Do you use an accountant?
Discussion
Just curious really. Unless you turnover more than £6.5 million, employ more than 50 people etc you do not need audited accounts.
So my question is how much do you pay an accountant and what do you expect in return?
All of the basic stuff is easily handled by modern software these days so unless its to do a final check off for a couple of hours what else do you need?
Thanks.
So my question is how much do you pay an accountant and what do you expect in return?
All of the basic stuff is easily handled by modern software these days so unless its to do a final check off for a couple of hours what else do you need?
Thanks.
My accountant advises me on the most tax efficient way to run the business and keeps up to date with the very regular legislation changes.
It's a far better use of my time to manage my business and pay someone else to deal with the accounts. My accountants fees are pretty minimal over the year and I'd think he saves me more than I pay him.
It's a far better use of my time to manage my business and pay someone else to deal with the accounts. My accountants fees are pretty minimal over the year and I'd think he saves me more than I pay him.
Yes. The accountant is there for tax efficiency (even on small turnover, but they do all our personal stuff too), and generally saves far more than they charge for doing the books. We don't have the time or the will to keep up with the shifting tax rules from year to year. Perhaps they don't change that often, but our circumstances may do so. Well worth it. YMMV etc. and so forth.
There is no doubt that the introduction of Making Tax Digital and Quarterly Accounting for sole traders and landlords is going to fundamentally change the relationship between accountants and clients.
Those of us in the practice side of accounting are watching developments in this area very carefully - and with much concern, it has to be said.
Those of us in the practice side of accounting are watching developments in this area very carefully - and with much concern, it has to be said.
BGARK said:
Just curious really. Unless you turnover more than £6.5 million, employ more than 50 people etc you do not need audited accounts.
So my question is how much do you pay an accountant and what do you expect in return?
All of the basic stuff is easily handled by modern software these days so unless its to do a final check off for a couple of hours what else do you need?
Thanks.
My company used to be audited (by Deloitte Touche Tohmatsu no less) and we are a lot smaller than that. It was a requirement for several contracts we used be involved with. On top of that it had to be an unqualified opinion which can be a major pain.So my question is how much do you pay an accountant and what do you expect in return?
All of the basic stuff is easily handled by modern software these days so unless its to do a final check off for a couple of hours what else do you need?
Thanks.
These days we use an external accountant to prepare and file the CT600 and the annual accounts to HMRC. Don't think we have physically seen our external accountant for the last 3 years...
When I closed my ltd company (went back to a perm job after contracting for a few years), my accountant neglected to advise me that I should empty the company bank account BEFORE he notified companies house. I figured I'd empty it after everything else was done and then I'd know nothing else needed to be paid, including him.
Turns out as soon as a company is struck off, the bank account belongs to HMRC, as does everything in it. Unless you have a really, really good excuse, you can't have it back.
I don't like my accountant.
Turns out as soon as a company is struck off, the bank account belongs to HMRC, as does everything in it. Unless you have a really, really good excuse, you can't have it back.
I don't like my accountant.
Eric Mc said:
Pretty basic error - by all concerned.
Were you able to recover your money?
Did you try?
I did try. I wasn't able to. There is a process for it at HMRC, but it's costly and you need a valid reason. Live and learn, and treat accountants as a necessary evil, not a source of guidance or advice.Were you able to recover your money?
Did you try?
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