putting his costs up rather than blame it on some imaginary costs he's incurring.
Thanks for the reply.
Leave a comment:
-
Originally posted by craigy1874 View PostDepends what your normal monthly charge is to start with?
But as an accountant, I think not.
Who is your accountant? A local one or a well known online one?
Leave a comment:
-
Originally posted by Alchemy Accountancy View PostDo you feel like you will get value from them at their proposed price?
As a guide, you should be able to get a contractor accountant that will do everything you need (and comply with MTD) for about £100+VAT per month – if you’re paying significantly less than that then they’re just coming up the market rate (as I’m sure you would if your rate was low); if you’re paying more than that then it may be worth having a look around at what else is available.
Thanks for the reply.
Leave a comment:
-
Do you feel like you will get value from them at their proposed price?
As a guide, you should be able to get a contractor accountant that will do everything you need (and comply with MTD) for about £100+VAT per month – if you’re paying significantly less than that then they’re just coming up the market rate (as I’m sure you would if your rate was low); if you’re paying more than that then it may be worth having a look around at what else is available.
Leave a comment:
-
Originally posted by craigy1874 View PostDepends what your normal monthly charge is to start with?
Eg if you already use something FreeAgent, then MTD should add negligible extra work. There's an element of famous last words here as the pilot has only just launched so nobody really knows what will be involved...but the FreeAgent developers should be doing the heavy lifting.
If on the other hand you just keep paper records, or a spreadsheet, then it's likely a much more significant upheaval is required. In turn this is likely to lead to additional costs.
Leave a comment:
-
Originally posted by wilky27 View PostHi,
Just been informed by my accountant that my monthly fee will be going up by £20+VAT per month due to their software costs they've incurred to be MTD compliant. Does this seem excessive?
Thanks.
But as an accountant, I think not.
Who is your accountant? A local one or a well known online one?
Leave a comment:
-
MTD Accountant Costs
Hi,
Just been informed by my accountant that my monthly fee will be going up by £20+VAT per month due to their software costs they've incurred to be MTD compliant. Does this seem excessive?
Thanks.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: