Reply to: Quay Accounting

[milliamp]

value for money

But I am paying, with a reduced vat rate, 109.25 and I feel that I'm doing all the work , the designated contact at the Accountants' Guildford office wont talk to me except by email, there is nothing proactive from their side and I feel that my accounts are in a state that I dont understand.
I therefore have to know all the questions to ask and to ask them in good time.
It's not helped by the need to run their spreadsheet which cant fit on a 19" screen.
It's almost at the point that I write off the next 6 months payments to them and start again. What recommendations for a proactive firm, with a book keeping service ?

but VAT isn't part of the equation, is it...


However, I have heard stories of people paying £125 a month and still having to do their own VAT, SA forms and PAYE and stuff - now they are the ones that need to think again.

Flat rate VAT

Actually I'm not using the flat rate VAT scheme, because during this finanical year I've bought a fair amount of replacement hardware and other related odds and sods and not earned a lot of money (comparatively speaking!) - so I get more back by doing it the old fashioned way. After all, I run a business and have to sort of try to keep abreast of these things . Next year may be different.

And yes, SJD were (as usual) very quick to highlight the scheme and explain the potential benefits - it's just that, for MyCo this year, they aren't any.

And going back to the original point, I didn't twig the connection between flat rate scheme and having to use gross cost. Ho hum...

Re: Most?

but VAT isn't part of the equation, is it...

...indicates this not to be the case.....

......Is Malvolio using the flat rate scheme because my interpretation of his comments indicate not, which is why I asked the question, defending my earlier point ?

Simon, I am slightly puzzled by your reaction - this was not an attempt to belittle your services - we have never implied that there is any problem with the accountancy services your company offers !!

Re: Most?

Quote:

"My dear Malvolio hasn't your accountant mentioned the Inland Revenue flat rate VAT scheme to you "

Fiddle, Rhino - of course we have mentioned the VAT flat rate scheme to all our clients, calculated on an individual basis exactly whether it was actually beneficial to them, and then registered them for the scheme if beneficial.

Plug you own people by all means, but do so by extolling their benefits, not trying to damage the reputation of others.

Re: Most?

Unfortunately most options available to contractors do not benefit everybody but hopefully the majority will derive some benefit.

With regard to accountancy costs though the point is very clear - £80 with or without VAT is still 60% more than £50 with or without VAT - it's your money and your choice

Most?

Probably. But for those doing any work outside GB that turnover is still included in the calculation. For us flat rate vate would cost us about 15k.

Re: Being picky

My dear Malvolio hasn't your accountant mentioned the Inland Revenue flat rate VAT scheme to you ?

I save around £1000 a year using this scheme but of course am unable to reclaim the VAT back from accountancy fees because the scheme does not allow VAT claims on normal purchases.

I think most contractors using a limited company would financially benefit by using this scheme.

Being picky

but VAT isn't part of the equation, is it...

And to put it in perspective, I'd save about £300 a year (sorry, £352.50plus VAT ) by switching from SJD - or significantly less than one day's income. Economically it might just be worth it, but I know SJD and I don't know the others, so the risk outweighs the benefit.

However, I have heard stories of people paying £125 a month and still having to do their own VAT, SA forms and PAYE and stuff - now they are the ones that need to think again.

The cheapest we have found for a comprehensive contractor accountancy service is £50 + VAT = £58.75 per month, guaranteed for two years.

The vast majority charge considerably more and the average would probably be £90 + VAT = £105.75 per month with no kind of guarantee that the fees will not rise further.

Not knowing fully what my accountant bill is going to be would it be safe to say that £55 (no VAT) is an average price for an accountant to do everything for you.

strange attitude

You are of course right - the world is full of people who are prepared to put up with poor service at ever increasing rates.

I was exactly the same myself until just over a year back when my accountant increased rates yet again. I asked Rhino about his accountant and what they cost - the difference was staggering - they cost about half what I was paying plus they did all of the work not just some of it - my involvement would be limited to just posting off invoices and receipts - back come completed forms for signing and posting off with a cheque. I found swapping was easy in the extreme - the two accountants involved sort it all out.

My advice to anyone is to take the trouble to look at what you are getting and what you are paying for it then shop around for the deal that suits you best.

All the accountants who maintain a presence on this board and the one I recommend on ************ (run jointly by myself & Rhino) give good service. Checkout the services on offer from each, combine that with fees charged and move if yours either charges too much or gives poor service - it really is very simple to do so.

Re: Re:Quay Accounting

They don't have to explain price rises. They rely on inertia - many people can't be bothered changing accountants.

Re: Re:Quay Accounting

From our experience cheaper definately does not mean nastier. In fact the reverse seems to be more accurate.

The only trouble with cheap is that there is 'usually' no guarantee that it will stay cheap.

In an environment of reduced contractor rates and very low inflation and interest rates it is disappointing to see that most accountants and umbrella companies have raised their fees by very large percentages over the last three years or so.

I am confused by this as IMO the service offered does not appear to have changed. Perhaps clients of these accountants/umbrellas could explain why they are happy to pay fees that have risen by more than 60%, in some cases, over the last three years or so ?

Re:Quay Accounting

cheaper doesn't always mean nastier then?!

Fiddle my dear chap,

Most are in fact more expensive than us. There are a few cheaper ones out there - the ones you get paid for recommending for example.

Why are we more expensive than Quay? I think it fair to say that we have a broader range of qualifications amongst our people, and also have a network of offices throughout the country which makes things easier for clients when they want to meet with us.

In response to the original post, Quay are a good firm - I certainly haven't heard any bad feedback.