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Hi all
Im just comming to the 2nd yesr end for my ltd company and getting annoyed with my accountsnt and the costs for what seems like very little advice or work given (ill be the first to admit there may be more they do that im not aware of.
I run a ltd company with myself and one staff (my wife) with a turnover of £55k and around 8 transactions a month (I work in financial services and receive commissions from 2 companies and have a few business expenses comming out (phone etc).
I pay around £1750 a year for my accounts, pay slips (2 people 1 payslip a month each) and self assessment but dont really receive any advice about tax savings etc.
I have seen online services quoting less than half of that .
I have always been told a good accountant is worth their costs but im not seeing it at the moment.
What would you recommend ?
Im just comming to the 2nd yesr end for my ltd company and getting annoyed with my accountsnt and the costs for what seems like very little advice or work given (ill be the first to admit there may be more they do that im not aware of.
I run a ltd company with myself and one staff (my wife) with a turnover of £55k and around 8 transactions a month (I work in financial services and receive commissions from 2 companies and have a few business expenses comming out (phone etc).
I pay around £1750 a year for my accounts, pay slips (2 people 1 payslip a month each) and self assessment but dont really receive any advice about tax savings etc.
I have seen online services quoting less than half of that .
I have always been told a good accountant is worth their costs but im not seeing it at the moment.
What would you recommend ?
With a business that simple there are few rabbits an accountant can pull out of his hat. Do you really have to be a limited company?
As for 'tax savings' they should apply all the usual things to the account so the business doesn't pay unecessary tax, but as for you the individual, they might argue that's not their remit.
As for 'tax savings' they should apply all the usual things to the account so the business doesn't pay unecessary tax, but as for you the individual, they might argue that's not their remit.
Simpo Two said:
With a business that simple there are few rabbits an accountant can pull out of his hat. Do you really have to be a limited company?
As for 'tax savings' they should apply all the usual things to the account so the business doesn't pay unecessary tax, but as for you the individual, they might argue that's not their remit.
Hi,As for 'tax savings' they should apply all the usual things to the account so the business doesn't pay unecessary tax, but as for you the individual, they might argue that's not their remit.
Thanks for your response,
The busiiness is a regulated industry and a requirement of that regulation is its a limited company so no choice.
Newstuart said:
The busiiness is a regulated industry and a requirement of that regulation is its a limited company so no choice.
Furry nuff, I did wonder if that was the case. Good luck with your search.(I always find it amusing that incorporation somehow infers stability, honesty and credibility when we all know that the biggest bandits hide behind pop-up companies!)
I have as many accountants as I've had years in business (4) and only just found one I'm happy with.
First - Crunch Accounting, they provide an online platform (absolutely superb) along with a call centre full of account managers and accountants. They're really good and offer superb value for money if you're more or less a run-of-the-mill small company. I'd definitely recommend them. Cost was around £70 + VAT a month.
Second company, large-ish local company. Awful, quoted me less than you're paying for EoY accounts, self assessments for two directors, PAYE and Annual Return. However they'd never tell me what was charged extra for and every time I spoke to them on the phone it was on the clock. Ended up with poor advice, big bills (£2000+) and not much to show for it.
Third company. Smaller local company again. I think the quote was around £700-900 + VAT for all the above again. Nothing really wrong with this company, but I didn't speak to them much, didn't get much advice from them and I think they were largely just going through the motions and not really forming much of a relationship with clients.
Fourth company, larger regional company, finally more-or-less happy with them. I pay ~£78 (inc VAT) for EoY accounts, Annual Return, self assessment and PAYE. I also get unlimited free advice over the phone, they have specific departments for things like R&D tax credits and I have a good relationship with my account manager. As a very small company myself, there is only so much an accountant will do to go the extra mile for you, but I'm happy enough to stay with these guys for a while.
So, all in all, I think you're paying about twice what you could be.
First - Crunch Accounting, they provide an online platform (absolutely superb) along with a call centre full of account managers and accountants. They're really good and offer superb value for money if you're more or less a run-of-the-mill small company. I'd definitely recommend them. Cost was around £70 + VAT a month.
