Hi it's my first year trading and decided to use my hubbies accountant. I got the bill today after he filled my tax return and its £840. I am in shock. Is this a normal charge. I only take about £250 running my little business from my beauty room at home. Didn't think it will be this expensive. Can I do it myself? Help please. X
Do you all have an accountant?
- Thread starter Poppy's
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BannerPenguin
Well-Known Member
Funny enough I was just talking about this on another thread.
You can easily do it yourself. I do everything myself and although I have an accountant (which is normally more expensive for a ltd company) he does payroll and just over see's final accounts and gives endless advice and answers throughout the year for a lot less than what you paid.
I have recommended him to a few geeks and passed his details on. His a lovely guy.
Depending how much work he has undertaken I wouldn't of said it's too excessive. Like anything you can get the cheap, the expensive and anything else in-between.
You have to remember most accountants are likely to charge £25-50 per hour. It doesn't take much to rack up a bill like that.
It's very easy to do yourself if you keep good records.
You can easily do it yourself. I do everything myself and although I have an accountant (which is normally more expensive for a ltd company) he does payroll and just over see's final accounts and gives endless advice and answers throughout the year for a lot less than what you paid.
I have recommended him to a few geeks and passed his details on. His a lovely guy.
Depending how much work he has undertaken I wouldn't of said it's too excessive. Like anything you can get the cheap, the expensive and anything else in-between.
You have to remember most accountants are likely to charge £25-50 per hour. It doesn't take much to rack up a bill like that.
It's very easy to do yourself if you keep good records.
dudeymel
Well-Known Member
I would be in total shock if I got a bill like that. My accountant charges £100 but I keep all receipts in monthly wallets and a record of incoming and outgoings throughout the year xx
BannerPenguin
Well-Known Member
laurakate
Well-Known Member
I've phoned round some different accountants and some charge the sort of money that barely makes it even worth being self employed and some are more competitive.
I'd prefer not to have to pay an accountant and this is one of the things that initially put me off going self employed at all but having had a stressful time working for other people, I see an accountant as a necessary evil (at least in this first tax year) because I want to be less stressed rather than more stressed (hopefully anyway!)
Edit: the first person I went to said it would be £500 and something and even though I was considering paying that I know I would have been working at a loss then. I met someone on a course I was doing and she told me that I was quoted something really steep for the size of my business and recommended me her accountant who has quoted me at £120. I don't know if I'll be able to go with her as I'm anxious that she'll have a massive queue of people wanting her services come April so I'm still a bit worried but yeah, definitely shop around.
I'd prefer not to have to pay an accountant and this is one of the things that initially put me off going self employed at all but having had a stressful time working for other people, I see an accountant as a necessary evil (at least in this first tax year) because I want to be less stressed rather than more stressed (hopefully anyway!)
Edit: the first person I went to said it would be £500 and something and even though I was considering paying that I know I would have been working at a loss then. I met someone on a course I was doing and she told me that I was quoted something really steep for the size of my business and recommended me her accountant who has quoted me at £120. I don't know if I'll be able to go with her as I'm anxious that she'll have a massive queue of people wanting her services come April so I'm still a bit worried but yeah, definitely shop around.
BannerPenguin
Well-Known Member
If anyone wants the details of my accountant then please let me know.
Don't hold me to the quote but he charges between £100-200+ depending what's involved, free consultation to assess your needs and to give price so may be worthwhile for some people.
Don't hold me to the quote but he charges between £100-200+ depending what's involved, free consultation to assess your needs and to give price so may be worthwhile for some people.
Thanks guys. Basically I'm giving him all my savings for the year. Got a little more than that in my bank account. I saved hard for it. As you all might know first year it's hard as done 3 courses a well. I'm in shock and feel sick inside. I did keep a track of everything. But I need to do a better job next year and maybe just get an accountant to just overlook it. Thanks allot x x
I have a full time job and nails is an evening/weekend job so I just need to do a self assessment in April (or when they send the form) I just keep all receipts, and a book with incomings and out goings and will just submit the figure. The tax office are really helpful
I would say so. Unless you are a large company with wages to pay and vat etc, I cannot see why you would need an accountant. It is basic incomings and outgoings. The tax office will also tell you the percentage you can claim for mileage if you're mobile and electric etc if you are not.
