Accountancy Costs for Ltd Co. Contractors

[Trommel]

Looking into this for someone. The ~£90-120 per month quoted on the various website adverts seems quite expensive - is that the norm, or would the average high street practitioner do it for less?

They have been advised their contract is outside the remit of IR35 want as much done for them as possible (including arranging monthly dividends, administration of all paperwork etc.).

[Eric Mc]

I would think that those figures are reasonable - seeing as how the client wants "all" the work performed by the accountant. It does depend on what "all" actually means but to me, "all" would be -

book-keeping,

annual accounts,

Corporation Tax calculation and returns

PAYE (in year and tax year end compliance work)

filing accounts and Annual Return at Companies House

possibly VAT

[Fats25]

I pay £112 inc VAT for mine. All services by Eric are done by them.

[Fats25]

I pay £112 inc VAT for mine. All services by Eric are done by them.

[Trommel]

Thanks, those are the services needed - doesn't sound too excessive in that case.

[NoelWatson]

Fats25 said:

I pay £112 inc VAT for mine. All services by Eric are done by them.

Similar to me

[amir_j]

£70.50

Edited by amir_j on Thursday 8th April 18:40

[Trommel]

amir_j said:

£70!

Whereabouts, and does it include doing everything (i.e. statutory stuff and you just scan all invoices, receipts etc. to them and expect them to sort it)?

[amir_j]

Trommel said:

amir_j said:

£70!

Whereabouts, and does it include doing everything (i.e. statutory stuff and you just scan all invoices, receipts etc. to them and expect them to sort it)?

Think they have changed to 75+vat now.

Yes fully inclusive
- free company formation (as long as you stay with for 12 months)
- vat returns
-paye & NI
-company accounts
-self assessment
- price goes to half if you aren't trading that month(inc not taking a salary)
- emails replied to 1-48 hours depending on how busy and answers are fine

All you do each month is send invoices/expenses/bank statement/mileage log and any company mail recieved, they do the rest.

Note: Its a more a high volume low margins type business so beyond normal stuff like Flat Rate Scheme benefits etc don't expect proactive indepth tax reviews etc like Eric etc would proabably give.

Edit to add: Send me a pm with your email/no and will ask them to call you. Also they ask you to send expenses on a spreadsheet (optionally also ask you send the expenses recipts scans so they keep copies for you as backup).

Also your other option is to do the easier stuff like vat returns/bookkeeping yourself and then get a local accountant to do the accounts and self-return. Will save you a few hundred if that way inclined- thats something Ill be doing in a few years.

Edited by amir_j on Thursday 8th April 14:24

[Eric Mc]

When you say "accounts and self-return", do you really mean the limited company accounts, Corporation Tax return (and computations) AND the individual Self Assessment tax returns for the personal affairs of the director(s)?

[amir_j]

Eric Mc said:

When you say "accounts and self-return", do you really mean the limited company accounts, Corporation Tax return (and computations) AND the individual Self Assessment tax returns for the personal affairs of the director(s)?

Hi Eric,

Yes all three & everything else e.g. does my vat returns online (self assesment they send out a questionaire and has to be done quite early- Julyish)

But importantly as I said- its a volume outfit and not proactive tax wise so for a noobie may well save more to go with someone like your self who will take a proper interest (im guessing) E.g. didn't advise of dividends timeframe at end of the year to take advantage of being a low tax payer which could have cost me thousands if I wasn't aware of it as tend to leave it in bar salary!.

At some point I will be moving to doing stuff like VAT and PAYE myself and leaving complex stuff to an accountant who can be more thorough with advice, suits me for now.

EDIT: just checked my statement as wasn't sure exactly what I am paying and actually £70.50! My liason guy is a trainee rather than a full accountant though.

Edited by amir_j on Thursday 8th April 18:39

[playerone]

My wife used this lot: http://www.danbro.co.uk/

Seem on to it. I think she pays £80-£90 per month.

[V8mate]

I pay £94pm for accounts, quarterly VAT and monthly payroll. Then a £500 lump sum at the end of each year for annual accounts, returns and my personal tax return (the following January).

(Those are incl. VAT figures)

[amir_j]

Guys- how proactive do you find yours with regards to tax savings? (beyond putting on FRS, list of valid expenses claimable and advising on salary amounts)

Edited by amir_j on Thursday 8th April 19:04

[NoelWatson]

amir_j said:

Guys- how proactive do you find yours with regards to tax savings? (beyond putting on FRS, list expenses types and advising on salary amounts)

Not really

[V8mate]

amir_j said:

Guys- how proactive do you find yours with regards to tax savings? (beyond putting on FRS, list expenses types and advising on salary amounts)

Nil.
I have to correct their figures in three quarters out of four.

(They are being terminated at my next year end in August)

[amir_j]

Then move to mine, we can go halves on any referall fee

[Dupont666]

Mine is £1800 a year and does everything, he is an accountant and qualified tax bod.

All I need to do is photocopy the reciepts and send them to him and he will go and do the rest and show me how much I can save on expenses.

Nothing dodgy and when he is doing the claims he showed me that I can claim part of his fee back throught the company so it only costs £1400-1500 its all voodoo to me so as long as he keeps the government off my back and saves me loads of money and I dont have to pay the government loads in tax legally...

Then its money well spent.

[Four Cofffee]

I paid £1000 plus VAT this year ( £1300 with my old accounant).

I do my own companies ohouse registration, VAT and PAYE, he does the annual accounts and CT return. He also does my own SA as the argues that he cannot see the one is right without seeing the other. Not sure if HMRC wouldn't see my SA being done as not allowable and a BiK but he is the guy in the know.

[amir_j]

Dupont666 said:

Mine is £1800 a year and does everything, he is an accountant and qualified tax bod.

All I need to do is photocopy the reciepts and send them to him and he will go and do the rest and show me how much I can save on expenses.

Nothing dodgy and when he is doing the claims he showed me that I can claim part of his fee back throught the company so it only costs £1400-1500 its all voodoo to me so as long as he keeps the government off my back and saves me loads of money and I dont have to pay the government loads in tax legally...

Then its money well spent.

You seem as clueless as I do in front of a mechanic

The Claiming fees as expense is simple, means you dont pay tax on the amount so saves you 21%.

If his fee was lower you would still save 21%

Edited by amir_j on Friday 9th April 12:10