Second company, large-ish local company. Awful, quoted me less than you're paying for EoY accounts, self assessments for two directors, PAYE and Annual Return. However they'd never tell me what was charged extra for and every time I spoke to them on the phone it was on the clock. Ended up with poor advice, big bills (£2000+) and not much to show for it.
Third company. Smaller local company again. I think the quote was around £700-900 + VAT for all the above again. Nothing really wrong with this company, but I didn't speak to them much, didn't get much advice from them and I think they were largely just going through the motions and not really forming much of a relationship with clients.
Fourth company, larger regional company, finally more-or-less happy with them. I pay ~£78 (inc VAT) for EoY accounts, Annual Return, self assessment and PAYE. I also get unlimited free advice over the phone, they have specific departments for things like R&D tax credits and I have a good relationship with my account manager. As a very small company myself, there is only so much an accountant will do to go the extra mile for you, but I'm happy enough to stay with these guys for a while.
So, all in all, I think you're paying about twice what you could be.
jammy-git said:
I have as many accountants as I've had years in business (4) and only just found one I'm happy with.
First - Crunch Accounting, they provide an online platform (absolutely superb) along with a call centre full of account managers and accountants. They're really good and offer superb value for money if you're more or less a run-of-the-mill small company. I'd definitely recommend them. Cost was around £70 + VAT a month.
Second company, large-ish local company. Awful, quoted me less than you're paying for EoY accounts, self assessments for two directors, PAYE and Annual Return. However they'd never tell me what was charged extra for and every time I spoke to them on the phone it was on the clock. Ended up with poor advice, big bills (£2000+) and not much to show for it.
Third company. Smaller local company again. I think the quote was around £700-900 + VAT for all the above again. Nothing really wrong with this company, but I didn't speak to them much, didn't get much advice from them and I think they were largely just going through the motions and not really forming much of a relationship with clients.
Fourth company, larger regional company, finally more-or-less happy with them. I pay ~£78 (inc VAT) for EoY accounts, Annual Return, self assessment and PAYE. I also get unlimited free advice over the phone, they have specific departments for things like R&D tax credits and I have a good relationship with my account manager. As a very small company myself, there is only so much an accountant will do to go the extra mile for you, but I'm happy enough to stay with these guys for a while.
So, all in all, I think you're paying about twice what you could be.
Great response and plenty of food for thought thanks First - Crunch Accounting, they provide an online platform (absolutely superb) along with a call centre full of account managers and accountants. They're really good and offer superb value for money if you're more or less a run-of-the-mill small company. I'd definitely recommend them. Cost was around £70 + VAT a month.
Second company, large-ish local company. Awful, quoted me less than you're paying for EoY accounts, self assessments for two directors, PAYE and Annual Return. However they'd never tell me what was charged extra for and every time I spoke to them on the phone it was on the clock. Ended up with poor advice, big bills (£2000+) and not much to show for it.
Third company. Smaller local company again. I think the quote was around £700-900 + VAT for all the above again. Nothing really wrong with this company, but I didn't speak to them much, didn't get much advice from them and I think they were largely just going through the motions and not really forming much of a relationship with clients.
Fourth company, larger regional company, finally more-or-less happy with them. I pay ~£78 (inc VAT) for EoY accounts, Annual Return, self assessment and PAYE. I also get unlimited free advice over the phone, they have specific departments for things like R&D tax credits and I have a good relationship with my account manager. As a very small company myself, there is only so much an accountant will do to go the extra mile for you, but I'm happy enough to stay with these guys for a while.
So, all in all, I think you're paying about twice what you could be.
My brother took over the running of one of my mums businesses and hired a very well known accountancy company to do some restructuring. Turnover was 250k and my brother came to my mum a bit stressed. He handed over the first invoice which was 75k! After asking them to check it they came back and said they had made a mistake it was actually 101k!
I still look at that and cry ....
I still look at that and cry ....
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