Thinking about it (and this is just me) If you think the accounts fees are ridiculous, then tell them, and perhaps offer to pay what you think they are worth on the amount of work they did for you. Worth a shot
laurakate
Well-Known Member
My reason for wanting an accountant is that I don't want to claim something as an expense if I'm not supposed to...stuff like that. I've also had employed jobs this year where I've paid some tax so I'm not sure where that fits into the maths.
If I'm only self employed next year I may try doing it alone to see how it goes.
I guess the moral of the story is to get a quote to avoid any nasty shocks so I am sorry to hear the impact the cost of an accountant has had on you Poppy's!
BannerPenguin, I may get back to you if the account I have in mind falls through nearer to April so cheers for that
If I'm only self employed next year I may try doing it alone to see how it goes.
I guess the moral of the story is to get a quote to avoid any nasty shocks so I am sorry to hear the impact the cost of an accountant has had on you Poppy's!
BannerPenguin, I may get back to you if the account I have in mind falls through nearer to April so cheers for that
Dream Nails
Well-Known Member
My accountant charges £250. I do have everything in week order that corresponds to my account book. This includes bank statements, expense receipts & takings.
I could do try own but my accountant claims for laundry costs, heating ect which I might miss
Vicki x
I could do try own but my accountant claims for laundry costs, heating ect which I might miss
Vicki x
sanilulu
Well-Known Member
I'm quite lucky I have a cousin whose married to an accountant so he looks after me as doesn't charge and I give his wife (my cousin) treatments to the value of £250 per year ... Good swap ... Saves them money as a couple, and it doesn't cost me that much in products just my time ...
But yeah he says average cost is roughy £250 ish ....
I do make life easy tho as my books are organised, and receipts, invoices in month order.
Sanilulu x
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But yeah he says average cost is roughy £250 ish ....
I do make life easy tho as my books are organised, and receipts, invoices in month order.
Sanilulu x
Sent from my iPhone using SalonGeek app
MrsHBeauty
Well-Known Member
My account charges around £300-400.
I do my own payroll and book keeping and keep numbered receipts, everything is in order. He gets it all at to end if the year and does his stuff and sends me a bill.
Jemima
I do my own payroll and book keeping and keep numbered receipts, everything is in order. He gets it all at to end if the year and does his stuff and sends me a bill.
Jemima
blossom
Well-Known Member
I've been self employed for over 10 years and have never used an accountant. I hate maths and I'm no whizz but it's easy to keep a tally of what goes in and what goes out.
I tend to keep on top of things every few weeks so there's not tons to do at the year end, so I'm able to get my return in really quickly and easily.
I would be horrified at paying that sort of amount
I tend to keep on top of things every few weeks so there's not tons to do at the year end, so I'm able to get my return in really quickly and easily.
I would be horrified at paying that sort of amount
MrsHBeauty
Well-Known Member
The first 2 years I did it all myself (aswell as sending it to the accountant) and looked at my figures and he saved me money in income tax. accountants know their stuff and should pay for themselves in income tax savings plus some.
But you can do it yourself, it's easy.
I do 3 people's tax return - construction industry sub contractors. As long as you have all the figures it's easy.
I am tempted to do my own next year, but I'm not sure.
Jemima
But you can do it yourself, it's easy.
I do 3 people's tax return - construction industry sub contractors. As long as you have all the figures it's easy.
I am tempted to do my own next year, but I'm not sure.
Jemima
My brother is a chartered accountant so he does mine, but I feel I need to do it all myself, I keep good records, but it's the final bit on the tax return I hate, but my other brother would be able to do it as he's an accountant too.
Tax man is clamping down on small businesses and they are randomly picking them out for inspection, so it's important to keep records straight.
Tax man is clamping down on small businesses and they are randomly picking them out for inspection, so it's important to keep records straight.
Annemarie
CND Grand Master tech
Blimey that's a lot. I do my own accounts. I always have. I wouldn't want to pay someone to a job I can do myself. Unless I had money to burn of course. I must admit I hate that sort of paperwork but it has to be done.
