Accounting fees

[illmonkey]

Looking into doing a return for 12/13, I've approached a local firm who support Kashflow. Basically, they're offering to look over my account for £150, to make sure its all in order (something I think I should do).

Then, to do the return for 12/13, they're going to charge £400. This is as a sole trader. In that, they'd also collate all of my bills from home and get some of it written off against the business. Hopefully this will cover their debt.

For 13/14, they are suggesting a partnership (with the other half), so then it'll be 3 tax returns, putting most through her, as she's on 20% tax. That'll be £750. Again, writing off home bills etc.

There really isn't much to my accounts, I have 4 suppliers, all paid online. Only 3 income streams (one being paypal), again all online. We're talking thousands turnover, not millions.

Thoughts?

[sumo69]

I wouldn't be worrying about the fees but the suggestion to start a partnership with most of the income going to the non-active partner is more than a touch dodgy - look up "Settlements" legislation!

There are easier and wholly legal ways of reducing the amount of profit you are paying tax on!

David

[illmonkey]

Alarm bells are ringing then. Unethical before I've even signed up to them.

[illmonkey]

Bump.

What am I allowed to write of considering the bulk of the work is done at home, with the exception of requiring a smart phone to check in and do some basic techie stuff from?

Broadband
Mortgage
heating/water
Phone

[Devilstreak]

Look up Use of residence as office

[Eric Mc]

Is this thread a query on accounting fees or trying to get the accountants on PH to give you free advice?

[illmonkey]

Eric Mc said:

Is this thread a query on accounting fees or trying to get the accountants on PH to give you free advice?

A little sharp considering how much advice you give out here. How is my topic any different? This is PH, we all try and be helpful to each other. Next time I won't bother to help people with PC issues, or provide, for free, car parts to people in need. Sorry.

I was mearly trying to get some advice from people who are more knowledgeable than I. I can't go to the accountant because its them who told me. If you don't like it, please don't post.