Tax & Accounts

[littlemiss1t]

Hi All,

I would like to know what you think an average cost for an accountant is & acceptable.

I did a thread a couple of weeks ago, but not much feedback. Was looking to drop my accountant that charges £400 a year, & I only work part time. I see that kind of money a lot, and I know how much stock I could buy with it.

I don't mind doing it myself, but would like some advice from any geeks who do theirs?

Please help !


Carly x

 

[Trinity]

I do an excel spreadsheet every day of my takings and purchases, at the end of the year I give it to my accountant who does my tax return for me. He charges me £100+VAT to do it, but promises to save me at least that amount when doing my return so effectively it costs me nothing.

Lots of Geeks do their own tax returns on line, use the search option and you find loads of good advice and links to various sites for more information.

I think £400 a year for a part time business is way too expensive, shop around there are hundreds of accounts in Brighton.

Good luck

 

[lisa-marie]

i started nails part time a few months ago & i work full time so i've got an accountant to do my tax return, he's going to charge me about £250 a year. (he is a friend of a friend)
i was thinking about doing it myself but its so much easier for me to pay someone who knows exactly what they're doing.
i think £400 sounds a bit expensive for part time x

 

[tigi]

I worked in an accountants up until last year and have to say 400 does sound a lot. however, that depends what they did for you. If you keep all your own books, records and have it all in great order for when it comes to the accountant doing your tax you should be paying less.

I would shop around, these days accountants are feeling the pinch too. and the accounting for dummies is a great book to help you get everything in order.

Rates vary area per area and then also how much work they do for you and then how experienced they are.

I would shop around.

tigi

 

[DCraig]

I do it myself but thiunking of going with Carter Adams & Co - Home my friend recommended them and they are about £250 a year.

Danny x

Hi All,

I would like to know what you think an average cost for an accountant is & acceptable.

I did a thread a couple of weeks ago, but not much feedback. Was looking to drop my accountant that charges £400 a year, & I only work part time. I see that kind of money a lot, and I know how much stock I could buy with it.

I don't mind doing it myself, but would like some advice from any geeks who do theirs?

Please help !


Carly x

 

[littlemiss1t]

Cool, I will have a lok at the suggested accountants, and enquire.

Hopefully, as you all say, I can find something cheaper.

It is a lot and I am quite prepared to do the book keeping side of things.

My accountant , who I have mentioned I am looking elsewhere due to the cost, supplied me with a CD from my last year, and I have a general idea of what to do and just carry on with it, as he had suggested if I did cary on with him.

Fingers crossed, I can get this sorted.

Carly x

 

[Miss Salon]

£400 is definitely too much for your business. If you were employing people and your accountant needed to produce payslips, calculate your PAYE returns and do a VAT return for you as well, then maybe £400 would be justifiable. I owned 5 salons, with a total of 30 staff and my invoices were just bundled into an envelope and yet my accounts bill was only £900 a year!

As suggested above by Trinity; I would keep a good record of all in's and out's and complete the self-assessment return online. The online option is much more straight forward than the paper form, especially because when sections are not relevant to your situation they're just skipped; saving you the need to read every bit checking you haven't missed anything! Also the revenue helplines are great for talking you through the boxes.

Try it... you have nothing to lose and £400 to gain!

Btw - nice website; all the best with your business.