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Reply to: Accountacy Fee

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Previously on "Accountacy Fee"

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  • Fred Bloggs
    replied
    Originally posted by MikeBaco78 View Post

    1400 + VAT
    Seriously, that's far too much for running a very simple contractor business. You need to rethink what you are doing.

    Leave a comment:


  • MikeBaco78
    replied
    Originally posted by Fred Bloggs View Post
    IF that's 1400 plus VAT? Then that's far too expensive in my opinion. Especially as the OP is paying for Xero as well.
    1400 + VAT

    Leave a comment:


  • Noiro
    replied
    Definitely not extraordinary. I have a similar level of service - I do the basic book keeping (Freeagent), invoicing and expenses. Two director company. The accountant runs payroll, does VAT returns and gives general advice when needed. I pay £105 a month plus VAT, so £1260 + VAT a year. Doing our personal returns is extra but not expensive. For a fraction of my day rate per month, it seems very cheap for their knowledge and the confidence that there's an expert eye on my returns. If you're unhappy with the service, regardless of cost, then move to a new accountant. If you're happy then don't worry about it!

    Leave a comment:


  • Fred Bloggs
    replied
    IF that's 1400 plus VAT? Then that's far too expensive in my opinion. Especially as the OP is paying for Xero as well.

    Leave a comment:


  • northernladuk
    replied
    Ask yourself how much time you'd give your client for £1400. I can imagine it won't be a lot. They still do all your end of year stuff and regular filings and are available on the phone anytime you want them. So £1400 isn't out of the ball park for what you get. It's only three days a year on your rate. You can get cheaper but by a few hundred tops. If they are doing their job then there is no reason to change.

    Leave a comment:


  • ladymuck
    replied
    Originally posted by MikeBaco78 View Post





    I pay the accountancy software (Xero), I load all the receipts and I do all the invoices.....
    So you do basic book-keeping and invoicing, no VAT returns (even though Xero could do it for you; included in the fee you're paying) and no PAYE (Xero can do this for an extra fiver a month). Your accountant does VAT and PAYE plus year end CT calculation and preparation/submission of accounts to CoHo and HMRC.

    I'd say that wasn't an unreasonable fee. It's definitely not unreasonable for your accountant to make you aware of your responsibilities as a director, which is to ensure that all returns are correct and accurate.

    Leave a comment:


  • eek
    replied
    Originally posted by MikeBaco78 View Post





    I pay the accountancy software (Xero), I load all the receipts and I do all the invoices.....
    It's high - but not excessively so.

    Equally the cheaper accountants are probably setup for FreeAgent as that is more typical software for contractors (it's designed around how we work).

    Leave a comment:


  • MikeBaco78
    replied
    Originally posted by ladymuck View Post
    How much are they doing for you? VAT, invoicing, PAYE, take a box of receipts at year end and do all the input for you? Or, do you at least do some of the leg work yourself? Does the fee include software like FreeAgent or similar?

    A fee without any context around what service you agreed on for that fee makes it almost impossible to determine its value.

    I paid £6500 for a car once, was that a good price?




    I pay the accountancy software (Xero), I load all the receipts and I do all the invoices.....

    Leave a comment:


  • ladymuck
    replied
    How much are they doing for you? VAT, invoicing, PAYE, take a box of receipts at year end and do all the input for you? Or, do you at least do some of the leg work yourself? Does the fee include software like FreeAgent or similar?

    A fee without any context around what service you agreed on for that fee makes it almost impossible to determine its value.

    I paid £6500 for a car once, was that a good price?

    Leave a comment:


  • Lance
    replied
    Originally posted by MikeBaco78 View Post
    Hi Group!

    I am writing here to understand if I am overpaying my accountant.

    Actually, I am paying 1400£ a year with me and another guy on the company. Do you think I am paying too much?

    Also, he always ask me to confirm the VAT return because doing that I will be responsible for any issue coming from HMRC, am I right?

    Thanks in advance!
    seems a bit high, but not excessively so.

    Yes. It's your responsibility as a director.

    Leave a comment:


  • MikeBaco78
    started a topic Accountacy Fee

    Accountacy Fee

    Hi Group!

    I am writing here to understand if I am overpaying my accountant.

    Actually, I am paying 1400£ a year with me and another guy on the company. Do you think I am paying too much?

    Also, he always ask me to confirm the VAT return because doing that I will be responsible for any issue coming from HMRC, am I right?

    Thanks in advance!

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