How much is your accountant bill for the year?

[michellehayley]

I have just recieved my first accountant bill for the year. Its £1800, eek!! All they have done is provided my end of year accounts and my tax return, I provided all my weekly accounts and I pay my staff and work out their tax and nat insurance etc. I thought this was really expensive I had budgeted £1000. What does everyone else pay am I been nieve or been ripped off!
Im a limited company I dont know if this makes it more expensive.

 

[Zo Zo]

I have no idea if this is reasonable or not but there's nothing to stop you getting other quotes. I use TWD Accountants and I have just looked at their website and they advertise £499 +VAT for a limited company

Here's a link Tax Advice for Limited Companies

 

[eroom]

Hi michelle
I use Goddard business management in old cantley, mine for the end of year and working out wages for the year was £420 and i thought that wasnt too bad.

 

[hippy-chick]

blimey!

I'm a sole trader, I do all of my accounts on excel. I have done my own tax return for 4 years and this year called in an accountant to submit it for me. It cost me £35.

I am not a ltd company, I don't earn stacks of money, and I also work as a sessional tutor so PAYE.

 

[loubylou]

It is so expensive because you are a limited company,
but yes this is still very expensive,
i haven't hired one yet but my partner has his own business as a car body repair garage, and his yearly accountant bill is always around £300 and i would think there is a lot more money going through his business than ours
(he can take in one day more than i do in one week)

 

[michellehayley]

I have totally been ripped off then - they have already done the work then told me the price! I never thought it would be that! Got told it would be between £1000 to £1500 at begining

 

[natsel]

think it just depends on how big your business is, my boss went to a limited company a few years ago and it doesnt make a difference on her accountants bill, she went ltd because the taxman didnt like sole traders and taxed u for the first penny u made, and with the ltd u didnt get taxed on the first £10,000 you made well now its all changed it doesnt matter if your a sole trader or limited ur taxed on everything, her bill was near £800 this year which is no different from when she was a sole trader to limited the only time it made a difference was she saved money on the end of year tax etc but i think it depends on a lot of different things on how much ur charged although saying that i would quiery that as it seems a bit steep

 

[Katelisa]

Mine is around £150 +VAT, thats for just checking over what i have done and submitting it.

 

[fats28]

Thats expensive I think, have you asked them why when they gve an estimate of 1000-1500 its nearer 2000?

 

[Susie H]

I thought this was really expensive I had budgeted £1000. What does everyone else pay am I been nieve or been ripped off!
Im a limited company I dont know if this makes it more expensive.

Yes it is more expensive, because you are a limited company you have to use a higher qualified accountant and your accounts must be presented to companies house.
If you were a sole traider your accounts including payroll would not be more than £500 or £600
I had a limited company and my first years accounts cost me £1700, ten years ago.

 

[Minx]

hey there, I'm new to this site and just starting up my own business. Is it quite simple to work out your own accounts? somebody mention doing it on excel? Wouldn't it obviously be a lot cheaper if you didn't have to involve an accountant. Someone told me you can get someone round from the tax office to help you. don't know how true this is tho.

Tracey
MINX TANNING & NAILS

 

[andi]

Hi Minx,
I am sole trader and I do my own accounts on excel but you will need someone to show you how to set it up to start with unless you a ok with excel, I wasn't to start with. Yes contact your local tax office I did when I started years ago. I went in and they were very helpful and explained everything that I could claim for. Have a go it's worth a try at least while you are starting up, hope this helps:hug:

 

[ste]

hi, yes taxman will come round, and for free :green: thay did this for my first yeas tax bill

 

[beautyseeker]

My husband works for a large accountancy firm and said that you should ask them for a detailed breakdown of the bill and query every small thing that you have been billed for. Accountants usually charge at an hourly rate so their's must be huge. Is it a small local firm or a large initernational one you have gone to?

He said it looks like you have been ripped off hun, but you should have shopped around.

:hug:

 

[Katelisa]

My husband works for a large accountancy firm

Lucky you!!! :green:

 

[beautyseeker]

I wish, he deals with international tax law for largescale companies with employees working abroad (yawn, yawn).

I used to be a PA to a corporate tax partner and also worked for a vat manager (in a past life) which is where we met, awww. :hug:

 

[michellehayley]

My husband works for a large accountancy firm and said that you should ask them for a detailed breakdown of the bill and query every small thing that you have been billed for. Accountants usually charge at an hourly rate so their's must be huge. Is it a small local firm or a large initernational one you have gone to?

He said it looks like you have been ripped off hun, but you should have shopped around.

:hug:

Its the big accountants, Its took them ages to do it and I think the reason been is a young lad has been sorting it Im wondering now if hes a trainee or newly qualified, Its not as if I have a chain of salons, I only have the one! Wish Id shopped around now, I did see one other but he was annoying and had the most boring voice so it put me off going with him, plus he wouldnt tell me a price! I just wanted to get it done when your new to this you dont always think straight.

 

[Sharkster]

Hi Minx

The Inland Revenue offer some great free courses on becoming self employed, self assessment, PAYE and all kinds of tax related stuff. I have only just started out as self employed so am not earning enough for an accountant just yet but found these courses really good. They show you how to keep your records and how to file your return. I did my last one on-line and it was dead easy!

As their advert says 'tax dosen't need to be taxing'!

Good luck!

 

[beautyseeker]

Michelle I would definately query the bill then as large companies will write off certain amounts and absorb the loss. If he is a trainee his hourly rate should be quite low and if he is qualifed then it should not have taken the amount of time to qualify for a bill that large. It sounds like they just have a standard charge per client no matter how much time they charge to do it or how complex it is. I would phone and ask to speak to a Senior Manager to get this sorted out. Trish:hug:

 

[beautyseeker]

PS by their very nature accountants are boring, I should know!!:hug: