How much do you pay for your personal tax return?
Discussion
Seems expensive.
Depends on your notion of "complex" however, and also perhaps on the state the information you provide is. How soon before the filing deadline you plan to provide it may be another factor. A big firm might quote a high price if they don't really want the work / have high fixed costs to cover.
Depends on your notion of "complex" however, and also perhaps on the state the information you provide is. How soon before the filing deadline you plan to provide it may be another factor. A big firm might quote a high price if they don't really want the work / have high fixed costs to cover.
If I had a £ for every client who said to me, "But my affairs aren't complex", I'd be rich.
Even though the OP says his affairs aren't complex, without listing the type of information that needs to go onto his return, it is impossible to know whether his affairs are complex are not.
In addition, an accountant should do a lot more for his client than merely enter figures in boxes on a tax return. There should be an element of advice and assistance included in whatever fee is charged.
Having said all that, £1,000 would be very much on the high side for a Self Assessment tax return, even a TRULY complex one.
Even though the OP says his affairs aren't complex, without listing the type of information that needs to go onto his return, it is impossible to know whether his affairs are complex are not.
In addition, an accountant should do a lot more for his client than merely enter figures in boxes on a tax return. There should be an element of advice and assistance included in whatever fee is charged.
Having said all that, £1,000 would be very much on the high side for a Self Assessment tax return, even a TRULY complex one.
It is fairly complex actually.
Is the accountant including the preparation of partnership accounts in the fee he is quoting - or does he charge separately for completing the partnership accounts and associated partnership tax return?
How big is the partnership (partnerships can be huge - look at John Lewis)
Is the partnership a limited liability partnership?
If he is not preparing the partnership accounts and the partnership tax return, does he have to liaise with another accountant in order to get the data in respect of your share of the partnership income(which could include other information in addition to partnership profits, such as interest received on partnership bank accounts.
Is the accountant including the preparation of partnership accounts in the fee he is quoting - or does he charge separately for completing the partnership accounts and associated partnership tax return?
How big is the partnership (partnerships can be huge - look at John Lewis)
Is the partnership a limited liability partnership?
If he is not preparing the partnership accounts and the partnership tax return, does he have to liaise with another accountant in order to get the data in respect of your share of the partnership income(which could include other information in addition to partnership profits, such as interest received on partnership bank accounts.
What any one individual pays for their tax return is of little real help, to be honest. Peoples' circumstances vary hugely.
Do you have a CGT computation every year?
How complex was the CGT you refer to?
How complex are your PAYE affairs?
Do you receive benefits in kind?
Do you give to charities under Gift Aid?
Are you a higher rate taxpayer?
Do you have a CGT computation every year?
How complex was the CGT you refer to?
How complex are your PAYE affairs?
Do you receive benefits in kind?
Do you give to charities under Gift Aid?
Are you a higher rate taxpayer?
t at providing the information. Eric Mc said:
What any one individual pays for their tax return is of little real help, to be honest. Peoples' circumstances vary hugely.
Do you have a CGT computation every year?
How complex was the CGT you refer to?
How complex are your PAYE affairs?
Do you receive benefits in kind?
Do you give to charities under Gift Aid?
Are you a higher rate taxpayer?
The price doesn't include the LLP computations for which they want a further 2.5k.Do you have a CGT computation every year?
How complex was the CGT you refer to?
How complex are your PAYE affairs?
Do you receive benefits in kind?
Do you give to charities under Gift Aid?
Are you a higher rate taxpayer?
I have only had 1 CGT calc in the last 10 years
2 PAYE 'jobs' with P60s issued and on correct tax codes for each (I'm anal about this as I don't want to get hit with a big bill at the end of year)
Yes to BIK but I get issued a p11d for this
Don't claim gift aid, I let he charities I give to claim this
Yes to higher rate Tax payer
Maybe I'm over simplifying it, but I just didn't think it was that much work
flyingjase said:
The price doesn't include the LLP computations for which they want a further 2.5k.
I have only had 1 CGT calc in the last 10 years
2 PAYE 'jobs' with P60s issued and on correct tax codes for each (I'm anal about this as I don't want to get hit with a big bill at the end of year)
Yes to BIK but I get issued a p11d for this
Don't claim gift aid, I let he charities I give to claim this
Yes to higher rate Tax payer
Maybe I'm over simplifying it, but I just didn't think it was that much work
On that basis, I would agree that £1,000 is too much. I would think that sub £400 would be more appropriate.I have only had 1 CGT calc in the last 10 years
2 PAYE 'jobs' with P60s issued and on correct tax codes for each (I'm anal about this as I don't want to get hit with a big bill at the end of year)
Yes to BIK but I get issued a p11d for this
Don't claim gift aid, I let he charities I give to claim this
Yes to higher rate Tax payer
Maybe I'm over simplifying it, but I just didn't think it was that much work
As you are a higher rate taxpayer, you should be making a separate claim on your tax return for donations made under Gift Aid (and any charity payments made under Deeds of Covenant).
Even though, as you rightly say, the charities will apply for YOUR Basic Rate Tax relief to be paid directly to them, YOU are entitled to Higher Rate Tax relief on those same donations IF you are a Higher Rate taxpayer - which you are.
So this can help you reduce your overall Self Assessment tax liability.
A timely topic, was thinking of possibly changing my accountant due to cost. Last year was £450 for:
Borderline higher rate tax
1 PAYE (P60 and P11D provided)
1 UK rental (costs provided in preformatted spreadsheet)
I have a feeling it may be slightly on the high side but happy to be told otherwise.
Thanks
James
Borderline higher rate tax
1 PAYE (P60 and P11D provided)
1 UK rental (costs provided in preformatted spreadsheet)
I have a feeling it may be slightly on the high side but happy to be told otherwise.
Thanks
James
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