Accountant quote sense check
Discussion
I've been introduced to an accountant by a friend who has used them for several years. On initial glance, the fees look quite reasonable, if not cheap.
Thoughts?
Both directors have paye full time jobs at the moment which they won't be quitting any time soon.
Are the set up costs reasonable?
Should I just file the vat myself?
His email:
"For registered office services we charge £50 per year (Additional for mailing). From what you have told me I wouldn’t bother with cloud as fairly simple so start with. I would also set up a different class of share for each Director which will enable to you to take out dividends independently from each other without forcing the other into a unfavourable higher rate banding. Please see quotation below and let me know if you need anything further. Thanks
Company set up (2 Director) and all initial registration- £125
Class B share set up for additional shareholder – £50
VAT registration - £75
Annual fees:
Accounts and CT 600 - £400
VAT returns (x4) - £200
Companies house conformation statement - £50
SA100 self-assessments (x2)- £200
Book keeping- Nil (Done by yourselves)
I Hope this helps, please let me know if you need anything further. Please note I won’t charge you for any advice you need on this business and very happy if you want to bounce anything else off me."
Thoughts?
Both directors have paye full time jobs at the moment which they won't be quitting any time soon.
Are the set up costs reasonable?
Should I just file the vat myself?
His email:
"For registered office services we charge £50 per year (Additional for mailing). From what you have told me I wouldn’t bother with cloud as fairly simple so start with. I would also set up a different class of share for each Director which will enable to you to take out dividends independently from each other without forcing the other into a unfavourable higher rate banding. Please see quotation below and let me know if you need anything further. Thanks
Company set up (2 Director) and all initial registration- £125
Class B share set up for additional shareholder – £50
VAT registration - £75
Annual fees:
Accounts and CT 600 - £400
VAT returns (x4) - £200
Companies house conformation statement - £50
SA100 self-assessments (x2)- £200
Book keeping- Nil (Done by yourselves)
I Hope this helps, please let me know if you need anything further. Please note I won’t charge you for any advice you need on this business and very happy if you want to bounce anything else off me."
I think those fees are a bit too LOW, in my view, especially the charge for the completion of the annual company accounts. That £400 would also cover the completion of the Corporation Tax computations and the CT600 annual CT form.
The other services are optional I would think as you could most likely carry them out yourself.
The other services are optional I would think as you could most likely carry them out yourself.
Ham_and_Jam said:
If you are doing your own book keeping, then I would suggest you submit your own VAT returns.
£800 / year for lest than 1 hours work (15 mins per quarter).
I’m thinking they are looking at this as a whole package, as some areas seem cheap, but others not.
I think the vat is £50 per return not £200 per return otherwise it would be wildly out of keeping with the rest of the quote. I did say I'd send the vat workings to them on excel and they can submit. So essentially, £50 to upload them (and give advice). If I didn't use them for vat submissions, I'd feel awkward asking for VAT advice. £800 / year for lest than 1 hours work (15 mins per quarter).
I’m thinking they are looking at this as a whole package, as some areas seem cheap, but others not.
MrJuice said:
I've been introduced to an accountant by a friend who has used them for several years. On initial glance, the fees look quite reasonable, if not cheap.
Thoughts?
Both directors have paye full time jobs at the moment which they won't be quitting any time soon.
Are the set up costs reasonable?
Should I just file the vat myself?
His email:
"For registered office services we charge £50 per year (Additional for mailing). From what you have told me I wouldn’t bother with cloud as fairly simple so start with. I would also set up a different class of share for each Director which will enable to you to take out dividends independently from each other without forcing the other into a unfavourable higher rate banding. Please see quotation below and let me know if you need anything further. Thanks
Company set up (2 Director) and all initial registration- £125
Class B share set up for additional shareholder – £50
VAT registration - £75
Annual fees:
Accounts and CT 600 - £400
VAT returns (x4) - £200
Companies house conformation statement - £50
SA100 self-assessments (x2)- £200
Book keeping- Nil (Done by yourselves)
I Hope this helps, please let me know if you need anything further. Please note I won’t charge you for any advice you need on this business and very happy if you want to bounce anything else off me."
£200 for 4 VAT returns - not a chance !! No way Thoughts?
Both directors have paye full time jobs at the moment which they won't be quitting any time soon.
Are the set up costs reasonable?
Should I just file the vat myself?
His email:
"For registered office services we charge £50 per year (Additional for mailing). From what you have told me I wouldn’t bother with cloud as fairly simple so start with. I would also set up a different class of share for each Director which will enable to you to take out dividends independently from each other without forcing the other into a unfavourable higher rate banding. Please see quotation below and let me know if you need anything further. Thanks
Company set up (2 Director) and all initial registration- £125
Class B share set up for additional shareholder – £50
VAT registration - £75
Annual fees:
Accounts and CT 600 - £400
VAT returns (x4) - £200
Companies house conformation statement - £50
SA100 self-assessments (x2)- £200
Book keeping- Nil (Done by yourselves)
I Hope this helps, please let me know if you need anything further. Please note I won’t charge you for any advice you need on this business and very happy if you want to bounce anything else off me."
