Ltd Co tax return with VAT & payroll qualification/training
Discussion
Hi pistonheads, hoping somebody might be able to help with the below.
My wife has a Ltd company and it pays accountancy fees of c£4k per annum for payroll (just her), VAT returns and accounts. I think that’s a little steep and I would like to put myself in the position of being able to competently do it for her.
My background is in investment management and financial planning so I have a decent understanding of taxation and accounting. I do my own draft calculations for her end of year company accounts alongside (not in conjunction with) her accountant just to see if I think I know as much as I do. Happily, my calculations more or less match what the accountant has done for the last couple of years so I’m feeling fairly confident I could do this return myself.
I’m also aware that a little knowledge can result in a lot of trouble so was wondering what course/training I could do to give me the right knowledge/skills for completing payroll, VAT returns and company accounts for a company with turnover of less than £1m. I have no ambition to develop an accountancy career, just to be competent for my wife’s company.
Many thanks in advance.
My wife has a Ltd company and it pays accountancy fees of c£4k per annum for payroll (just her), VAT returns and accounts. I think that’s a little steep and I would like to put myself in the position of being able to competently do it for her.
My background is in investment management and financial planning so I have a decent understanding of taxation and accounting. I do my own draft calculations for her end of year company accounts alongside (not in conjunction with) her accountant just to see if I think I know as much as I do. Happily, my calculations more or less match what the accountant has done for the last couple of years so I’m feeling fairly confident I could do this return myself.
I’m also aware that a little knowledge can result in a lot of trouble so was wondering what course/training I could do to give me the right knowledge/skills for completing payroll, VAT returns and company accounts for a company with turnover of less than £1m. I have no ambition to develop an accountancy career, just to be competent for my wife’s company.
Many thanks in advance.
Quick books or similar will do all that for you.
Better to be competent with that or similar than any other training.
I’m surprised with the making tax digital thing that you haven’t already had to do that. Perhaps the fee is so high because the accountant is performing a book keeping function and not just returns.
For comparison I pay £100 a year for payroll (just me). £100 a quarter for the vat return and £800 for the annual accounts and corporation tax calculation and filing.
Better to be competent with that or similar than any other training.
I’m surprised with the making tax digital thing that you haven’t already had to do that. Perhaps the fee is so high because the accountant is performing a book keeping function and not just returns.
For comparison I pay £100 a year for payroll (just me). £100 a quarter for the vat return and £800 for the annual accounts and corporation tax calculation and filing.
trickywoo said:
Quick books or similar will do all that for you.
Better to be competent with that or similar than any other training.
I’m surprised with the making tax digital thing that you haven’t already had to do that. Perhaps the fee is so high because the accountant is performing a book keeping function and not just returns.
For comparison I pay £100 a year for payroll (just me). £100 a quarter for the vat return and £800 for the annual accounts and corporation tax calculation and filing.
Thanks for this. Just had a look at their website and it looks pretty good. I’ll give them a call tomorrow.Better to be competent with that or similar than any other training.
I’m surprised with the making tax digital thing that you haven’t already had to do that. Perhaps the fee is so high because the accountant is performing a book keeping function and not just returns.
For comparison I pay £100 a year for payroll (just me). £100 a quarter for the vat return and £800 for the annual accounts and corporation tax calculation and filing.
My wife uses Xero but not sure how the accountancy fees are broken down. Unlike me, she’s not one for asking for transparency of fees.
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