Accountants

[Jessica@WhiteFieldTax]

I signed up in January, just wondering what value these companies do? I keep all my accounts and paper work up to date and I send them information on time and complete, all they seem to do is populate a spreadsheet to give me a breakdown of tax/dividends due.

As others have noted theres quite a bit of knowledge and systems behind the scenes to make that happen.

Also work is generally front loaded - setting a client up and back loaded - the annual accounts / returns - in the middle it does feel like the accountant isn't doing a lot. I wish the workload could be more even!

Anyway, on the original question, check the contract and SLA.

[DirtyDog]

Evening all!

I recently signed up with one of the "well known recommended accountants on here" and was told that as I won't have been a signed up member for a full year, I'm going to have to to pay a "small" (£90 not sure if with/without VAT) for a basic tax return.
All the glossy stuff when they reel you in claims that everything is included
It's clearly isn't the case.......

If your tax return is that basic, do it yourself.

[Jeremiah@RHJAccountants]

It may well be that everything going forward is included in the fee, but work for prior periods will be charged for - that's not unfair surely? There has to be some sort of cut off, otherwise we'd have clients turning up with 2 years worth of tax returns and accounts and getting them all done for one annual fee (or worse one month's fee, when they want everything rushed through and then leave after a month!)

I was just about to say this and agree with Claire, if there was no cut off then i imagine this could potentially happen.

Speak to your accountant as you agreed the fee before you signed and i am sure what was being provided would of been explained to you in writing and via phone or email too.

[Scruff]

I was about to call you a tight git, but seeing as though this is not posted in "General" I shall advise you that Professional Services are rarely free?

Pay the small amount, its not excessive, in order for your Tax Return to be completed, professionally. Too often, on the last day of submission, posters jump onto the forum asking questions about completing their tax return. They are given advice from Forum-ites, who reply with degrees of sarcasm, mixed with genuine advice (although largely inaccurate)

[Clare@InTouch]

It may well be that everything going forward is included in the fee, but work for prior periods will be charged for - that's not unfair surely? There has to be some sort of cut off, otherwise we'd have clients turning up with 2 years worth of tax returns and accounts and getting them all done for one annual fee (or worse one month's fee, when they want everything rushed through and then leave after a month!)

[ASB]

I signed up in January, just wondering what value these companies do? I keep all my accounts and paper work up to date and I send them information on time and complete, all they seem to do is populate a spreadsheet to give me a breakdown of tax/dividends due. Is it worth getting an independent accountant, one who thinks outside the box?

If you provide your accountants with a shoebox at the end of the year it is likely the overall charges for the year end stuff will not be hugely different overall.

if you provide them with a reasonable set of accounts with all your transactions then this could result in a decent saving.

You seem to think you can do this (its not difficult).

The downside is that you will need to maintain accurate balance sheet wnd all the capital accounts to justify dividends etc. Again not difficult; trivial if you use a decent accounts package. A bit of a nuisance if you do it manually.

it all depends on the service you want (or rather what you actually need).

I am sure your provider will offer a package you thonk is more appropriate. But most of the cost is producing annual accounts. And unless they have accurate information during the year thry cannot advise on things like state of dca, amount available for dividend, likely ct liabilities.

[jamesbrown]

This generally stems from a misunderstanding of the fixed costs of preparing your accounts versus the monthly billing cycle. Most of the costs of being your accountant originate from your annual returns, and not from undoing the mess that you create for them on a monthly basis. For your benefit, they apportion these fixed costs into monthly installments.

[northernladuk]

I signed up in January, just wondering what value these companies do? I keep all my accounts and paper work up to date and I send them information on time and complete, all they seem to do is populate a spreadsheet to give me a breakdown of tax/dividends due. Is it worth getting an independent accountant, one who thinks outside the box?

One who thinks outside the box won't be as aware of the way we work and the legislation around us. A few people on this forum, including myself, have fallen foul of accountants that don't understand contracting.

You ask what value these companies add. Have you thought about the time and effort the put in understanding changes and applying them? The changes to the directors loan and changes to pension contributions coming up, were you aware of them for example.

When you ring the guy up with a question does he charge you for the time on the phone? No he doesn't, it's part of the package as well.

Also work out the hourly rates accountants charge and how much you pay him. It doesn't really pay for a lot of his time does it?

[TykeMerc]

I signed up in January, just wondering what value these companies do? I keep all my accounts and paper work up to date and I send them information on time and complete, all they seem to do is populate a spreadsheet to give me a breakdown of tax/dividends due. Is it worth getting an independent accountant, one who thinks outside the box?

Obvious question, what service did you contract them to do? Most of them offer a variety of service levels. If you've contracted them for more than you need/want that's a matter of you making a lousy procurement decision.

I'm capable of doing all of my accountancy stuff, but I pay Nixon Williams for (and I get it too) a fairly comprehensive service because I'd rather run my business activities and offload the accountancy stuff to them, overall I'm happy I get fair value for money.

[Mich]

I signed up in January, just wondering what value these companies do? I keep all my accounts and paper work up to date and I send them information on time and complete, all they seem to do is populate a spreadsheet to give me a breakdown of tax/dividends due. Is it worth getting an independent accountant, one who thinks outside the box?

[ASB]

Evening all!

I recently signed up with one of the "well known recommended accountants on here" and was told that as I won't have been a signed up member for a full year, I'm going to have to to pay a "small" (£90 not sure if with/without VAT) for a basic tax return.
All the glossy stuff when they reel you in claims that everything is included
It's clearly isn't the case.......

So, if you signed up in your 11th month of trading would you think they should do the entire years work for 1 month of fees.

Generally you will agree an annual fee, you just happen to pay in instalments.

But, check out your confirmation of arrangements. If you believe they are outside the agreement negotiate.

[SueEllen]

Your post isn't any help to us or yourself.

All accountants have a complaints process so follow it.

[Mich]

Evening all!

I recently signed up with one of the "well known recommended accountants on here" and was told that as I won't have been a signed up member for a full year, I'm going to have to to pay a "small" (£90 not sure if with/without VAT) for a basic tax return.
All the glossy stuff when they reel you in claims that everything is included
It's clearly isn't the case.......