DSLiverpool said:
MrJuice said:
I've been introduced to an accountant by a friend who has used them for several years. On initial glance, the fees look quite reasonable, if not cheap.
Thoughts?
Both directors have paye full time jobs at the moment which they won't be quitting any time soon.
Are the set up costs reasonable?
Should I just file the vat myself?
His email:
"For registered office services we charge £50 per year (Additional for mailing). From what you have told me I wouldn’t bother with cloud as fairly simple so start with. I would also set up a different class of share for each Director which will enable to you to take out dividends independently from each other without forcing the other into a unfavourable higher rate banding. Please see quotation below and let me know if you need anything further. Thanks
Company set up (2 Director) and all initial registration- £125
Class B share set up for additional shareholder – £50
VAT registration - £75
Annual fees:
Accounts and CT 600 - £400
VAT returns (x4) - £200
Companies house conformation statement - £50
SA100 self-assessments (x2)- £200
Book keeping- Nil (Done by yourselves)
I Hope this helps, please let me know if you need anything further. Please note I won’t charge you for any advice you need on this business and very happy if you want to bounce anything else off me."
£200 for 4 VAT returns - not a chance !! No way Thoughts?
Both directors have paye full time jobs at the moment which they won't be quitting any time soon.
Are the set up costs reasonable?
Should I just file the vat myself?
His email:
"For registered office services we charge £50 per year (Additional for mailing). From what you have told me I wouldn’t bother with cloud as fairly simple so start with. I would also set up a different class of share for each Director which will enable to you to take out dividends independently from each other without forcing the other into a unfavourable higher rate banding. Please see quotation below and let me know if you need anything further. Thanks
Company set up (2 Director) and all initial registration- £125
Class B share set up for additional shareholder – £50
VAT registration - £75
Annual fees:
Accounts and CT 600 - £400
VAT returns (x4) - £200
Companies house conformation statement - £50
SA100 self-assessments (x2)- £200
Book keeping- Nil (Done by yourselves)
I Hope this helps, please let me know if you need anything further. Please note I won’t charge you for any advice you need on this business and very happy if you want to bounce anything else off me."
My thoughts as a practicing Chartered Accountant:
1) Have you checked his qualifications on any Institute website?
2) that is a VERY cheap quote overall - even more so with the offer of free unlimited advice! It almost sounds desperate to sign you up!
3) Pay peanuts, get monkeys - mostly true when finances are involved.
David
1) Have you checked his qualifications on any Institute website?
2) that is a VERY cheap quote overall - even more so with the offer of free unlimited advice! It almost sounds desperate to sign you up!
3) Pay peanuts, get monkeys - mostly true when finances are involved.
David
Good point
I did see the FCA in his signature. Checks out on ICAEW website though obviously I haven't done an identity check!
He comes recommended from a friend who has used him for several years. He seems sensible and didn't ask the stupid question of "what is your turnover?" So that he could bill a percentage of that which us exactly what someone else did.
I did see the FCA in his signature. Checks out on ICAEW website though obviously I haven't done an identity check!
He comes recommended from a friend who has used him for several years. He seems sensible and didn't ask the stupid question of "what is your turnover?" So that he could bill a percentage of that which us exactly what someone else did.
2 GKC said:
Can’t a company have any class of share capital it wants?
As long as the M&A allow, then yes. What HMRC deem acceptable could be a different matter.A useful article:
https://www.accountingweb.co.uk/business/finance-s...
I agree
It is silly cheap. But then why wouldn't it be
I'm doing the vat calculations. I'm doing the bookkeeping. There are no employees. Directors will not be drawing salaries. There might be 120 income lines in the whole year and maybe 150 expense lines.
Highly unlikely to be any exports.
I like the guy. He's charging reasonable fees for what is uncomplicated work.
It is silly cheap. But then why wouldn't it be
I'm doing the vat calculations. I'm doing the bookkeeping. There are no employees. Directors will not be drawing salaries. There might be 120 income lines in the whole year and maybe 150 expense lines.
Highly unlikely to be any exports.
I like the guy. He's charging reasonable fees for what is uncomplicated work.
He is charging dirt cheap fees - there is no doubt about that.
Lets hope you don't need anything but a basic compliance service (which in all likelihood you don't need a Chartered Accountant for),
FWIW I wouldn't accept a client when I have no input at all to the VAT process - I insist on reviewing the VAT return and accounting records each quarter and catching any issues early, not potentially 18 months later. And the year-end process is completely straight-forward as a result in at least 90% of cases.
Hope it works for you...but don't expect you would comment if it doesn't!
Lets hope you don't need anything but a basic compliance service (which in all likelihood you don't need a Chartered Accountant for),
FWIW I wouldn't accept a client when I have no input at all to the VAT process - I insist on reviewing the VAT return and accounting records each quarter and catching any issues early, not potentially 18 months later. And the year-end process is completely straight-forward as a result in at least 90% of cases.
Hope it works for you...but don't expect you would comment if it doesn't!
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